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"It is rare that one individual that can make such great achievements in two countries in one's life time," Dr. Thomas F. Rosenbaum, president of Caltech, one of the sponsors, said when opening the exhibition.

I know that this agreement has drawn on the practices of existing multilateral development banks in many ways. It has also made some breakthroughs and explored new ways of operation. For example, in terms of governance structure, AIIB has, with reference to the common practice of multilateral development banks, set up a three-tiered structure, consisting of a board of governors, a board of directors and a management team. It has also put in place an oversight mechanism in line with the principle of transparency, openness, independence and accountability. It is specified in the agreement that the management team will be selected through an open, transparent and merit-based process. This is a new principle not included in the constitution of existing major multilateral development banks. Another example is that the AIIB places no restriction on the procurement of goods and services from any country, and again this is not the case in the other regional multilateral development banks.

More than 3,400 discipline inspectors nationwide have been punished since the 18th CPC National Congress in late 2012 when the incoming leadership launched a high-profile anti-corruption campaign. Among the 3,400, 14 were from the CCDI.

The construction of the lighthouses was completed as planned and a ceremony was held on Friday to mark the start of operation.

Also on Friday, Li and Merkel attended a seminar with business leaders from both countries.