Chinese President Xi Jinping addresses the opening ceremony of the Asian Infrastructure Investment Bank (AIIB) in Beijing, capital of China, Jan. 16, 2016. (Xinhua/Li Xueren)

BEIJING, Jan. 16 -- The opening ceremony of the Asian Infrastructure Investment Bank (AIIB) launched here Saturday morning with Chinese President Xi Jinping's attendance.

"This is a historical moment," Xi said when addressing the ceremony held in the Diaoyutai State Guesthouse in downtown Beijing.

Chinese Premier Li Keqiang will address the founding conference of the AIIB council on Saturday afternoon. The series of opening activities will last till Monday.

The international development bank was formally established in Beijing on Dec. 25, 2015. The bank, headquartered in Beijing, now has 57 members.

Chinese Finance Minister Lou Jiwei was elected as the first Chairman of the AIIB council. Jin Liqun was elected the first AIIB president.

The opening of the AIIB marked a milestone in the reform of the global economic governance system, Lou made the remarks in an interview.

The AIIB will work together with multilateral development banks including the World Bank and the Asian Development Bank to facilitate Asian infrastructure construction and sustainable development, Lou said.