Xi calls for development bank support

Chinese president Xi Jinping addresses the Boao Forum for Asia. Photo from

Chinese president Xi Jinping addresses the Boao Forum for Asia. Photo from

Boao [DPA]

Chinese president Xi Jinping has called on the world’s nations to support Beijing’s ideas for a new development bank and ‘economic belt’ to serve Asia.

The bank initiative was a focal point of the annual Boao Forum for Asia on the southern island of Hainan.

‘Facing the fast-changing regional and international landscapes, we must see the whole picture, follow the trends of our times and build a new regional order that is more favourable to Asia and the world,’ Xi told the delegates on Saturday.

China will promote ‘coordinated development between the Asian Infrastructure Investment Bank (AIIB) and multilateral financial institutions like the Asian Development Bank and World Bank,’ he said.

Xi also announced Chinese investment abroad will exceed $US500 billion ($A639.39 billion) in five years.

‘Being a big country means shouldering more responsibility for world peace and development,’ he said.

Xi said a road-map for China’s proposed ‘Silk Road economic belt’ initiatives has been developed with the aim of improving trade and transport links in Asia.

By speeding up connectivity-building ‘we can turn the seas of Asia into seas of peace and cooperation between Asian countries,’ Xi said.

Analysts said this year’s meeting is especially important to China as its leadership seeks to promote the two initiatives and increase its regional influence.

March 31 is the deadline for countries to apply to join as founding members of the China-backed Asian Infrastructure Investment Bank.

The bank, due to be established later this year, is seen by some as a potential rival to the US-dominated International Monetary Fund and the World Bank and the Japanese-dominated Asian Development Bank.

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