A 'unique' force for integration

Premier Li outlines hopes for new bank as platform for cooperation

Chinese Premier Li Keqiang addresses the founding conference of the Asian Infrastructure Investment Bank (AIIB) council in Beijing, capital of China, Jan 16, 2016. [Photo/Xinhua]

Premier Li Keqiang elaborated on his vision for the Asian Infrastructure Investment Bank and the Chinese economy this year when he addressed the inaugural meeting of the bank's board of governors on Saturday.

"It's our hope that the AIIB will draw fully on the useful experience of existing multilateral development institutions, identify its role and cultivate its own unique features," he said.

The premier encouraged the AIIB to work with similar institutions such as the Asian Development Bank and member countries to synergize development strategies by supporting infrastructure development and regional cooperation.

"With production capacity cooperation, we can generate effective demand by providing effective supply," he told the AIIB governors at Diaoyutai State Guesthouse in Beijing. "It's important for the AIIB to follow the trend of economic globalization and regional integration and meet the needs of developing members for industrialization and urbanization.

Financial resources

"Staying committed to business first, government support and solid market principles, the AIIB is in a position to provide developing members with low-cost, technology-intensive, energy-efficient and environmentally friendly solutions, equipment and financing support to facilitate industrialization and urbanization."

The new bank should fully leverage its strength as a cooperation platform to explore diverse and multidimensional cooperation models, as well as cooperation on financial resources and technical know-how, for deeper integration of regional and global industrial and value chains, he said.

Li also highlighted China's identity as a developing country by calling for stronger efforts on inclusive development, uniting development efforts between developing and developed members, and among various sectors in each country the AIIB works with.

Responding to the audience's interest in the economy, the premier said China's $10 trillion economy is among the fastest-growing economies in the world, despite the challenges of a sluggish global economy and difficulties at home.