China calls on AIIB members to work closer for shared development

Chinese President Xi Jinping delivered a speech via video link at the Opening Ceremony of the Fifth Annual Meeting of the Asian Infrastructure Investment Bank (AIIB) on July 28, during which he called on members of the AIIB to aim at development for all, keep breaking new ground, strive for excellence, and stay open and inclusive.

Photo shows the permanent office complex of the headquarters of the AIIB in Beijing. (Photo/Courtesy of the AIIB)

Members of the AIIB should endeavor to make the AIIB a new type of multilateral development bank that promotes development across the world, a new type of development platform progressing with the times, a new type of high-performance institution for international cooperation, and a new paradigm of multilateral cooperation, Xi suggested.

It’s widely believed by the international community that China’s aspiration and resolve to continue working with other members to support the AIIB and make it a success have injected strong confidence into the future development of the AIIB as well as the global efforts to cope with risks and challenges and realize shared development.

Xi expressed in his speech appreciation for the achievements of the AIIB in advocating multilateralism, promoting development for all its members, and facilitating the building of a community with a shared future for mankind.

 “With more good friends and partners getting on board for higher-quality cooperation, the AIIB has established itself in the world as a new type of professional, efficient and clean multilateral development bank,” Xi said.

As a new member of the global economic governance system, the AIIB had 57 founding members at the beginning while now the organization has 103 members from six continents.

The AIIB has so far approved 87 projects in 24 economies, with the investments totaling nearly $20 billion. The rich fruits have fully demonstrated the organization’s vitality and potential for promoting infrastructure construction and connectivity.

The success of the AIIB proves that achieving shared development is the common aspiration of various countries in the world, and facilitating development for all is a just undertaking that conforms to the trend of the times.

The AIIB has fully shown its power of action in the face of the COVID-19. The organization promptly set up a COVID-19 emergency fund to provide financial support for its members’ public health emergency needs and help with the financing of infrastructure projects and other production areas that have been severely affected by the pandemic.

With its amount of money available rising from $5 billion at the beginning to today’s $13 billion, the fund has by far approved 16 projects worth $5.9 billion, benefiting 12 countries.

An aerial view of the permanent office complex of the headquarters of the AIIB in Beijing. The shape of the buildings resembles a Chinese knot, which was specially designed to symbolize the organization’s function to connect the world. (Photo/Courtesy of the AIIB)

Human beings rise and fall together in a community with a shared future. Mutual support and cooperation in solidarity are the only way for mankind to overcome crises.

The AIIB has set a good example of contributing to building a community with a shared future for mankind by showing a sense of responsibility and making efforts to help the world fight against the COVID-19.

Making sure that the AIIB grows into a new platform that promotes development for all its members and facilitates the building of a community with a shared future for mankind represents the common consensus among and aspiration of all the members in the institution.

It’s believed that the AIIB’s readiness to adapt to changes and act accordingly, adhere to high standard and high quality, and uphold the principle of extensive consultation, joint contribution and shared benefits will enable the organization to provide more regional and global public goods and new driving forces for boosting the economic and social development of Asia and other regions.

China has always supported and adhered to multilateralism, and pursued development with countries around the world in the spirit of openness, cooperation, and win-win results.

China advocates that the AIIB should adhere to the principle of extensive consultation, joint contribution and shared benefits, respond to adjustments and changes in the global economic landscape and engage more development partners in cooperation, benefit the world with regional and global public goods, push for regional economic integration, and help make economic globalization more open, inclusive, balanced and beneficial for all.

Since its proposal for the establishment of the organization in 2013, China has paid close attention to and supported the development of the AIIB, demonstrating its sense of responsibility as a major country in safeguarding multilateralism, improving global governance, and promoting development for all through practical actions.

At present, the world is faced with growing instability and uncertainty and humanity is confronted with severer global challenges, which require various countries in the world to make concerted efforts and jointly cope with problems and challenges.

Upholding the idea of building a community with a shared future for mankind, China has always been trying to inject more stability and certainty into the world and pushing forward with shared development with an open and inclusive mind, which is particularly precious at the moment.

“We are confident that when faced with the task of advancing world peace and development, so long as the international community has the will for consensus building and for win-win progress, we will be able to not only draw the big plan, but also turn it into reality.” The remarks Xi made at the inauguration ceremony of the AIIB in January serve as important long-term guidance for the work of the organization.

Today, various countries have greater demand for financing as they step forward toward the post-pandemic world, which gives the AIIB a broader stage.

It should be understood that as long as members of the AIIB can join hands and work closer, the AIIB will certainly create more development opportunities for the world while making greater contributions to the building of a community with a shared future for mankind, thus living up to its mission and its members’ expectations in the era.