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Xi Jinping Meets with Representatives from Various Countries Attending the Signing Ceremony of the MOU on Preparing to Establish the Asian Infrastructure Investment Bank

2014/10/24

On October 24, 2014, President Xi Jinping met with representatives from various countries who attended the signing ceremony of a memorandum of understanding (MOU) on preparing to establish the Asian Infrastructure Investment Bank (AIIB) at the Great Hall of the People.

Xi Jinping first congratulated on the singing of the MOU on preparing to establish the AIIB. Xi Jinping pointed out that the establishment of the AIIB represents all parties' aspiration, determination and action for unity and cooperation in pursuit of development. It is also an innovative mechanism to help promote and improve the global financial governance, which is of great significance. I hope that all parties make joint efforts to build the AIIB into both an investment and financing platform of infrastructure construction featuring equality, inclusiveness and high efficiency and a multilateral development bank that meets the development needs of all countries in the region.

Xi Jinping pointed out, "To build fortune, roads should be built first." The AIIB should pick up speed to promote connectivity of infrastructure in the region and push forward regional economic cooperation to inject new driving force into the economic development in Asia.

Xi Jinping stressed, "When people work with one mind, they can even remove Mount Tai." The AIIB should uphold regionalism featuring openness and inclusiveness and welcome all interested countries to actively participate and achieve win-win cooperation. The AIIB should also insist on multilateralism and complement and enhance cooperation with the existing multilateral development institutions to jointly promote economic prosperity of Asia and the world.

Xi Jinping stressed that China is comprehensively deepening reforms and marching towards its "two centenary goals". China's economy will continue to maintain a sound development momentum. China cannot achieve such development without the support of Asia and other areas in the world. We will persistently pursue the open strategy of mutual benefit and win-win results. The reason why I propose to jointly build the Silk Road Economic Belt and 21st Century Maritime Silk Road and also to establish the AIIB, lies in deepening the economic cooperation among Asian countries to achieve common development. We will strive to let China's development better benefit Asia and countries in the world.

Deputy Prime Minister Tharman Shanmugaratnam of Singapore delivered a speech on behalf of representatives of all countries present. He expressed that they appreciate China's proposal of establishing the AIIB and its leading role in the preparation work. The establishment of AIIB will be a milestone that will certainly and greatly facilitate Asia's infrastructure construction and long-term prosperity. President Xi Jinping's suggestions on the development of the AIIB are of great importance and will be the principles that they should follow in future. They will adhere to open multilateralism and sincerely cooperate with each other to ensure that the AIIB can be established at an early date and function in a standard and proper way so as to achieve mutual benefit and win-win results and set a good example for international multilateral cooperation in the new situation.

Prior to the meeting, the Financial Ministers and Treasury Secretaries and authorized representatives of 21 first batch founding members of intention of the AIIB signed the MOU on the Establishment of the AIIB. In October 2013, President Xi Jinping proposed to build the AIIB during his visit to Southeast Asia, which received positive responses and wide supports. The AIIB will be an inter-governmental and multilateral development organization for Asian region, which mainly supports the infrastructure construction and promotes regional cooperation and partnership. The headquarters of the AIIB will be in Beijing and put into operation before the end of 2015 as planned.

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