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Xi Jinping says, "AIIB performs wonders"

Editor: Li Kun 丨CCTV.com

01-19-2016 17:44 BJT

By Gu Jianjun, Post Doctorate, Department of World Development Strategy, Central Compilation and Translation Bureau

The opening ceremony of the Asian Infrastructure Investment Bank (AIIB) was held at the Diaoyutai State Guesthouse in Beijing on Jan. 16 with Chinese President Xi Jinping in attendance.

 

Representatives of 57 prospective founding countries had pressed the start key, while Xi unveiled the symbol sculpture of the AIIB, marking a milestone to reform global economic governance.

First proposed by Xi in October 2013, the AIIB was born when global economic growth was flagging and financial governance efficiency was low. The AIIB has already become a multilateral financial organization with worldwide participation. Asia and developed countries of Western Europe have paid high attention to Beijing's proposal.

Four members of the Group of Seven, fourteen members of the Group of Twenty, and four members of the five permanent member states of the United Nations Security Council are founding members. Beijing has established a "friend's circle" in the international financial field.

The AIIB serves as China's gold-lettered signboard, the first multilateral financial institution initiated by China to support infrastructure construction and inject new impetus to global economic growth and governance.

Basic infrastructure of Asia remains underdeveloped. Statistics from the Asian Development Bank (ADB) show that between 2010 and 2020, around 8 trillion U.S. dollars in investment will be needed for the region to upgrade infrastructure. 

However, current multilateral development banks, including the World Bank and ADB, have only invested 10 to 20 billion U.S. dollars annually for infrastructure construction in Asia. 

The AIIB would mobilize various financial resources, especially private funds to promote economic integration, along with improving the investment climate of Asian developing countries in the medium and long run.

An important indicator of the global economic order is that developing countries are on the rise. The AIIB could reform global economic governance and adjust the world economy in a more a fair, equitable and effective direction.

Beijing is an active participant and beneficiary of the international development system. The AIIB represents China's blueprint for global development, and also China's flagship to build a new international economic order.

AIIB is leading the world on the Golden Road, and will welcome new members. More than 10 countries and regions are planning to join the AIIB this year. At present, the ADB has 67 member countries and regions. The AIIB would promote common development of the world.

Xi called for joint efforts by Member States to build the AIIB into a professional, efficient, clean and new multilateral development bank of the 21st century, building a new platform of shared destiny, and to promote prosperity of the world. Xi said China, as the initiative party of the AIIB, will support its operations. In addition to regular payments of equity capital, Beijing pledges to contribute $US50 million for the upcoming special fund of project preparations to support less-developed Member States to carry out infrastructure projects.

Member States expect the AIIB would continue to create a Midas touch of miracles, and promote development and prosperity of Asia and the world. The AIIB has very bright prospects to pave a Golden Road for sustainable development.

 

( The opinions expressed here do not necessarily reflect the opinions of Panview or CCTV.com. )

 

 

Panview offers a new window of understanding the world as well as China through the views, opinions, and analysis of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

Panview offers an alternative angle on China and the rest of the world through the analyses and opinions of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

 

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