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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.

Yuan Xin, a professor with Tianjin's Nankai University, said the new policy will definitely reduce the ageing problem in the long term, "but there will be little outcome in the short term. By 2050, the proportion of the ageing population will be reduced by 1.5 percent."

HIGH HOPES FROM BOTH SIDES

The annual event was first held in 2008 and has become a key platform for human rights exchanges among different countries, ethnicities and cultures.

Zhang called on both sides to increase mutual trust, maintain high level exchanges, share state governance experience, accelerate large projects and expand industrial cooperation as well as partnership in disaster relief and people's welfare to promote the stable development of bilateral ties.