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At China-initiated AIIB, openness begets confidence
Posted On Jan 16 2016
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The open nature of the Asian Infrastructure Investment Bank (AIIB), an initiative of China, has inspired confidence around the world.
He also said China would invest an additional US$50 million in the lender, according to the Reuters news agency.
The bank’s objective is to respond to the development needs of Asia.
“AIIB, once officially established and working, it will effectively increase infrastructure investment in Asia with the mobilisation of resources, particularly in the private sector for infrastructural investment”, said Xi. The bank, headquartered in Beijing, now has 57 members.
The launch of a new multilateral lender comes as policy makers battle market turbulence at home that has helped trigger stock plunges overseas.
The Shanghai Composite Index sank 3.5 percent Friday, falling more than 20 percent from its December high and dropping below its low during the depths of a $5 trillion rout in August.
The new China-backed institution was set up after years of frustrated attempts by China and other emerging nations to revamp the existing worldwide financial institutions to better reflect the shape of the global economy.
China has made it clear that it does not seek to be the bank’s dominant player.
“We must continue to cooperate closely and continue our strong support of the AIIB”, Yoo said.
Mr. Jin Liqun, President Designate of the Asian Infrastructure Investment Bank paid a courtesy call on Prime Minister Mr. Narendra Modi.
The new initiative, launched on Saturday, is regarded as a direct challenge to the US-dominated International Monetary Fund and World Bank and the Japanese-dominated Asian Development Bank (ADB). “AIIB is off to a good start”, he said.
BANGKOK, Jan. 15 (Xinhua) – “The Asian Infrastructure Investment Bank (AIIB) will significantly promote closer connectivity and more investment opportunities for countries, especially for certain ASEAN countries with limited financial capacity”, Wisudhi Srisuphan, the deputy financial minister of Thailand said.
