AIIB good recipe for global economy: Chinese premier

The Asian Infrastructure Investment Bank (AIIB), a China-initiated multilateral bank, is a good recipe for tackling global economic downturn and boosting growth and prosperity, Chinese Premier Li Keqiang said Monday after a signing ceremony for the institution.

The establishment of the AIIB will help widen finance channels for infrastructure and push forward bilateral, trilateral and multilateral industrial cooperation with higher starting points and lower costs, Li said in a written congratulation letter.

The AIIB, boasting founding members of both developed and emerging economies, is representative of the world and will have profound influence, Li said.

Representatives of 57 founding countries of the AIIB gathered in Beijing for the signing ceremony in the Great Hall of the People Monday. Australia was the first country to sign the document.

The 60-article agreement specified each member's share as well as the governance structure and policy-making mechanism of the bank, which is designed to finance infrastructure in Asia.

Li said China will work with other AIIB members to cooperate with and supplement existing multilateral institutions in an open, inclusive and transparent manner, and take advantage of the Belt and Road Initiative.

The China-proposed initiative is an ambitious scheme to improve trade, infrastructure and cultural exchanges in parts of Asia, Africa and Europe.

Li hopes countries will seize this opportunity to strengthen coordination and push forward win-win cooperation to prop up global recovery and sustainable growth. Endi