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President Xi Jinping Delivers Remarks At Opening Ceremony of AIIB Annual Meeting
2020/07/28

On 28 July, President Xi Jinping delivered remarks at the Opening Ceremony of the Fifth Annual Meeting of the Asian Infrastructure Investment Bank (AIIB).

Xi congratulated on the convening of the meeting, applauded the steady growth of the AIIB, and noted that the organization could grow into a new platform that promotes development for all of its members and facilitates the building of a community with a shared future for mankind. He called on members to aim at development for all, keep breaking new ground, strive for excellence, and stay open and inclusive to make the AIIB a new type of multilateral development bank that promotes development across the world, a new type of development platform progressing with the times, a new type of high-performance institution for international cooperation, and a new paradigm of multilateral cooperation. Xi reaffirmed that China always supports and adheres to multilateralism. China will continue working with other members to support the AIIB and make it a success in the spirit of openness and mutually-beneficial cooperation, and contribute more to the global response to risks and challenges and the pursuit of shared development.

Xi stressed that he proposed in late 2013 on China’s behalf the establishment of the AIIB to develop infrastructure and connectivity in Asia and deepen regional cooperation for shared development. In the four years or more since its launch, the AIIB has acted as a truly international, rule-based and high-standard institution and got off to a good start. From the 57 founding members to today’s membership of 102 spanning six continents and with more good friends and partners getting on board for higher-quality cooperation, the AIIB has established itself in the world as a new type of professional, efficient and clean multilateral development bank.

Xi noted that the global response to COVID-19 has made it clear that mankind rise and fall together in a community with a shared future. Mutual support and cooperation in solidarity are the only way for mankind to overcome crises. To address issues emerging in the course of economic globalization, countries should pursue more inclusive global governance, more effective multilateral institutions, and more robust regional cooperation. In this context, the AIIB may grow into a new platform that promotes development for all its members and facilitates the building of a community with a shared future for mankind. To make that happen, Xi suggested the following:

First, aim at development for all and make the AIIB a new type of multilateral development bank that promotes development across the world. The AIIB should commit itself to serving the development needs of all its members and providing more high-quality, low-cost and sustainable investment for both traditional and new types of infrastructure. This will give renewed impetus to economic and social development in Asia and beyond.

Second, keep breaking new ground and make the AIIB a new type of development platform progressing with the times. By constantly updating its development philosophy, business model and institutional governance and by providing flexible and diverse development financing products, the AIIB could help enhance connectivity, promote green development and boost technological advance.

Third, strive for excellence and make the AIIB a new type of high-performance institution for international cooperation. While following international standards and respecting the general law of development, the AIIB should keep in mind the actual development needs of its members, thus creating best practices for international development cooperation.

Fourth, stay open and inclusive and make the AIIB a new paradigm of multilateral cooperation. Under the principle of extensive consultation, joint contribution and shared benefits, the AIIB needs to respond to adjustments and changes in the global economic landscape and engage more development partners in cooperation. It needs to push for regional economic integration, and help make economic globalization more open, inclusive, balanced and beneficial for all.

Toward the end of his remarks, Xi stressed that China always supports and adheres to multilateralism, and pursues development with the rest of the world in the spirit of openness and mutually-beneficial cooperation. China will continue working with other members to support the AIIB and make it a success, and contribute more to the global response to risks and challenges and the pursuit of shared development.

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