New bank will open within weeks, says Xi

President lays out China's plans as it prepares to take over presidency of G20

President Xi Jinping has said the Asian Infrastructure Investment Bank is "expected to be officially up and running by the end of this year".

Observers noted that although some senior Chinese officials voiced similar hopes earlier this year, Xi's statement on Nov 18 may be the most assuring and promising message so far about the long-awaited financial institution that will directly address the hunger for capital in the region.

Xi made the announcement in a keynote speech at the APEC CEO Summit in Manila as he was elaborating on a series of major projects and economic corridors.

It was a busy week for Xi, who attended the 10th summit of the G20 in Antalya, Turkey, and the Asia-Pacific Economic Cooperation meeting in the Philippines.

He also called for a concerted effort to promote connectivity in the Asia-Pacific to make the regional economy more vibrant and increase potential in economic and social development.

During the two-day gathering, Xi expounded on China's policy on cooperation in the region and talked of the progress made in implementing the Belt and Road Initiative and the opportunities the initiative will bring to the region and the world.

Xi said Asia-Pacific economies should not allow anything to disrupt the region's development, and he urged APEC economies to spare no effort in fostering a peaceful environment conducive to development. He also called for talks on the Free Trade Area of the Asia-Pacific to be accelerated and for the promotion of regional economic integration.

The openness and inclusiveness of free trade agreements should be strengthened to the greatest extent on the basis of equal participation and ample consultation, he said.

He vowed that China would continue to welcome foreign investment and remain committed to providing better services, and would always keep its door open to the outside world.

In Xi's remarks at the conclusion of the G20 summit on Nov 15, he expressed similar sentiments on the need to energize the global economy.

Xi said the G20 was experiencing a transition from a crisis-prevention platform, starting in 2008, to a long-term governance mechanism, with members facing a need for coordinated macroeconomic policies.

"We need to carry on our partnership spirit, deliver a smooth transition of the G20 and solidify its status of major global economic governance," he said.

China, the second-largest economy and largest developing country, will take over the G20 presidency on Dec 1 and a group summit will be held in Hangzhou, Zhejiang province, in September.

Xi said the theme of the summit will be forming an innovative, vibrant, interconnected and inclusive global economy.

During China's presidency, Xi said, the country will help to explore new driving forces for the global economy, which is experiencing its most difficult period since the 2008 financial crisis.

"We're planning to work on four fronts. First, we need to work out new growth models globally," Xi said, adding that China will energize the global economy by implementing reform and innovation.

Second, he said, China will work with fellow G20 members to improve global economic and financial governance by improving representation for developing and emerging economies in the international community.

"In recent years, the implementation of global governance reform has not been smooth, and the pace of change for global economic and trade rules has accelerated. ... We need to coordinate our stances and take the lead in global economic cooperation," said Xi, adding that G20 countries should boost the capacity for preventing global economic crises.

Third, he said, China will help boost global trade and investment, two engines of economic growth, and form a more open global economy.

"And fourth, we endeavor to boost the inclusive and interconnected growth to realize the United Nations' sustainable development goals by 2030 and alleviate poverty."