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China's proposals on international cooperation

(chinadaily.com.cn) Updated: 2015-12-30 16:28

Asian Infrastructure Investment Bank (AIIB)

China's proposals on international cooperation

Jin Liqun (L), secretary general of the Multilateral Interim Secretariat of Asian Infrastructure Investment Bank (AIIB), shakes hands with China's Finance Minister Lou Jiwei ahead of a signing ceremony of articles of agreement of the AIIB, at the Great Hall of the People in Beijing, June 29, 2015. [Photo/CFP]

The Asian Infrastructure Investment Bank (AIIB) was formally established on December 25 after it had garnered the approval of 17 countries, representing 50.1 percent of the total subscribed capital.

The bank will convene in January for the first time and will elect its first president as well as 12 directors for each electoral region.

Rules on the bank's operation, finance and human resources will also be discussed and voted on at the convention. The bank will gradually open its recruitment to hire global talent.

The bank's board of governors and board of directors will convene from Jan 16 to 18 in Beijing, marking the start of the bank's formal operations.

After the bank becomes operational, countries can still apply for membership and join the $100 billion bank as long as the board of governors approves the application.

"The launch of the AIIB marks a milestone for the reform of the international governance system," said Lou Jiwei, finance minister of China.

"As a new player in the system, the AIIB will work alongside existing multilateral development banks, such as the World Bank and Asian Development Bank, to contribute to infrastructure connectivity and sustainable economic growth in Asia."

AIIB has 57 prospective founding members and the 17 countries that have approved the bank's charter include major economies such as Australia, the United Kingdom, South Korea and Germany. Other major economies, such as Brazil, Russia and India, have not yet approved the charter, known formally as the articles of agreement.

Jin Liqun, China's candidate for president, has an outstanding leadership record in the public and private sectors, and multilateral development institutions, including serving as Chinese deputy finance minister, vice-president and ranking vice-president of the Asian Development Bank, chairman of the Supervisory Board of China Investment Corporation, and chairman of China International Capital Corporation Limited.

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