China has welcomed UK's decision to thrown its weight behind the AIIB, and says the bank will complement existing development banks. China's foreign ministry says the AIIB will be efficient and transparent, and will be able to learn from past mistakes made by the international banking community.

"The Asian Infrastructure Investment Bank will abide by the principles of openness, inclusiveness, transparency, responsibility and equality regarding its governance structure and relevant operating polices. The bank will abide by the boundaries of the good practices of multilateral banks to avoid some of the detours they have taken in order to increase operating efficiency and decrease costs," Chinese Foreign Ministry spokesman Hong Lei said.

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