China reiterated its commitment to multilateralism and global ambition by supporting the Asian Infrastructure Investment Bank, the Beijing-headquartered regional development bank which rivals the US-led World Bank and Japan-led Asian Development Bank, reported the South China Morning Post.
Chinese President Xi Jinping called for efforts to make the AIIB “a new type of multilateral development bank”, “a new type of development platform” and “a new paradigm of multilateral cooperation”. He addressed the opening ceremony of the fifth annual conference of the bank in Beijing on Tuesday.
“China has always supported and practiced multilateralism and committed to development in joint efforts with all other countries in open, cooperative and win-win spirits,” Xi said.
He said “A more inclusive global governance, a more effective multilateral governance and a more active regional cooperation” were needed to address crises and challenges during economic globalization.