The association has already received the backing of many former world leaders, including Han Seung-soo, the former South Korean prime minister, and Jenny Shipley, the former prime minister of New Zealand.

The SRIA's headquarters will be based inside the "finance town" in Hangzhou's Xiaoshan district, a new development designed to become a hub for finance companies in Zhejiang province.

It was also announced during the meeting that the IFF and Zhejiang provincial government plan to set up a fund worth 100 billion yuan to promote Zhejiang's involvement in the Belt and Road Initiative.

The non-governmental fund will invest independently to promote Zhejiang's imports and exports, with the investment also expected to boost the upgrading of the province's traditional industries.

The fund's management company will be based in Hangzhou.

The IFF and Zhejiang previously confirmed a deal in March to work together on the construction of a "financial harbor" on the banks of the Qiantang River, the main waterway flowing through downtown Hangzhou.

The financial harbor is designed to become an industrial hub that will seek to attract financial institutes, private funds, internet finance and big data companies.

Zhejiang province reportedly sees the harbor project as a top priority for its 13th Five-Year Plan, its development plan for the years 2016-2020.

A congratulatory letter sent by former UN chief Ban Ki-moon to the SRIA is displayed at the association's inaugural meeting in Hangzhou. [Photo/zjol.com.cn]