Asian Infrastructure Investment Bank is expanding

The expanding Asian Infrastructure Investment Bank (AIIB) shows China’s growing global influence. AIIB is attracting international attention. On March 12, Britain formally applied for the membership of the AIIB. On March 14, Australia announced that it is debating whether to seek membership. On March 17, France, Germany and Italy agreed to follow Britain’s lead and join the bank. China responds to every report of European interest in the bank with the same words “We welcome all countries to join the AIIB as prospective founding members.”

The development of AIIB has been remarkably quick. In October 2013 President Xi Jinping proposed the idea of the AIIB during his visit to Southeast Asia, and the response was positive. In October 2014 21 countries, including China, India and Singapore, signed a memorandum of understanding (MOU) preparing to establish the AIIB. Subsequently Indonesia, Maldives, New Zealand, Jordan, Saudi Arabia, and Tajikistan each joined in turn. The bank is expected to play an important role in world development in the future.

AIIB is a necessary supplement to the current multilateral financial mechanisms, bringing benefits to Asian developing countries. World Bank President Jim Yong Kim said that all of the multilateral development banks together contribute only about 5 to 10 percent of the overall annual investment in infrastructure. The AIIB will fill a gap in infrastructure investment, and work with other financial organizations including the World Bank and the Asian Development Bank to make its contribution to world economic stability.

Fast-rising China has the capability to increase its supply of public goods to the world. China's leadership in the establishment of the AIIB aims to offer financial support to infrastructure construction in developing countries. AIIB will work with other multilateral development organizations to contribute to the economic development of the Asia-Pacific region. China is determined to build a sound investment and financing platform, and confident in its ability to deliver. This is a project that showcases China's determined pursuit of “win-win cooperation, openness and inclusiveness”. The expanding AIIB offers a golden opportunity for all countries to seek lasting development.

This article was edited and translated from 《亚投行“朋友圈”在壮大》, source: People's Daily