China officially joins European development bank

BEIJING - China officially became the 67th member of the European Bank for Reconstruction and Development (EBRD) after completing all formalities on Friday.

China's Foreign Minister Wang Yi and central bank governor Zhou Xiaochuan signed a series of legal documents in Beijing during EBRD President Suma Chakrabarti's China visit, according to a central bank statement.

The EBRD's existing shareholders agreed last month that China should become a member of the bank.

Established in 1991 and headquartered in London, the EBRD is one of the world's most important international financial institutions for development. It invests and operates in more than 30 countries.

"China's EBRD membership is conducive to connecting the Belt and Road Initiative and the European Commission's Investment Plan and to partnerships between the public and private sectors," said the statement.

China's membership will also create opportunities for China and the EBRD to cooperate in investment, industry and technology in Central and Eastern Europe, the eastern and southern Mediterranean, Central Asia and North Africa, according to the central bank.

"China joining the EBRD is a good choice for all parties," said the statement.