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Li Keqiang Attends and Addresses Inaugural Meeting of Board of Governors of Asian Infrastructure Investment Bank

On the afternoon of January 16, 2016, Premier Li Keqiang attended and addressed the inaugural meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) held at the Fanghua Garden of the Diaoyutai State Guesthouse.

Li Keqiang said that the opening ceremony of the AIIB was successfully held this morning, and President Xi Jinping attended and addressed the ceremony. The establishment of the AIIB Board of Governors marks the first official operation of this new-type multilateral development bank proposed by China and jointly funded by the 57 developing and developed countries, which bears a positive and constructive significance for the reform of the global economic governance system.

Li Keqiang pointed out that Asia serves as an important engine for global economic growth. The sustained development of Asia's economy and the advance of regional economic integration require a sound management of grand programs as infrastructure construction and connectivity to achieve a smoother flow of trade, investment, personnel and information in the region. China initiated the establishment of the AIIB to broaden financing channels, expand overall demand, improve overall supply, benefit and promote common development in the region with its own development achievements and promote world economic recovery.

Li Keqiang put forward three pieces of hope for the AIIB:

First, to promote the docking of the "Belt and Road" initiative and the development strategies of other countries, support infrastructure and other constructions, and promote regional and sub-regional economic cooperation in principals of consultation, co-construction and sharing. The AIIB is complementary and in parallel with the Asian Development Bank and other institutions. Other multilateral development institutions are welcome to participate and join efforts to make a bigger cake of cooperation.

Second, to actively promote international production capacity cooperation and drive effective demands through effective supply. The AIIB should offer solutions, equipment products and financial support featuring low cost, high technology, energy conservation and environmental protection to meet the development needs of the developing member states in industrialization and urbanization. The AIIB should actively explore and carry out diversified cooperation patterns including third-party cooperation to enhance all countries' ability in independent development and promote an in-depth matching between the industrial chains and value chains.

Third, to innovate in cooperation patterns and promote diversified cooperation for inclusive and joint progress. The AIIB should attach importance to coordination with its development partners, have sound communication with all countries and circles, and offer new platforms and opportunities for South-South cooperation and South-North cooperation to maximize the development benefits.

Li Keqiang said that over the past year, in face of the challenges of the world economic downturn and the intertwining multiple domestic contradictions, China's economy maintained a stable development with progress and improvement with a high base of over 10 trillion USD in total, with its growth rate topping the major economies. China achieved a relatively full employment and stable growth of the income of urban and rural residents. The economic structure witnessed positive changes with a burst of new technologies, new products, new types of business and new patterns. We are vigorously promoting structural reform, deeply implementing the strategy of innovation-driven development, advancing mass entrepreneurship and innovation, forging new development momentum, and transforming and upgrading traditional advantages. With great toughness and leeway, China's economy is able to maintain a medium-high growth toward medium-high ends while dealing with the challenges.

Li Keqiang stressed that China is willing to work with other AIIB member states to uphold the principles of openness, inclusiveness and transparency, follow multilateral procedures and rules to perform its responsibilities and duties, and forge a professional, efficient and clean new-type multilateral development bank, so as to make contributions to promoting regional and world peace, stability, development and prosperity and increasing people's well-being.

Foreign representatives attending the meeting highly appreciated and thanked the Chinese government for its active efforts in establishing the AIIB, and said that the AIIB will strengthen cooperation with existing multilateral development institutions to build an efficient, clean, green and sustainable multilateral bank. They believed that with the joint efforts of the member states, the AIIB will serve the infrastructure construction and economic development in Asia with its excellent operation and provide impetus to the inclusive development of the region and the world at large.

Prior to the meeting, Li Keqiang took a group photo with the heads of delegation from 57 founding member states, and witnessed the signing of the "Agreement Between the Government of the People's Republic of China and the Asian Infrastructure Investment Bank Headquarters" and the "Memorandum of Understanding Between the People's Government of Beijing Municipality and the Asian Infrastructure Investment Bank" respectively signed by the Ministry of Foreign Affairs and the Beijing Municipal Government with the AIIB.

Guo Jinlong and Yang Jing attended the above activities.

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