The Asian Infrastructure Investment Bank (AIIB) will grow its membership to nearly 100 countries and regions by the end of the year, making it a truly international financial institution with the mission of promoting multilateral benefits for all members, AIIB President Jin Liqun said on Tuesday.

Beijing does not expect the Obama administration to enthusiastically support this initiative or the Asian Infrastructure Investment Bank, but it does hope that the American side can be serious about the tremendous potential for the two countries to formulate a global development partnership.

The Beijing-led Asian ­Infrastructure Investment Bank and the US-dominated World Bank – originally seen as rivals – have signed an agreement to ­co-finance projects.

Hong Kong is among a group of 30 applicants to join the Asian Infrastructure Investment Bank and will be given serious consideration when AIIB board members meet in late April, says AIIB president Jin Liqun.

Actions in the South China Sea may sow mistrust with China’s neighbors, at the expense of China’s export-led infrastructure development growth. South China Sea Joint Development Areas, however, can enable China and Southeast Asia to reach a constructive, precedent-setting middle ground sidelining politics and focusing on mutually beneficial economics, like building a global electric grid.

Could the Asian Infrastructure Investment Bank (AIIB) suffer collateral damage from China’s territorial claims in the South China Sea? In coming years, China must invest overseas to relieve growing internal economic imbalances and keep its populace employed to maintain political stability. This presents opportunities for borrowers and risks to China.

The establishment and operation of the AIIB can strengthen China’s influence in global economic governance, and China will further take part in setting the international economic and financial rules, creating a better environment for its economic development.

Chinese initiatives like “One Belt, One Road” are intentionally open and flexible; no uniform rules or norms are set from the beginning. One of the major challenges for the EU and European countries in the cooperation with China stems from this openness or vagueness, and from doubts about rules that might be applied differently in global and regional contexts.

The $100-billion Asian Infrastructure Investment Bank will boost infrastructure investment in Asia and improve integration, China’s President Xi Jinping said Saturday at the opening ceremony for the China-backed lender.

Chinese leadership’s recent engagements points to their persistent pursuit of its vision of connectivity named One Belt One Road (OBOR). New areas are now being added to the list.