Chinese Prime Minister Li Qiang spoke at the opening ceremony of the ASEAN-CHINA-GCC Economic Forum held in Kuala Lumpur, Malaysia on May 27, 2025.
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BEIJING – Chinese Prime Minister Li Qiang on Thursday urged Asian infrastructure investment banks to increase support for Beijing’s Belt and Road Initiative.
“We hope that AIIB will continue to be committed to regionalism and perseverance in fostering connections and communications between Asian countries and countries around the world,” Li said in Mandarin through an official English translation.
“It is important to strengthen the synergy between the Bank and Belt and Road Initiative and the Global Development Initiative,” Li said, referring to two Beijing-led programs.
His speech at the opening ceremony of the bank’s 10th Annual Meeting argues that US President Donald Trump is unfairly profiting other countries amid plucking US support for Western-led institutions such as the World Bank and the International Monetary Fund.
“We are a great place to go,” said Stephen Olson, a visiting senior fellow at the Institute of Southeast Asian Studies and a former US trade negotiator.
“China is also very aware that the US is trying to put pressure on the country to leave China (as we saw in the UK trade agreement), and this is part of a strategy to counter those efforts,” Olson said in an email.
Under Chinese President Xi Jinping, now in its third term, China launched a regional development program in 2013 called The Belt and Road Initiative.
The programme is widely seen as Beijing’s efforts to increase its global influence through the development of railways, seas and other transportation routes connecting Asia and Africa. Critics argue that China’s large infrastructure projects forced developing countries to take on high debts, often profiting state-owned enterprises, and often state-owned enterprises.
XI then announced a broader “Global Development Initiative” in 2021 to promote Beijing-led efforts on poverty alleviation, public health and food security, in line with the UN’s 2030 Sustainable Development Goals.
This week, the AIIB announced that former China’s deputy finance minister, Zou Jiayi, will become the next president in January. Zou previously represented China as the alternative governor of the World Bank. The former anti-corruption official is also a member of the Central Committee of the ruling Chinese Communist Party, and is the third highest power circle in the country.
The current president of AIIB, Jin Liqun, has served two terms, five years after the establishment of the bank, and is also former Chinese deputy finance minister.
Indonesia, a founding member of AIIB, has worked with the bank on 14 projects totaling over $5.1 billion, the country’s finance minister Sri Mulyani Indrawati said in a closing speech at the same event on Thursday.
“Indonesia not only generates AIIB operating revenue, [are] It also offers enormous experience and strong participation,” Indowati said.
“Ive is no longer just an emerging bank. It is now a global force for development.”
The United States is not a member of the AIIB, but the UK, France and Germany are listed as 110 members of China-led banks, as well as Russia, Israel, Singapore and Vietnam. China has the largest stake in AIIB and holds 26.5% voting shares.
AIIB provides loans to developing countries primarily for infrastructure projects such as water supply and transportation. AIIB, headquartered in Beijing, approved a $8.4 billion funding last year, saying it totalled over $600 billion since its launch in 2016.
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On Wednesday, Li urged global business leaders and senior government representatives to avoid turning trade into political or security issues. He said engaging in the international economy is a way to “restructure rules and order.”
He was speaking at the annual China Conference of the World Economic Forum called “Summer Davos” held this year in Tianjin. Li later met with executives, including Richard Liu, founder and chairman of JD.com.
According to the country’s media, China’s Commerce Minister Zheng Shanjie, head of the National Development and Reform Committee, the country’s Director of Economic Planning, attended Li’s speech and meetings with businesses on Wednesday.
