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AIIB opens to lay down milestone for global economic governance

Updated: Jan 17,2016 10:40 AM

Premier Li Keqiang addressed the inaugural meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) on Jan 16 in Beijing, saying the operation of the multinational bank is “of positive and constructive significance for the global economic governance reform.”

The opening ceremony of the China-initiated multilateral bank, made up of 57 founding countries, was held earlier on the day.

Speaking highly of Asia as an engine for global economic growth, the Premier said great importance must be attached to infrastructure construction and connectivity to promote sustainable development of the Asian economy and regional economic integration, and facilitate the flow of trade, investment, personnel and information in the region.

By initiating the AIIB, China aims to broaden financing channels, expand general demands and improve general supplies to promote common development of the region and boost world economic recovery with its own achievements, said Premier Li.

He called on the AIIB to integrate the China-proposed Belt and Road Initiative with each country’s development strategies, promote international cooperation on production capacity, and the innovation of more modes to realize a diverse and inclusive cooperation.

Despite the world economic downturn and an array of domestic conflicts in the past year, China’s economic growth rate has maintained a leading role among major economies, noted the Premier.

With high resilience, China’s economy has the capability to maintain a medium-high-level growth rate and move toward a medium-high-level of development in face of the challenges, he said.

He stressed that China is willing to work with member states of the AIIB to build a professional, efficient and clean development bank.

Hailing the efforts made by the Chinese government for the founding of the AIIB, the foreign representatives at the conference said that the AIIB will strengthen cooperation with the existing multilateral development institutions to build an efficient, clean, green and sustainable multilateral bank.

Before the conference, Premier Li and the other representatives witnessed the signing of an agreement between China’s Ministry of Foreign Affairs and the AIIB as well as a memorandum of understanding between the Beijing municipal government and the AIIB.