The China-proposed Asian Infrastructure Investment Bank (AIIB) is an open initiative and China welcomes all countries to join the effort, said Chinese President Xi Jinping on Saturday.

BOAO, China, March 28 (Xinhua) -- The China-proposed Asian Infrastructure Investment Bank (AIIB) is an open initiative and China welcomes all countries to join the effort, said Chinese President Xi Jinping on Saturday.

"We will ... advance complementary and coordinated development between the Asian Infrastructure Investment Bank and such multilateral financial institutions as the Asian Development Bank and the World Bank," Xi told the annual conference of the Boao Forum for Asia (BFA).