Chinese President Xi Jinping and Premier Li Keqiang have separately met with visiting Canadian Prime Minister Justin Trudeau in Beijing.

President Xi welcomed more bilateral high-level exchanges between the countries -- as well as better communication and coordination. Trudeau said Canada is willing to cooperate with China to strengthen economic and financial ties.

Premier Li and Trudeau agreed to establish a mechanism of annual dialogue between their countries, to further develop bilateral ties. Trudeau says his government pays special attention to infrastructure projects. Canada has formally applied to join the Asian Infrastructure Investment Bank, based in China.

Striking a delicate balance.

By submitting its application to join the Asian Infrastructure Investment Bank, key US ally, Canada could become the first North American AIIB member.

Jin Liqun (R), President of Asian Infrastructure Investment Bank(AIIB) and Canadian Finance Minister Bill Morneau pose for a photo after a press conference in Beijing, capital of China, Aug. 31, 2016. Canada has decided to apply for membership of the Asian Infrastructure Investment Bank (AIIB), Bill Morneau announced at a press conference in Beijing Wednesday. (Xinhua/Shen Bohan)

"We believe Canada's membership will generate commercial opportunities for Canadian companies create good jobs and contribute to global economic growth," said Bill Morneau, Canadian Finance Minister.

57 countries joined the AIIB as founding members last year.

And at the bank's first annual meeting in June, board members opened the group to new members.

"We believe the bank is clearly showing its going to be a high effective multilateral instituation that put forward the approaches to governance, to management, it shows us the impact that its possible so this is really for us a new government for us which we chould indicate our interest," said Bill Morneau said.

President of the bank Jin Liqun has welcomed Canada's decision to apply.

But how can the bank keeps its promise to be a lean and clean institution, while inviting more members to join.

"As we further expand, we would look at the volume of the business to decide how many new people...of this instituion," said Jin Linqun, president of AIIB.

China, India and Russia are the bank's top three shareholders.

President Jin said China's share will be diluted as more new members get on board.

President Jin said the bank looks forward to welcoming its first of these new members early in 2017. The size of Canada's shareholding will also be decided at that time.