|
BEIJING, March 20 (Xinhua) -- 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.
Related:
News Analysis: S. Korea about to make sharp turns in AIIB entry after decisions in Europe
SEOUL, March 20 (Xinhua) -- South Korea is about to make sharp turns in its decision on whether to enter China-proposed Asian Infrastructure Investment Bank (AIIB) after major European countries announced intentions to join the international body to fund infrastructure development in Asia.
In the past two days through Thursday, multiple South Korean media depicted the country's entry into the AIIB as a foregone conclusion. Donga Ilbo newspaper reported Thursday that the government already decided to join the 50-billion-U.S. dollar bank as one of founding members. Munhwa Ilbo newspaper became the first local media on Wednesday by reporting that the AIIB entry is a foregone conclusion.Full Story
Commentary: Washington, what are you waiting for?
BEIJING, March 18 (Xinhua) -- Welcome Germany! Welcome France! Welcome Italy!
Despite a petulant and cynical Washington, the three leading European powers decided to join the Asian Infrastructure Investment Bank (AIIB) headquartered in Beijing on Tuesday.Full story
Germany, France, Italy to join China-proposed AIIB, following Britain's lead
BRUSSELS, March 17 (Xinhua) -- Germany, France and Italy on Tuesday confirmed their respective intentions to join China-proposed Asian Infrastructure Investment Bank (AIIB).
The three countries' decision came in the wake of Britain's application last week to be a founding member of the 50-billion-U.S.-dollar bank. Full story
U.S. says not reconsidering joining Asian infrastructure bank
WASHINGTON, March 17 (Xinhua) -- The United States is not reconsidering entry to the Asian Infrastructure Investment Bank ( AIIB) despite the agreement by more of its European allies to join the China-proposed institution, the State Department said on Tuesday.
"I'm not aware of a reconsideration," spokeswoman Jennifer Psaki told reporters at a daily news briefing. Full story
