Xi says China will work with AIIB members to ensure professionalism

China will work with the other members to ensure the Asian Infrastructure Investment Bank adheres to the highest standards in professionalism, efficiency and transparency for the economic prosperity of Asia and the world, President Xi Jinping said on Monday.

Xi laid out the vision for the China-initiated bank in Beijing shortly after delegates from the 50 prospective founding countries of the bank signed articles of association creating the bank's legal framework.

Describing the signing as a historic step, Xi told the delegates at the Great Hall of the People that the AIIB will complement the established international development and financial institutions.

China will contribute to global development, continue to support established multilateral development banks, and promote these banks to better meet global economic challenges and meet their members’ needs through the AIIB initiative, he added.

Based on a spirit of cooperation, the members will build the AIIB into a new platform, where openness, inclusiveness and mutual-benefit will feature prominently, to promote infrastructure development in Asia, the president said.

Johann Schneider-Ammann, Swiss vice-president and economy minister, said the AIIB and China’s Silk Road initiatives will help to ease regional infrastructural and financial limits, shore up trade and improve connectivity among the countries.

Around $8 trillion in investment will be needed in the Asia-Pacific region to improve infrastructure between 2010 and 2020, according to the Asian Development Bank.

Rather than being a rival, the AIIB is a "necessary supplement" to the multilateral development banks, and Switzerland is committed to fully support to the AIIB, said Schneider-Ammann.

He also expressed a desire to see the AIIB keep its organizational structure slim and the selection process for projects efficient.

The bank will start operation at the end of the year under two preconditions: At least 10 prospective members sign the agreement, and the initial subscribed capital is no less than 50 percent of the authorized capital.