President Jingping Proposes to Put up an Asian Investment Bank
President Xi Jingping vowed to put up an Asian investment bank that will assist and facilitate regional connectivity. He said that the bank will provide capital support to infrastructure construction in regional developing countries. This will be the first time that china propose this kind of investment bank that will aid regional connectivity.
Xi said that the bank will collaborate with existing multilateral development banks found within or outside the region which complements each other and will ensure its stability of the development of the Asian economy. By boosting connectivity, china and other Southeast Asian Nations will deepen its cooperation and other relevant projects are in need of funding from investment banks.
During a meeting with his Indonesian counterpart Susilo Bambang Yudhoyono turned in a meeting that ink a trade plan for the next five years along with the agreement to upgrade bilateral cooperation on a level of comprehensive strategic partnership and made history be forging the partnership.
Along with the cooperation agreements these two countries have also announced a 100 billion RMB-Rupiah currency swap deal to help fend off financial instability because of the fragility of the developing economies. The swap deal is a renewal of the previous deal that was signed in 2009 and are both considering to expand the scope of the deal.