Premier Li Keqiang addresses AIIB Board of Governors

While addressing the inaugural meeting of the AIIB (Asian Infrastructure Investment Bank) Board of Governors on Jan. 16, Chinese Premier Li Keqiang elaborated on his vision for the new multilateral development bank and the Chinese economy in the new year.

"It is our hope that the AIIB will fully draw on the useful experience of existing multilateral development institutions, well identify its own role and cultivate its unique features," he said.

Li encouraged the AIIB to work with other multilateral development institutions including the ADB (Asian Development Bank) and member countries to synergize development strategies by supporting infrastructure development and regional cooperation.

"With production capacity cooperation, we can generate effective demand by providing effective supply," he told the gathered Board of Governors of AIIB at the Diaoyutai state guesthouse.

"It is important for the AIIB to follow the trend of economic globalization and regional integration and meet needs of developing members for industrialization and urbanization. Staying committed to business first, government support and solid market principles, the AIIB is in a position to provide developing members with low-cost, technology-intensive, energy-efficient and environment-friendly solutions, equipment and financing support to facilitate industrialization and urbanization.

It should fully leverage its strength as a cooperation platform to explore diverse and multi-dimensional cooperation models such as tripartite or multi-party cooperation as well as cooperation on financial resources and technical know-how, for deeper integration of regional and global industrial and value chains."

Li also highlighted China's identity as a developing country by calling for stronger efforts on inclusive development, uniting development efforts between developing and developed members, and among various sectors in each country the AIIB works with.

Responding to the audience's interest in the Chinese economy, Premier Li said the 10-trillion-dollar Chinese economy is among the fastest growing major economies in the world despite challenges of a sluggish world economy and difficulties at home. Employment is good and income for both urban and rural households grows steadily. There are positive changes in the economic structure too. The services sector already accounts for half of the GDP, consumption contributes to nearly 60% of economic growth and there is an upsurge in new technologies, products, business forms and models.

Li said the Chinese economy is highly resilient with considerable space for readjustment. China will endeavor to seize opportunities while handling the challenges. Strong efforts will be made to advance structural reform, implement the innovation-driven development strategy, promote mass entrepreneurship and innovation and develop new drivers of development while improving and upgrading traditional advantages.

Li added that China has 1.3-billion people, a 900-million-strong workforce and 150 million skilled professionals. China's economic growth will depend less on natural resources and more on human resources. China has the capacity to maintain medium-high growth and achieve medium-to-high level of development. And that will bring more opportunities to the global economy. Endi