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The founding and opening of the AIIB will effectively boost investment to support infrastructure development in Asia. It will serve to channel more resources, particularly private investment, into infrastructure projects to promote regional connectivity and economic integration. It will bring along a better investment environment and more job opportunities and trigger greater medium- to long-term development potential on the part of developing members in Asia. This, in turn, will give impetus to economic growth in Asia and the wider world.

The initiative was proposed by the Chinese government in 2013. It refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, which envisages the linking of development strategies of countries in Asia, Europe and Africa.

Addressing the reception, Foreign Minister Wang Yi said China will contribute more to world peace and development in the new year.

An expo and more than 80 press conferences will be held during the second WIC, showcasing cutting-edge technology and the latest achievements from about 260 enterprises from all over the world.

Officials who violated the Party's rules in purchasing and using government vehicles were also named and shamed in the CCDI report.