The sign of Asian Infrastructure Investment Bank (AIIB) is pictured at its headquarters in Beijing, July 27, 2020. [Photo/Agencies]

The Asian Infrastructure Investment Bank officially opened an office in Tianjin on Thursday. The move out of its headquarters in Beijing has significance for supporting steady operation of the AIIB and promoting Tianjin’s higher-level opening-up, officials said.

“We will further deepen China’s all-round cooperation with the AIIB and continuously enrich the ideas and practices of international development cooperation,” said Zou Jiayi, China’s vice-minister of finance, at the inauguration ceremony for the office.

The multilateral development bank is looking forward to strengthening cooperation with Tianjin to support coordinated and sustainable development of the Beijing-Tianjin-Hebei region, said Jin Liqun, president of the AIIB.

“The AIIB shoulders the mission of promoting the prosperity and sustainable economic development of Asia. We will keep adhering to international, normative and high-standard principles, push for opening-up and cooperation, and make contributions to promoting common development,” Jin said.

Ma Shunqing, executive vice-mayor of Tianjin, said: “The AIIB’s establishment of an office in Tianjin will have a deep impact on the municipality’s efforts to strengthen communication and cooperation with international financial organizations, and also on the efforts to accelerate the fulfillment of Tianjin’s role as a financial innovation operation demonstration zone.”

The AIIB started cooperation with Tianjin in December 2019. The bank offered a $500 million loan to support the construction of reception, storage and regasification facilities of liquefied natural gas, with the aim of promoting regional energy structure adjustment and reducing air pollutant emissions.