China's Top Legislature Ratifies AIIB Deal
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Win-win cooperation on AIIB. [Photo: Xinhua]

China's top legislature on Wednesday ratified the Asian Infrastructure Investment Bank, or AIIB, agreement at the closing meeting of the bimonthly session of National People's Congress Standing Committee.

Finance Minister Lou Jiwei said the ratification will encourage more countries to complete the approval procedure and is a significant step closer to the AIIB's formal establishment.

"We must take the lead in bringing agreement to the legal proceedings, because China is the initiator. Secondly, it will encourage other countries to ratify the agreement as soon as possible, so that the bank could be rapidly set up."

The China-backed multilateral development institution is tasked with financing infrastructure construction across Asia.

Among the bank's 57 prospective founding members, 54 had signed the agreement, and the other three are expected to sign before the end of this year.

The establishment of AIIB is slated for the end of 2015.

Author： 　　　Source：xinhua　　　 Editor：Yang Fan