The new China-led Asian Infrastructure Investment Bank is not competing with the long-established Asian Development Bank backed by Japan and the United States, the Beijing-based bank's leader said Thursday.

Instead, the two complement each other and enjoy "very good cooperation," the Beijing-based bank's leader Jin Liqun said Thursday.

Speaking to reporters on the sidelines of a regional conference in Phnom Penh, the Cambodian capital, Jin said there is a "misconception that the creation of this new bank is to create a rival against ADB or the World Bank."