XI CALLS AIIB’S LAUNCH ‘HISTORICAL MOMENT’
The Asian Infrastructure Investment Bank (AIIB) launched its inaugural ceremony on Jan. 16 at the Diaoyutai State Guesthouse with Chinese President Xi Jinping attending the event.
“This is a historical moment,” Xi said, addressing the event in downtown Beijing.
The AIIB could increase Asian infrastructure investment effectively and promote regional interconnection and economic integration, which will have a positive effect on the Asian and global economy, said Xi.
Premier Li Keqiang addressed the founding conference of the AIIB council in the afternoon. The series of opening activities lasted from Jan. 16 to 18.
Chinese Finance Minister Lou Jiwei was elected as the first chairman of the AIIB council. Jin Liqun was elected the first AIIB president.
The opening of the AIIB marked a milestone in the reform of the global economic governance system, Lou said in an interview.
The AIIB will work together with multilateral development banks, including the World Bank ( WB) and the Asian Development Bank (ADB), to facilitate Asian infrastructure construction and sustainable development, Lou said.
In addition to subscribing capital according to plan, China vowed to contribute $ 50 million to the project preparation special fund which will be established soon to support the preparation for infrastructure development projects in less- developed member states.
Global leaders congratulated the opening of the multilateral development bank.
“The ADB will cooperate closely with AIIB in supporting the development of the Asia- Pacific region,” said ADB President Takehiko Nakao in a congratulatory message to the opening of the AIIB.
When addressing the inaugural ceremony, South Korean Finance Minister Yoo Il-ho quoted famous Chinese writer Lu Xun to describe the process of AIIB’s establishment.
“Originally there is no path in this world, but when there are many who have walked upon it, then a path came into being,” Yoo said.
Pierre Gramegna , Luxembourg’ s finance minister, said the AIIB will be a boost to the Asian economy.
“I can assure you, President Xi Jinping, that your initiative has received a lot of positive support from many members of the European Union.”
China’s Vice- Minister of Finance Shi Yaobin said, in an interview with Xinhua, that China does not intend to apply for financial support from AIIB in the initial stage.
“Though as the biggest shareholder of AIIB and the biggest developing country in the world, China is fully qualified to gain loans from the AIIB, but we made the decision mainly because many other countries in the region are in more urgent need for infrastructure development,” said Shi.
Shi said China holds 30.34 percent of the whole capital stock, with the first batch of capital stock worth $1.19 billion already in place.
The development bank was formally established in Beijing on Dec. 25, 2015. It is the first China- initiated multilateral financial institution.
In 2013, President Xi Jinping first proposed the idea of the bank. In just two years, the bank, headquartered in Beijing, now has 57 members, many from outside the region.