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Leaders of the IMF, World Bank and other leading global lenders have on many occasions expressed willingness to collaborate with the new bank to fill Asia's infrastructure gap.

World Bank Group President Jim Yong Kim said on Monday that the World Bank views the AIIB as an important new partner with which it will jointly address the huge infrastructure needs critical to ending poverty, reducing inequalities and spreading shared prosperity.

There have been doubts over the competence and transparency of the new bank's governance.

Doubts on novelty are surely understandable, but not always justifiable. The "highest standards" touted by institutions serving developed economies may not be appropriate and reasonable in all cases.

The new bank strives to follow international rules in its operation, policymaking and management to ensure efficiency and transparency.

For sure, it will draw upon the good practices of existing multilateral institutions, but not copy them all. For example, in order to improve efficiency and avoid bureaucracy, the bank's board of directors will be nonresident, unlike with the World Bank or the ADB.

The signing ceremony on Monday showcased the concerted efforts and inclusive spirit among the founding members, and foretold the advent of a great institutional contributor to regional and global economic development.