Xi urges work on regional bank to speed up

President Xi Jinping called on Tuesday for the establishment of the Asian Infrastructure Investment Bank to be sped up and for "concrete investment plans" under China's $40 billion Silk Road Fund.

At a central government financial meeting, Xi said the bank's main mission will be to provide financial support for infrastructure projects in Asia and for those along the land-based and maritime Silk Road economic belts.

He said the bank will act as a key supplement to fundraising channels for infrastructure projects, adding that it should be set up as soon as possible.