To convince Asians that the regional bank that it is setting up to the Asian Development Bank is the better alternative for the region, Chinese President Xi Jinping promised that China would spread the prosperity and cooperation across Asia.

Speaking on Saturday at the Boao Forum, Xi said the new regional bank would make available billions of dollars to finance railway, port and other development projects in the region. But he said despite its Asian focus, the development bank would be open to all nations.

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"Being a big country means shouldering greater responsibilities for the region, as opposed to seeking greater monopoly over regional and world affairs," The Wall Street Journal quotes Xi.

He added, "Countries may differ in size, strength or level of development, but they are all equal members of the international community with equal rights to participate in regional and international affairs," quotes Eastday.

While the efforts seeks to tap China's growing power in the region to reshape its economic and security landscape, Asian nations are beginning to shirk from Chinese assistance because its words and action are different.

The countries particularly cite Beijing's use of its military might to seize control over some islands in South China Sea that other smaller nations also lay a claim over.

There too is the observation that infrastructure projects built by China often bog down and it comes with mandatory hiring of Chinese workers, displacing local workers.

Some allied nations of the U.S. have signified their intent to be one of the founding members of the Asian Infrastructure Investment Bank, although those opposed to the bank warn of the possibility that it would approve projects without the proper environmental safeguards.

On Saturday, Russian Deputy Prime Minister Igor Shuvalov said Moscow will be one of its founding members, joining The Netherlands, Brazil and Georgia which earlier agree to join the bank. Australia is expected to announce on Sunday its decision.

TagsAIIB, Asian Infrastructure Investment Bank