Chinese Premier Li Qiang urged the Asian Infrastructure Investment Bank to expand its support for the Belt and Road Initiative, a major foreign policy and development strategy led by Beijing. His remarks were delivered during the opening ceremony of the bank's tenth annual meeting.
The appeal comes at a time when the United States is reducing its backing for Western-led institutions such as the World Bank and the International Monetary Fund. U.S. President Donald Trump has argued that these institutions disproportionately favor other countries at the expense of American interests.
"I hope that the AIIB will uphold the principle of open regional cooperation and continue strengthening connectivity between Asia and the rest of the world," Li said in Mandarin, as translated by official interpreters. He also emphasized the importance of aligning the bank's efforts with China's Belt and Road and Global Development initiatives.
According to some observers, Li's remarks signal China's ongoing effort to gain influence amid the disruptions caused by U.S. economic policies. They also reflect Beijing's response to U.S. attempts to encourage countries to shift away from deeper economic ties with China.
In response to questions from the media, outgoing AIIB President Jin Liqun said that China supports raising the quality of Belt and Road projects and has been pleased with the strong performance of the AIIB. Jin noted that the bank considers proposals from all 110 of its members. China holds the largest share of voting power, at 26.5 percent.
While the United States is not a member of the bank, many major economies are, including the United Kingdom, France, Germany, Russia, Singapore, Vietnam, and Israel.
When asked about the AIIB's involvement in the Middle East, Jin said the bank is willing to support economic restructuring in the region and promote better education for young people. He did not comment directly on recent tensions involving Israel and Iran.
China launched the Belt and Road Initiative in 2013 under President Xi Jinping, now in his third term, and aims to develop transportation and infrastructure links connecting Asia with Europe and Africa. While China promotes it as a global development platform, critics argue that the program burdens developing countries with debt while favoring Chinese firms, many of which are state-owned.
In 2021, Xi announced the Global Development Initiative to further position China as a leader in global poverty reduction, healthcare, and food security, echoing the United Nations' 2030 Sustainable Development Goals.
This week, the AIIB confirmed that Zou Jiayi, a former Chinese vice minister of finance, will become its next president in January. Zou previously represented China at the World Bank and is a member of the Chinese Communist Party's Central Committee. She will succeed Jin Liqun, who has served as president since the AIIB's founding and also held the position of vice finance minister.
During the closing session, Indonesia's finance minister Sri Mulyani Indrawati, noted that her country has worked with the AIIB on 14 projects worth more than 5.1 billion dollars. She praised Indonesia's role in the bank's operations, stating, "AIIB is no longer just an emerging institution. It is now a global force in development."
The AIIB, headquartered in Beijing, primarily funds infrastructure projects such as roads, water systems, and energy supply. The bank approved 8.4 billion dollars in financing last year and has authorized over 60 billion dollars in total funding since its launch in 2016.
Earlier this week, Premier Li also addressed global business and political leaders at the World Economic Forum's annual meeting in China, commonly known as "Summer Davos." Held this year in Tianjin, the event gathered senior executives and policymakers for discussions on economic cooperation.
Li reiterated the importance of keeping trade separate from political or security agendas in his speech and described global economic participation as a path to shaping international rules. He later met with several business leaders, including JD.com founder Richard Liu. Senior Chinese officials, including Commerce Minister Wang Wentao and Zheng Shanjie of the National Development and Reform Commission, were present for the meetings, according to official reports.