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"We will cooperate closely to provide support and constructive suggestions for the AIIB development," said Yoo Il-ho, deputy prime minister of the Republic of Korea at the opening ceremony.

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.

Meanwhile, there are still many difficulties and challenges, especially the problem of severe structural overcapacity.

"China is the world address in rail infrastructure today, while the West, led by the pathetic rail construction record of the USA, falls farther and farther behind," Engdahl said, referring to China's planned construction of a Hungary-Serbia high-speed railway.

BEIJING, Jan. 28 (Xinhua) -- Xi Jinping, general secretary of the Central Committee of the Communist Party of China (CPC), sent a congratulatory message to Nguyen Phu Trong on Thursday on his re-election as Vietnam's communist party chief.