Attendees take smartphone photos of a sculpture following the opening ceremony of the Asian Infrastructure Investment Bank in Beijing, China, Jan 16, 2016. [Photo/Agencies]

The inaugural meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) was held at the Diao Yutai guest house on Saturday afternoon. Chinese premier Li Keqiang addressed the meeting.

"The inaugural meeting of the AIIB board of governors means that the AIIB is now officially coming into operation as an Asia-based multilateral finance institution, and this is of great significance in the transition of world economic governance," Li said during the speech.

He said that Asia, as a place with large potential of economic development and which shows vivid momentum of growth, will continue to be the engine of economic development worldwide. As the world economy is still in very weak recovery, Asia should fully play its role as an engine efficiently, which requires countries in Asia to have well-facilitated infrastructure as well as good communication.

During his speech, he mentioned about his meeting with Suma Chakrabarti, president of the European Bank for Reconstruction and Development, on Friday, which also marks China officially joining the EBRK. Li said that such cooperation with other multilateral financial institutions will be increasingly important in the future. The AIIB will also provide a new platform for developing countries to enlarge economic cooperation, and provide better opportunities for North-South cooperation.

Chinese finance minister Lou Jiwei presided over the inaugural meeting. Lou was elected as the AIIB's first chairman of the AIIB board of governors during the AIIB inaugural ceremony in the morning. Indonesian finance minister Bambang P.S. Brodjonegoro and German finance state secretary Thomas Steffen, were both elected vice-chairmen of the AIIB board of governors, and spoke at the meeting.

The inaugural meeting started with a group photo session with the representatives of the 57 founding member countries of AIIB and Premier Li Keqiang. Jin Liqun, the newly elected president of AIIB, signed the cooperation agreement with the Beijing municipal government as the city will be where the AIIB headquarters is located.

The AIIB is designed to have a board of governors, a board of directors, and senior management. The board of governors is the bank's top decision-making body.

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Chinese President Xi calls AIIB's launch 'historical moment' by Li Xiaokun from China Daily

The Asia Infrastructure Investment Bank (AIIB) launched its inaugural ceremony on Saturday morning at the Diaoyutai State Guesthouse with President Xi Jinping attending the event.

Chinese President Xi calls AIIB's launch 'historical moment'

"This is a historical moment," Xi said addressing the event in downtown Beijing.

The AIIB could increase Asia infrastructure investment effectively and promote regional interconnection and economic integration, which will have a positive effect on Asian and global economy, said Xi.

Premier Li Keqiang is scheduled to address the founding conference of the AIIB council in the afternoon. The series of opening activities will last from Jan 16 to 18.

Chinese Finance Minister Lou Jiwei was elected as the first chairman of the AIIB council. Jin Liqun was elected the first AIIB president.

The opening of the AIIB marked a milestone in the reform of the global economic governance system, Lou said in an interview.