(Xinhua/Xu Jun)

The finance ministers or authorized representatives of 50 founding members of the Asian Infrastructure Investment Bank signed the AIIB Agreement on June 29; representatives of other founding members can do so before the end of 2015.

This development adds momentum to China's efforts to build a multipolar financial network comprising the AIIB, the New Development Bank of BRICS states and the proposed Development Bank of Shanghai Cooperation Organization, and promote economic integration and common development through the "Belt and Road Initiative".

China realizes the important role of finance in global cooperation and development, and international relations, for which it will shoulder greater responsibilities and carry out more experiments with its foreign policy through financial diplomacy.

The multipolar financial agencies proposed by China will abide by the basic operating principles of the banking industry, and actively participate in global governance and reform. The three development banks have the same mission: promoting regional and global economic and social development. They will finance infrastructure and sustainable development projects in developing and emerging economies to help them overcome obstacles and realize inclusive and balanced development.

However, their priorities and target regions are different. They will complement each other, though. The BRICS New Development Bank is open to all UN members, and can be described as a multipolar development agency similar to the Word Bank. It has higher targets than the other two banks and will become a strategic platform for China to take part in global governance.

On the other hand, the AIIB will focus on Asia and the Development Bank of SCO on Central Asia and Russia.