Abstract: Asian Infrastructure Investment Bank (AIIB) is a landmark achievement and institutionalized carrier for China to participate in global financial governance. As a new member of multilateral development financial institutions, AIIB embodies many aspects of innovation: in the aspect of admittance and decision-making mechanism, AIIB is a regional organization characterized in openness, containment and conforming to the democratization trend of international relations; in the aspect of governance structure, AIIB pursues simplicity and efficiency and seek to achieve the balance between mutual benefits and decision-making efficiency; in the aspect of business operation, AIIB has established a cooperative and competitive business relationship with other financial institutions, its capital structure and credibility from the member states can be conductive to its winning of AAA rating; in the aspect of performance evaluation, AIIB has innovative institutional design to reduce its administrative management cost, which can ensure the achievement of its social benefit target. In the future, AIIB should learn from the successful experiences of other existing multilateral development banks in its operation, strengthen its risk management, and improve the selection and cultivation mechanism for its employees.

Key words: multilateral development banks; global financial governance; developmental finance; AIIB