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Why the US and Japan question AIIB

(People's Daily Online)    11:12, April 27, 2015
The signing ceremony of memorandum of understanding on establishing the Asian Infrastructure Investment Bank (AIIB) is held in Beijing, Oct 24 2014. [Photo/Xinhua]

The meeting of the G20 finance ministers and central bank governors was held in Washington from April 16 to April 17, 2015. It was interesting that the establishment of the Asian Infrastructure Investment Bank (AIIB) proposed by China became a hot topic at the meeting. The AIIB has been widely welcomed by emerging countries in Asia, Africa and Latin America. However, the US and Japan once again raised questions about the financing and the operation mechanism of the AIIB.

The attitude of the US and Japan is as we would expect. From the beginning, these two countries have expressed skeptical or even dissenting views about the AIIB.

The US and Japan once more questioned whether the AIIB would apply the highest standards, which seems to be their only reasonable doubt. However, these so-called "highest standards" do not have any absolute example. The World Bank and the Asian Development Bank have done much good work, but the AIIB cannot simply copy their methods. Right now, under the principle of equal negotiation and win-win cooperation, the 57 AIIB founding members are actively working on the establishment of the AIIB according to the best of international standards. Right now, 14 G20 members are also AIIB founding members, including allies of the US such as the UK, France, Germany and South Korea. Do the US and Japan not have confidence in these countries' abilities, such that they always point the finger?

The US and Japan also worry that China will hold a dominant position in the AIIB and make it a tool of China's diplomatic policies. China has stated clearly that it will not seek to be the sole majority shareholder or seek any one-vote veto. The decision-making mechanism and allocation of shares of the AIIB are still under discussion and all the founding members have the right to be heard. When the US and Japan talk about "just management", we cannot help laughing. In terms of the decision-making mechanism, the US has a one-vote veto in both the International Monetary Fund and the World Bank, and the Asian Development Bank is also led by the US and Japan. Since its establishment in 1966, the president of the Asian Development Bank has always been Japanese. The US and Japan should review and look back on their own conduct instead of questioning the management mechanism of the AIIB.

In the final analysis, the US and Japan worry that China will create a new international financial mechanism. In other words, facing the rise of China, they fear that they will lose their global hegemony. In fact, China has emphasized on numerous occasions that the AIIB is an open and inclusive multilateral development bank and that the US and Japan are welcome to join in. The AIIB proposed by China will be a supplement to the existing international financial institutions led by the US and Japan.

It is better to join in than to stand outside and point the finger. The US and Japan are welcome to be constructive members of the AIIB. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Kong Defang,Yao Chun)

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