Full text of Chinese President Xi Jinping's address at AIIB inauguration ceremony

Ladies and Gentlemen,

Friends,

The founding and opening of the AIIB will effectively boost investment to support infrastructure development in Asia. It will serve to channel more resources, particularly private investment, into infrastructure projects to promote regional connectivity and economic integration. It will bring along a better investment environment and more job opportunities and trigger greater medium- to long-term development potential on the part of developing members in Asia. This, in turn, will give impetus to economic growth in Asia and the wider world.

The founding and opening of the AIIB also means a great deal to the reform of the global economic governance system. It is consistent with the evolving trend of the global economic landscape and will help make the global economic governance system more just, equitable and effective.

It is our hope that member states will continue to work with one heart and one mind, actively pitch in and get the operation of the AIIB running as soon as possible, so that the AIIB could grow fast and strong and add to the strength of multilateral development banks, thus contributing even more to global development.

Ladies and Gentlemen,

Friends,

The AIIB shall remain committed to open regionalism. The institution and existing multilateral development banks may complement each other for mutual strength. With its inherent advantages and unique features, the AIIB could make the current multilateral system more dynamic to facilitate common development of multilateral institutions. The AIIB could become a professional and efficient platform to promote infrastructure related investment and financing for the benefit of all sides. And the AIIB has a due role to play to raise the level of infrastructure financing and of economic and social development in the region.

The demand for infrastructure development in Asia is enormous. Institutions for infrastructure investment, old or new, have much to offer each other, and may well work together through joint financing, knowledge sharing and capacity building. They may engage each other in benign competition, learn from and reinforce each other, and move forward in tandem. This is a way to allow multilateral development institutions to contribute more to infrastructure connectivity and sustainable economic development in the region.

The AIIB should adapt itself to new trends in international development and accommodate the diverse needs of developing members. It should explore new business models and financing tools, and help member states develop more infrastructure projects that are of higher quality and at lower costs. While developing countries make the mainstay of the AIIB membership, the institution also attracts a large number of developed members. Such a unique strength makes it a bridge and a bond to facilitate both South-South cooperation and North-South cooperation.

The AIIB should function as a multilateral development bank as far as its operating model and principles are concerned. It should learn from the experience and best practices of existing multilateral development banks in terms of governance structure, environment and social benefits policies, procurement policy and debt sustainability. Mutual learning and sharing helps the AIIB function according to high standards.