The federal opposition says it backs the idea of greater cooperation on infrastructure in the Asian region, but the jury is out on a new Asian fund.

Labor has left the door open to supporting a Chinese-led proposal for an Asian Infrastructure Investment Bank.

The $57 billion bank has been the subject of talks on the sidelines of an Asia Pacific Economic Co-operation (APEC) finance ministers meeting in Beijing, attended by Treasurer Joe Hockey.

The Australian government is weighing up whether to become a founding member of the bank, even though the United States and Japanese governments have expressed concerns about it.

Shadow treasurer Chris Bowen told AAP on Wednesday that Labor welcomed closer co-operation on infrastructure policy in the Asian region.

“We will wait and see the details before commenting in more detail,” Mr Bowen said.

“We’d be looking to see how governance and transparency issues are dealt with in this proposal.”

China’s former vice finance minister Jin Liqun is reportedly set to become the head of the bank.

Ahead of the G20 summit in Brisbane in November, the government is pushing the idea of a global “infrastructure hub” which would not invest in major projects but rather help forge joint ventures between governments and the private sector.

Representatives from South Korea, Thailand, Indonesia and Singapore took part in meetings in September to discuss the Asian bank proposal.

Australia, India and the Philippines took part in earlier meetings.