China-proposed AIIB is a gift to world

 

 

 

 

 

 

 

BEIJING  |  2015-03-19 16:50:54

 

China-proposed AIIB

is a gift to world

 

By Wang Xiaopeng

 

 

As countries continue filing applications to join the Asian Infrastructure Investment Bank (AIIB), the eagerness for participation indicates an unmet niche for such a service.

Decision by nations outside of Asia, including Britain, Germany, France and Italy, to join the program is evidence of the huge financial demand in Asian infrastructure.

 

Statistics from the Asian Development Bank (ADB) say that between 2010 and 2020, around 8 trillion U.S. dollars of investment will be needed in the Asia-Pacific region to improve its infrastructure. However, the ADB is only able to provide about 10 billion U.S. dollars annually in the category.

The AIIB, with an expected initial subscribed capital of 50 billion U.S. dollars, is therefore complementary to the ADB and other multilateral financial institutions including the World Bank.

The world needs the AIIB and the AIIB also wants to embrace the world.

The applications from the four European nations, which are all G7 members, are welcome because their participation means more diversified shareholders and advanced management that is key to enhancing the AIIB’s structure and international image.

But such a bank, designed to bring about a win-win situation, has drawn concern from the United States that the new institution should incorporate the high standards. When Britain announced the decision to join, the U.S. knitted its brows and remarked that the long-time partner has been constantly accommodating China.

The act perplexes China because the U.S. government has been urging China to exercise leadership compatible with its growing strength by providing more resources for development and other global goals.

Given the existing global financial system, which is being driven by Asian economies, one of the most valuable gifts that a rising China can offer to the Asian community, as well as the world, is its expertise and experience in infrastructure accumulated over the past decades.

At a news briefing, Foreign Ministry spokesman Hong Lei called on all countries interested in joining the regional investment bank to make their decisions before the deadline on March 31.

According to Hong, China, Japan and the Republic of Korea will exchange views on issues of mutual interest during the three-way foreign ministers’ meeting on March 21, with the possibility of discussing (AIIB-)related issue.

Rather than standing outside frowning, the U.S. might as well consider the choice of getting on the boat to share its rich experience in managing international banks.

This will be a blessing not only for Asia, but also for the U.S. and the world as a whole.

 

 

 

 

 

 

 

 

BEIJING  |  2015-03-20 17:16:52

 

AIIB can prosper

with int’l efforts

 

By Xu Feng

 

 

Countries are rushing to join the China-proposed Asian Infrastructure Investment Bank (AIIB), proving its appeal and indicating it has a bright future as the involvement of diverse countries will mean a pooling of wisdom.

 

Over 30 countries, with Britain, Germany, France, Italy and Luxembourg among the latest on the list, have applied to join the AIIB.

Statistics from the Asian Development Bank (ADB) show that between 2010 and 2020, around eight trillion U.S. dollars of investment will be needed in the Asia-Pacific region to improve infrastructure. However, the ADB is only able to provide about 10 billion U.S. dollars annually for this cause.

The establishment of the AIIB, with an expected initial subscribed capital of 50 billion U.S. dollars, will be complementary to the ADB and other multilateral financial institutions including the World Bank.

Moreover, China’s rich experience in infrastructure development will come into its own in the new bank, helping countries bolster growth through improving their infrastructure.

European countries such as France and Germany that boast advanced infrastructure are sure to make a big contribution in this area too.

Concerns about the new bank’s standards of governance and environmental and social safeguards can also be dispelled as China has envisioned the AIIB to be an open and transparent multilateral organization.

Again, developed European countries in particular that have accumulated abundant managerial expertise in multinational organizations can play a big role in ensuring good AIIB governance.

Chinese Finance Minister Lou Jiwei said on Friday that the AIIB will draw on useful experience from existing multilateral organizations and improve on them. Other experts share the same conviction.

Decades of reform and opening up have taught China the lesson that economic vitality cannot be unleashed until enough respect is paid to market needs and innovation.

By proposing to set up the AIIB, China has answered the call of the market.

The logical next step for China is to pool efforts from the AIIB founder countries to help the Asian economy to grow, benefiting the world as a whole.

 

 

 

 

 

 

 

 

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