China has been playing a greater role on the global stage over the past year. The European debt crisis, unrest in the Arab world, the US’s back-in-Asia strategy and disputes over the South China sea have presented challenges to Chinese diplomacy. But with any crisis comes opportunity.

As the world’s two biggest economies, relations between China and the US are one of the most important bilateral ties in the world and can probably best be described as both cooperative and competitive.

During Chinese President Hu Jintao’s visit to Washington in January 2011, the two countries agreed to develop a cooperative partnership built upon mutual respect and benefit.

But still, there are some thorny issues. The US has made no secret of its desire to increase its influence in Asia. It’s been encouraging investment and has built a stronger military presence in the region.

The US has also weighed-in on China’s territorial disputes with some South East Asian countries over parts of the South China Sea. And it’s carried out military drills with Thailand, Vietnam and the Philippines. Some experts say the moves are a direct challenge to China and its rising power.

In response China introduced a number of proposals to strengthen its own ties with the countries of the region at the East Asia Summit last November. And it has worked on measures to resolve issues through peaceful means with its ASEAN neighbors.

But while America appears to view China as both friend and foe, Europe is seeing it more and more as a savior.

Riddled with debt and domestic unrest over austerity measures, a growing number of European countries are relying on China for financial support. China’s been helping by sending purchasing groups to the region, contributing to the International Monetary Fund, and buying sovereign debt from some EU nations.

Last July, China became the EU’s biggest trade partner. And according to the European Chamber of Commerce, 70 percent of European enterprises in China have benefited from its rapid economic growth.

China’s also invested heavily in Africa - most notably by funding and building the new headquarters of the African Union, which opened in Ethiopia’s capital, Addis Ababa earlier this year.

Along with investment, Chinese diplomacy has also reflected a concern for its people. As Libya spiralled into chaos last February, China evacuated more than 35, 000 of its citizens from the country -- the biggest such operation since the founding of New China in 1949.

One thing’s certain: China’s rapid economic growth is giving it a greater say in global affairs, and its influence is being felt in all corners.