China proposes establishing Asian infrastructure investment bank

Chinese President Xi Jinping on Wednesday proposed to establish an Asian infrastructure investment bank to promote interconnectivity and economic integration in the region.

Xi put forward the proposal during talks in Jakarta with his Indonesian counterpart, Susilo Bambang Yudhoyono.

Beijing stands ready to offer financial support for infrastructure construction in developing countries in the region, including members of the Association of Southeast Asian Nations, Xi said.

The new bank, he added, will cooperate with existing multilateral development banks to make full use of their respective advantages and jointly promote the sustained and stable growth of the Asian economy, Xi said.

Xi arrived here earlier in the day for a state visit to Indonesia, the first leg of his maiden trip to Southeast Asia since he assumed presidency in March.

During their talks, the two leaders agreed to lift bilateral ties to a comprehensive strategic partnership.