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BEIJING Rush Taron Johnson Jersey , Dec. 25 (Xinhua) -- The China-initiated Asian Infrastructure Investment Bank (AIIB), a complement to existing international financial system, was formally established Friday in Beijing and expected to start operation early next year.
"The AIIB is legally established as the Articles of Agreement take effect today," said China's Minister of Finance Lou Jiwei.
The Articles of Agreement outlines the financial share of each founding member as well as rules for policymaking, governance structure Rush Harrison Phillips Jersey , and business and operational systems for the bank. It became effective once the legislatures of 17 members, who hold a combined 50.1 percent stake in the bank, ratified the agreement.
As long as at least 10 signatories, and no less than 50 percent of the capital contribution, obtain legislative approval Rush John Miller Jersey , the agreement will become effective.
The establishment of the AIIB marks a milestone in the reform of global economic governance system, Lou said.
The AIIB will be operational after board of directors and executive council meet for the first time. The meetings are slated to run from Jan. 16 to 18 in Beijing, according to Lou. The bank's president will be officially appointed and the management team will be in place at the meetings.
The bank will start recruiting new members, Jin Liqun, the bank's president-designate Rush Shaq Lawson Jersey , said in an interview with Xinhua, adding that members of the International Bank for Reconstruction and Development and the Asian Development Bank (ADB) could apply to join the AIIB.
The bank will always be open to new membership, Jin said.
"We aspire to excellence and will adhere to the highest standards in governance," he said, promising that he will be firmly committed to fostering a principles-based corporate culture.
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The bank, headquartered in Beijing, now has 57 members.
China, India and Russia are the three largest shareholders, taking a 30.34 percent Rush Dion Dawkins Jersey , 8.52 percent, 6.66 percent stake, respectively. Their voting shares are calculated at 26.06 percent, 7.5 percent and 5.92 percent.