While keeping its stance on the Ukrainian crisis, which is to settle the differences by means of a peaceful dialogue and negotiations, China on Saturday made a three-point proposal on the ongoing situation.

Liu Jieyi, China's permanent representative to the United Nations, told the Security Council that the Chinese government continues to hold an objective and fair stance on the crisis.

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During his speech, Liu informed the UN Security Council, which failed to adopt a draft resolution on the issue, that China is proposing three recommendations that would help ease the tension.

The first recommendation is for the establishment of an international coordinating mechanism as soon as possible. This mechanism will consist of all the parties involved, which will explore a political settlement of the crisis, said Liu.

Secondly, China recommends that all parties concerned will refrain, in the meanwhile, from taking any action that could further escalate the Ukrainian crisis.

The third recommendation is for international financial institutions to start exploring means to ensure the maintenance of an economic and financial stability in the country.

Liu made the announcement after China officially abstained from voting on the draft resolution drawn up by the US and supported by Western nations.

The Chinese ambassador said China abstained from voting because, as he stressed, the vote on the said resolution will only result in confrontation and further complicate the current situation.

He also pointed out that interference from external groups played a major role in triggering the violent clashes in Ukraine, which eventually resulted in the current crisis.

"The key to resolving the current crisis is to act within the rules of law and order," Liu said, adding that due respects to the rights and interests of people in affected communities and areas must also be observed.