"The Asian countries are the first to join with China to build up this bank, by its title, it's the Asian Infrastructure Investment Bank, so we focus on Asia's sustainable development and we would like to promote the broad based economic social development in this region through investment and infrastructure and other productive sectors," said Jin Liqun, president of the Asian Infrastructure Investment Bank.  

Leaders of 21 Pacific Rim economies are set to renew their endeavors to advance regional integration and forge stronger partnerships at the upcoming APEC Economic Leaders' Meeting in Da Nang, Viet Nam. 

China has played a positive role in creating shared interests for regional economies exemplified through proposals like the Asian Infrastructure Investment Bank.

The AIIB began operations in 2015 with the goal of filling infrastructure gaps in the Asia-Pacific. And it has progressed in leaps and bounds in funding infrastructure needs in the region and beyond.

World Insight anchor Tian Wei spoke to AIIB president Jin Liqun, who shared his thoughts on the economy in the Asia-Pacific region.

When asked whether the AIIB has taken the place of the World Bank and the Asian Development Bank, Jin denied this. 

"Some people did have skepticism about the intention of China to lead the efforts to set up such a bank, some people questioned the idea whether this bank when set up was supposed to cut ground from under the feet of the WB, the ADB which turn out to be false assumption," he said.

At the same time, he admitted that he is ambitious but that all of the 57 founding members of the AIIB, including the new members, are ambitious. 

"We have very usual relationship with the other MDBs (Multilateral Development Banks) in this big family, we are the youngest, we've been taking care by our elder brothers and sisters. We are very much grateful to the WB, ADB, EBRD and other institutions."He said China still contributes to other MDB's. 

"China continues to support WB, ADB, particularly in terms of the concessional founding, China has actually increased its contribution to WB's IDA and ADB's ADF. It's very clear."