AIIB (Asian Infrastructure Investment Bank) news
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Bussard Ramjet
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Because this is ONLY for Asia. Not for outside world.
cnleio
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As far as i knew, the infrastructure investments to nations through Asia to Europe ... a new "Silk Road" project to invest local infrastructures on different nations.
To all nations, inside this circle...
Bussard Ramjet
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Why may I ask?
No this is Asian Bank, which implies that it wouldn't be used for any thing outside Asia. Rather, I would suggest that most of its loans would go to South East Asia and for the Maritime Silk Route.
Kiss_of_the_Dragon
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I'm wondering if Russia is also part of AIIB or can it join if not?
Lux de Veritas
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Everyone World bank, IMF, ADB and BIS are white man financial weapon of terror, to put developing nations in debt and to shape them into capitalism.
It is good that finally they are seeing competitor.
It is good that finally they are seeing competitor.
TaiShang
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Why Europe dismisses U.S. concerns and to join AIIB
2015-03-19 08:44 Xinhua Web Editor: Gu Liping
Asian Infrastructure Investment Bank (AIIB).
Experts say the development is a diplomatic and financial success for China, which is behind the new financial institution, and shows how Europe is prepared to look east for trade deals.
The news comes amid increased pressure on the United States to relinquish its domination of the International Monetary Fund (IMF), and coincides with Chinese and European concerns over America's dominance of trade in the Pacific.
European Commission spokesperson Mina Andreeva welcomed the new European cooperation with Beijing.
"Under-investment in infrastructure is a global challenge," she said, adding that "in Asia, as in Europe, there are extensive needs for investment. Increased investment in Asia's infrastructure is highly welcome and is also a business opportunity for EU companies."
Her declaration came after U.S. Secretary Treasury Jack Lew had urged caution over AIIB membership. "Whoever joins the new AIIB should first make sure it adheres to rigid standards," he said. "They must protect workers and the environment. There must be no corruption."
But a joint statement by the foreign and finance ministers of Germany, France and Italy said they would work to ensure the AIIB "follows the best standards and practices in terms of governance, safeguards, debt and procurement policies."
A spokesman for the Chinese Foreign Ministry said the new bank would be "open, inclusive, transparent and responsible."
The AIIB was launched in Beijing last year to spur investment in Asian transport, energy, telecommunications.
China said earlier this year a total of 26 countries had been included as AIIB founding members, mostly from Asia and the Middle East. The participation of the four biggest European economies is particularly significant.
European finance pundits have welcomed the news. Professor Stefano Gatti, a banking expert at Milan's Bocconi Business School, told Xinhua that China's status as an emerging economic power was behind European willingness to participate in the venture.
"I think this new joint venture is simply about European countries wanting to invest in a huge emerging economy," he said. "I don't see anything suspicious or shady, or any political interference."
Nonetheless, some senior U.S. officials still see the AIIB as a Chinese ploy to reduce its influence over the international banking system. The United States has sought to persuade regional allies such as Australia, South Korea and Japan to snub the bank. However, Australian Prime Minister Tony Abbott said at the weekend he had yet to make a final decision on whether or not to join.
While Japan is unlikely to join the AIIB, the Japanese head of the Asian Development Bank, Takehiko Nakao, has said that the two institutions were in discussions and might work together.
Unusually, the United States even appeared to criticize Britain, one of its closest allies, for becoming a founding member of the AIIB. But significantly, the British government shrugged off the U.S. unease. "There will be times when we take a different approach," a spokesperson for British Prime Minister David Cameron said.
British finance minister George Osborne hailed the country's participation. He said that joining the AIIB at the founding stage would create "an unrivalled opportunity for the UK and Asia to invest and grow together," underlining that this was one diplomatic mission in which the United States had not got its own way.
Another British government official, who would not be named, said that with Britain's long-term participation in the European Union in doubt, it made sense to cement trade ties with China and the Asian markets.
Meanwhile, the Obama administration has upped pressure on the U.S. Congress to approve reforms that would allow emerging powers such as China to have more say in the running of the IMF.
"Critically, we are seeking Congressional approval of the IMF quota and governance reforms," Lew told a hearing of the House of Representatives financial services committee on Tuesday. "Our international credibility and influence are being threatened," he admitted.
Lew noted that due to delays in introducing reforms, emerging-market powers were making parallel multilateral financial institutions of their own.
As a result, BRICS nations announced their own development bank in 2014, and now, he said, China had launched the AIIB.
Italy's leading business newspaper Il Sole 24 Ore has also criticized the U.S. "contradictory position."
It noted that the United States had "reacted badly to the participation of several European countries, including Italy, in the AIIB. But if the United States paralyzes the international system that it leads, there's no surprise in European nations trying to build their own bridge with Beijing for growth and development."
2015-03-19 08:44 Xinhua Web Editor: Gu Liping
Asian Infrastructure Investment Bank (AIIB).
Experts say the development is a diplomatic and financial success for China, which is behind the new financial institution, and shows how Europe is prepared to look east for trade deals.
The news comes amid increased pressure on the United States to relinquish its domination of the International Monetary Fund (IMF), and coincides with Chinese and European concerns over America's dominance of trade in the Pacific.
European Commission spokesperson Mina Andreeva welcomed the new European cooperation with Beijing.
"Under-investment in infrastructure is a global challenge," she said, adding that "in Asia, as in Europe, there are extensive needs for investment. Increased investment in Asia's infrastructure is highly welcome and is also a business opportunity for EU companies."
Her declaration came after U.S. Secretary Treasury Jack Lew had urged caution over AIIB membership. "Whoever joins the new AIIB should first make sure it adheres to rigid standards," he said. "They must protect workers and the environment. There must be no corruption."
But a joint statement by the foreign and finance ministers of Germany, France and Italy said they would work to ensure the AIIB "follows the best standards and practices in terms of governance, safeguards, debt and procurement policies."
A spokesman for the Chinese Foreign Ministry said the new bank would be "open, inclusive, transparent and responsible."
The AIIB was launched in Beijing last year to spur investment in Asian transport, energy, telecommunications.
China said earlier this year a total of 26 countries had been included as AIIB founding members, mostly from Asia and the Middle East. The participation of the four biggest European economies is particularly significant.
European finance pundits have welcomed the news. Professor Stefano Gatti, a banking expert at Milan's Bocconi Business School, told Xinhua that China's status as an emerging economic power was behind European willingness to participate in the venture.
"I think this new joint venture is simply about European countries wanting to invest in a huge emerging economy," he said. "I don't see anything suspicious or shady, or any political interference."
Nonetheless, some senior U.S. officials still see the AIIB as a Chinese ploy to reduce its influence over the international banking system. The United States has sought to persuade regional allies such as Australia, South Korea and Japan to snub the bank. However, Australian Prime Minister Tony Abbott said at the weekend he had yet to make a final decision on whether or not to join.
While Japan is unlikely to join the AIIB, the Japanese head of the Asian Development Bank, Takehiko Nakao, has said that the two institutions were in discussions and might work together.
Unusually, the United States even appeared to criticize Britain, one of its closest allies, for becoming a founding member of the AIIB. But significantly, the British government shrugged off the U.S. unease. "There will be times when we take a different approach," a spokesperson for British Prime Minister David Cameron said.
British finance minister George Osborne hailed the country's participation. He said that joining the AIIB at the founding stage would create "an unrivalled opportunity for the UK and Asia to invest and grow together," underlining that this was one diplomatic mission in which the United States had not got its own way.
Another British government official, who would not be named, said that with Britain's long-term participation in the European Union in doubt, it made sense to cement trade ties with China and the Asian markets.
Meanwhile, the Obama administration has upped pressure on the U.S. Congress to approve reforms that would allow emerging powers such as China to have more say in the running of the IMF.
"Critically, we are seeking Congressional approval of the IMF quota and governance reforms," Lew told a hearing of the House of Representatives financial services committee on Tuesday. "Our international credibility and influence are being threatened," he admitted.
Lew noted that due to delays in introducing reforms, emerging-market powers were making parallel multilateral financial institutions of their own.
As a result, BRICS nations announced their own development bank in 2014, and now, he said, China had launched the AIIB.
Italy's leading business newspaper Il Sole 24 Ore has also criticized the U.S. "contradictory position."
It noted that the United States had "reacted badly to the participation of several European countries, including Italy, in the AIIB. But if the United States paralyzes the international system that it leads, there's no surprise in European nations trying to build their own bridge with Beijing for growth and development."
Russia is running out of cash, probably not..
Yes, good to see a competitor..
Yes, good to see a competitor..
YoucanYouup
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I guess the countries that most members of PDF belongs to are join in AIIB, like Pakistan India Vietnam Philippines, etc
Lux de Veritas
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The white man club like IMF, world bank will never change the status quo to allow China more voice. One way to overcome this is to wait for a long time and reform from within.
The alternative is to set up China's own shop and set whatever rules China would like to set.
The alternative is to set up China's own shop and set whatever rules China would like to set.
sicsheep
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Im actually glad Japan didnt join, I hope S.K joins soon,
you know we thought no EU country would join, but Obama really helped us with his state of union speech.
where he said "But as we speak, China wants to write the rules for the world’s fastest-growing region. That would put our workers and our businesses at a disadvantage. Why would we let that happen? We should write those rules"
He was just assumed no foreign country ever watches his speech lol
you know we thought no EU country would join, but Obama really helped us with his state of union speech.
where he said "But as we speak, China wants to write the rules for the world’s fastest-growing region. That would put our workers and our businesses at a disadvantage. Why would we let that happen? We should write those rules"
He was just assumed no foreign country ever watches his speech lol
YoucanYouup
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Russia has joined bank of the brics nations and now Russia is worried about Ukraine,maybe they will join soon
AndrewJin
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Russia will at last, but now they are too into their own tough affairs.
Guynextdoor2
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NOTHING will happen. I said 8 months ago that BRICS bank will become a joke. I'm saying now that this will also be a joke- like the ADB. China thinks that it's just a matter of putting up the cash, it's not. China is incapable of the sophisticated politics that is needed to bring up such institutions like the IMF or World Bank. It sets out with the crude objective of creating rubber stamp institutions and these turn out to be just that- joke ruber stamp institutions.
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