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Xi Jinping Attends and Addresses Opening Ceremony of Asia Infrastructure Investment Bank, Stressing to Forge New Multilateral Development Bank of 21st Century to Make New Contributions to Boosting Development and Prosperity of Asia and World
2016/01/22

On the morning of January 16, 2016, the opening ceremony of the Asia Infrastructure Investment Bank (AIIB) was held at the Diaoyutai State Guesthouse in Beijing. President Xi Jinping attended and addressed the opening ceremony, stressing that through the joint efforts of all member states, the AIIB can definitely grow into a professional, efficient and clean new-type multilateral development bank of the 21st century and a new platform for building a community of common destiny for mankind, make new contributions to boosting development and prosperity of Asia and the world, and lend new strength to the improvement of global economic governance.

Xi Jinping said that China put forward the initiative of setting up the AIIB in October 2013, and the AIIB officially opens today. Over the short period of two years, we have traveled together an extraordinary journey. The member states have shown their cooperative mind for openness and inclusiveness, practical moves for joint development as well as professionalism in standards and efficiency. The founding of the AIIB proves that whenever there is a will, there is a way. We believe that facing the heavy tasks of human peace and development, we will be able to not only draw big plans but also turn them into reality so long as the international community strengthens its will, increases consensus and cooperates for win-win results.

Xi Jinping stressed that the official founding and opening of the AIIB will effectively increase infrastructure investment in Asia, promote regional connectivity and economic integration, conduce to improving the investment environment, creating job opportunities and boosting medium- to long-term development potential of the developing members in Asia, and give impetus to economic growth in Asia and the world at large. The official founding and opening of the AIIB bears great significance to the reform and improvement of the global economic governance system. It is consistent with the adjusting and evolving trend of the world economic landscape and helps to promote the global economic governance system for more just, equitable and effective development. We hope that the member states uphold the spirit of solidarity and cooperation, actively increase input, and ensure the early operation of the AIIB so that the AIIB could grow fast and strong, add to the strength of multilateral development banks and make greater contributions to the cause of international development.

Xi Jinping pointed out that the AIIB should follow open regionalism and complement the existing multilateral development banks, and add new dynamic to the existing multilateral systems and promote the common development of the multilateral institutions with its advantages and features, in an effort to become an infrastructure investment and financing platform featuring mutual benefits, win-win results, professionalism and efficiency. With an enormous demand for infrastructure financing in Asia, the old and new institutions can engage each other in various cooperation and benign competition to increase multilateral development institutions' contributions to infrastructure connectivity and sustainable economic development in Asia. The AIIB should adapt itself to new trends in international development and accommodate the diverse needs of the developing members, explore new business models and financing tools, help member states develop more infrastructure projects with higher quality and lower costs, and become a bridge and bond to promote South-South cooperation and South-North cooperation. It should operate according to the model and principles of multilateral development banks, and fully draw the positive experience and practices of the existing multilateral development banks to overcome its weaknesses and operate at a high level.

Xi Jinping emphasized that China is not only an active participant and beneficiary of the international development system, but also a constructive contributor. The initiative of setting up the AIIB is a constructive move for China to undertake more international responsibilities, promote the improvement of the existing international economic system and provide international public products, which helps all parties to achieve mutual benefits and win-win results. As the initiator of the AIIB, China will unswervingly support its operation and development. In addition to paying the equity capital as scheduled, China will also invest 50 million USD to a special fund on project preparation to be established soon by the bank to support the less-developed members in preparing infrastructure projects.

Xi Jinping pointed out that the year of 2016 is the beginning year of China's 13th Five-Year Plan. China has the confidence and ability to maintain sustained and sound economic development, and provide more opportunities and benefits to Asia and other countries in the world. China will always be a contributor to global development and adhere to the open strategy of mutual benefits and win-win results. China is willing to join all parties to promote the AIIB to operate and play its role at an early date. We will continue to welcome new and old international financial institutions including the AIIB to jointly participate in the construction of the "Belt and Road" initiative.

At last, Xi Jinping pointed out that the AIIB is a bank of all member states and a bank that promotes common development in the region and the world. We hope and firmly believe that through the joint efforts of the member states, the AIIB can definitely grow into a professional, efficient and clean new-type multilateral development bank of the 21st century and a new platform for building a community of common destiny for mankind, make new contributions to boosting development and prosperity of Asia and the world, and lend new strength to the improvement of global economic governance.

Intra-regional representative Deputy Prime Minister and Minister of Strategy and Finance Yoo Il-Ho of the Republic of Korea, extra-regional representative Finance Minister Pierre Gramegna of Luxembourg and President Jin Liqun of the AIIB addressed the ceremony respectively. They all said that the official opening of the AIIB is a long-awaited major historic event. It reflects the evolvement of the world economic landscape, manifests China's active will of participating in the construction of the international economic governance system, and wins extensive welcome in the international community. The Chinese government has shown excellent leadership during the preparation of the AIIB. It is expected and believed that the AIIB will uphold the spirit of openness, inclusiveness, innovation and mutual benefits and make contributions to the promotion of peace and development of Asia and the world at large.

The heads of delegations from 57 founding member states jointly pressed the start button marking the official launch of the AIIB. After that, President Xi Jinping unveiled a symbol sculpture of the AIIB, which symbolizes that the member states hope the AIIB will constantly make the Midas touch miracles and promote the sustainable development of Asia and the world at large.

Secretary of the Beijing Municipal Committee of the Communist Party of China Guo Jinlong, State Councilor Yang Jiechi and others attended the above activities.

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