The Chinese government will continually support the efforts of the Asian Infrastructure Investment Bank (AIIB) to develop into a high-standard multilateral development institution and promote global economic governance, Finance Minister Liu Kun said during the bank's fifth annual meeting on Tuesday.

After five years of operating, the AIIB now has 102 members, which is the second largest membership among all multilateral banks.

Its projects are sustainable and allocated in six continents, including high-quality infrastructure investment projects, and those that address climate change, the minister said in an interview.

On Tuesday, President Xi Jinping delivered a speech at the opening ceremony of the 2020 AIIB Annual Meeting via video link.

Xi urged the multilateral development bank to respond to adjustments and changes in the global economic landscape and engage on cooperation with more development partners.

Xi called on the AIIB to make itself a new platform promoting development among all members and facilitating the building of a community with a shared future for mankind in the context of the global response to the COVID-19 pandemic. 

"In his opening address, the President spoke highly of AIIB's achievements, from the perspective of advocating multilateralism, promoting the common development of its members, and promoting the construction of a community with a shared future for mankind. All the participants of the annual meeting have highly recognized and appraised the address," said Liu.

During Tuesday's meeting, Jin Liqun was elected to a second term as President of the AIIB by the bank's board of governors, announced by the chair of the board. Jin's second five-year term will begin on Jan 16, 2021.

"As we look forward to the next decade, we will expand our investments from core infrastructure to the infrastructure for tomorrow - infrastructure that will tackle climate change, enhance connectivity within Asia and the rest of the world, mobilize private capital and bridge digital divides in our region," Jin said at the meeting.

As COVID-19 is still spreading around the world, consensus can be reached through the AIIB's annual meeting on how to play the role of a multilateral development bank, Liu said.

China will help the AIIB to operate in accordance with international standards and high standards, and gradually invest in the bank according to its operation details, Liu said.

"We think the investment in the AIIB is very worthwhile," Liu added.