The Chinese economy is becoming "more mature," and will usher in an era of sustainable growth, the inaugural chief of a China-led regional investment bank said Wednesday, dismissing concerns that the world's No. 2 economy is losing its growth momentum.

"The Chinese economy, I think, is moving towards to the new norm," Jin Liqun, president-designate of the Asian Infrastructure Investment Bank, said in a press conference in Seoul.

"When we talk about slowing down, I hope we would have no misunderstanding that the Chinese economy is becoming more mature."

Concerns over a slowdown in the Chinese economy sent tremors across the world during the past month, roiling top-rated stock markets. Fears heightened after China conducted a series of yuan devaluations, a move widely seen as an attempt to shore up the slowing economy.

Last month, China devalued its currency three days in a row and cut key rates in the face of weaker-than-expected economic data, rattling the global market and accelerating foreign outflows from emerging countries. The Chinese stock market experienced a 6-percent daily plunge on Aug. 18.

According to the latest data, China's outbound shipments contracted 5.5 percent in August from a year earlier, with imports also tumbling at a sharper than expected rate of 14 percent, indicating that the economy is suffering a decline in demand at home and abroad.

"The Chinese central bank is working towards a market-based interest rate and exchange rate of the yuan," said Jin. "The recent depreciation of the yuan is a very natural part of the course moving towards the market economy, and if any currency is subject to market supply and demand, some fluctuation in exchange rate is quite natural.

"The Chinese economy will continue to grow, and I'm sure that the Chinese economy will be sustainable," Jin said.

The AIIB president-designate also expressed hopes that North Korea would join the infrastructure development bank.

"If North Korea is a member, definitely, the AIIB would finance infrastructure in the country," he said. "We hope North Korea would be a member of the multinational development bank, and we hope North Korea moves forward to meet basic requirements to be a member of the AIIB."

The AIIB was initiated by China and some 60 other countries, including South Korea, under the slogan of supporting financial support for infrastructure in Asian countries. It is expected to make its international debut within the year.

Seoul has pledged to contribute $750 million in paid-in capital over the next five years, with a 3.81 stake in total subscriptions. (Yonhap)