Center plays crucial role in govt's development policies

Zhang now expects the AIIB's operational structure to be used as a blueprint for future reform of financial governance.

"We expect the institution to respect the sovereignty of its members, and choose its investment projects with no political strings attached.

"It is expected to recruit staff from all over the world, but most of the focus will be on choosing those from developing countries," said Zhang.

Soundbites

I congratulate all founding members of the Asian Infrastructure Investment Bank on the establishment of the new development institution. More funding for infrastructure will help the poor, and we are pleased to be working with China and others to help the AIIB hit the ground running. We view the AIIB as an important new partner that shares a common goal: ending extreme poverty. With strong environmental, labor and procurement standards, the AIIB will join us and other development banks in addressing the huge infrastructure needs that are critical to ending poverty, reducing inequalities and boosting shared prosperity.

Jim Yong Kim, World Bank Group President

We hope the AIIB will play a role as a financial institution that contributes to Asia's development while meeting the standards of international institutions, including in governance. We will watch it closely, including its actual operations.

Yoshihide Suga, Japan's chief cabinet secretary

The ADB is committed to working closely and cofinancing with AIIB to address the vast infrastructure needs facing Asia by using our long experience and expertise in the region. The ADB will continue sharing necessary information and look into specific projects that could benefit from cofinancing.

Takehiko Nakao, Asian Development Bank president

Today's formal signing marks an important next step in our plan to build a deeper partnership among the governments, companies and entrepreneurs of Britain and the fast-growing economies of Asia. The AIIB will help to finance vital infrastructure for the Asian and world economies, and I believe that our involvement at its birth will help to unlock enormous opportunities for British companies and British jobs.

George Osborne, UK chancellor of the exchequer

China's role as a world economic leader will be strengthened, and its participation in global governance will deepen in scope and depth. The AIIB, along with the One Belt, One Road Initiative, is an example of China seeking to enhance its role in the "incremental" part of global governance institutions, instead of the "legacy" part. The reform in the "incremental" part will drive the reform of the "legacy" part.

Lu Feng, head of the China Macroeconomic Research Center under Peking University