Xi urges work on regional bank to speed up
President Xi Jinping called on Tuesday for the establishment of the Asian Infrastructure Investment Bank to be sped up and for “concrete investment plans” under China’s $40 billion Silk RoadFund.
At a central government financial meeting, Xi said the bank’s main mission will be to provide financial support for infrastructure projects in Asia and for those along the landbased and maritime Silk Road economic belts.
He said the bank will act as a key supplement to fundraising channels for infrastructure projects, adding that it should be set up as soon as possible.
Xi said the Silk Road Fund should be managed under market-driven principles, and he also called for “concrete” investment projects.
The bank was created in October when 21 Asian countries agreed to join as founding members. In November, Xi announced the creation of the Silk Road Fund, part of a national strategy to revive the centuries-old trading route connecting Asia and Europe.