AIIB (Asian Infrastructure Investment Bank) news
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Echo_419
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China's new bank will start taking concrete shape this week - Business Insider
Arun Jaitley to skip FMs meet to sign agreement on AIIB in Beijing - The Economic Times
Indonesia to be eighth-largest AIIB shareholder with $672 million stake - The Economic Times
AIIB members set to sign Articles of Agreement in Beijing - CCTV News - CCTV.com English
I can't believe it's so fast! China speed.
Where is TPP?In your dreams.
Great this confirms pur participation in AIIB
Long live Sino-Indian ties
It looks though that AIIB I will be up and running by the end of the year, and when the dust has settled we can start on AIIB II - the African Infrastructure Investment Bank.
When will the bank start its operations
ahojunk
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This time around, Australia is the first to sign. No dilly dally and no need to check with the Americans. That's great.
It looks though that AIIB I will be up and running by the end of the year, and when the dust has settled we can start on AIIB II - the African Infrastructure Investment Bank.
Now, that's a brilliant idea.
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Al Bhatti
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UAE signs up as founding member of Asian Infrastructure Investment Bank
In continuation to the above:
------
30 June 2015
UAE signs up as AIIB founding member
Japan and the US, which oppose the AIIB, are the most prominent countries not to join.
The UAE on Monday formally became a founding member of the $100 billion Asian Infrastructure Investment Bank, or AIIB, a new international financial institution heralding the dawn of a new global financial architecture.
Mohammed Saif Al Suwaidi, director-general of the Abu Dhabi Fund for Development, which was mandated to represent the UAE as a founding member of the AIIB, signed in Beijing the articles of agreement for the bank that seeks to rival the World Bank and the Asian Development Bank in the emerging new economic world order dominated by Asian countries.
The UAE, with a share of 1.21 per cent, has the second-largest stake after Saudi Arabia (2.59 per cent) among the five GCC countries that had joined the AIIB. China holds the largest share at 30.34 per cent with 26.06 per cent of the voting rights within the multilateral institution, followed by India at 8.52 per cent based on their capital subscriptions. Russia and Germany make up the third- and fourth-biggest member stakes.
Of the 57 founding member countries, delegates from 50 countries signed articles on Monday that determine each member’s share and the bank’s initial capital. The remaining seven — Denmark, Kuwait, Malaysia, the Philippines, Holland and South Africa and Thailand — have not yet won domestic approval to formally join. China’s Finance Minister Lou Jiwei said those countries can sign the articles by the end of the year. The AIIB’s authorised capital stock would be $100 billion, which would be divided into shares that have a value of $100,000. China’s Ministry of Finance said the initial stakes and voting rights of China and other founding members would be gradually diluted as other members joined.
Although China’s voting rights effectively give the country a veto on votes requiring a “super majority”, which need to be approved by 75 per cent of votes and two-thirds of all member countries, Beijing has maintained it will not have veto powers, unlike the World Bank where Washington has a limited veto.
A super majority vote is needed to choose the president of the bank, provide funding outside the region and allocating the bank’s income, among other decisions.
Japan and the US, which oppose the AIIB, are the most prominent countries not to join.
The Beijing-based institution, which was first mooted at the Asia-Pacific Economic Cooperation session held in Indonesia in October 2013, will begin with an authorised capital of $50 billion — eventually to be raised to $100 billion — to fund mostly Asian energy, transport and infrastructure projects.
UAE Minister of State Dr Sultan Ahmed Al Jaber who led discussions with the Chinese government and was instrumental in arranging the country’s membership in the AIIB, said the signing of the agreement is a historic moment for the UAE.
“It articulates the vision of our wise leadership and the importance they attach to supporting infrastructure development projects. This agreement is crucial in paving the way for accelerating economic development across Asia. In addition to enhancing the country’s role within the global economy, the UAE’s affiliation to the institution as a founding member will support the country’s growing interests in Asia.”
Expected to start official operations by the end of 2015, the bank seeks to provide new financial resources for infrastructure development and improvement across Asia, while maintaining balanced economic growth in the countries of the region while addressing the financial challenges facing infrastructure projects.
The bank will additionally promote investment activities, specifically in productive sectors that leverage available resources and support projects that translate a long-term economic impact on the region. In particular, AIIB will cater to the development needs of its least economically developed members, and encourage the private sector to invest in projects and initiatives with widespread development impact.
Mohammed Saif Al Suwaidi, director-general of the ADFD, said the signing of this agreement with the AIIB is aligned with the vision of the UAE leadership to promote international collaboration towards fulfilling the development goals of developing countries.
“The UAE has been playing a prominent role in aiding emerging countries in their efforts to achieve sustainable development through extending developmental and humanitarian assistance. AIIB’s objectives are well aligned with the social, humanitarian and development aid program carried out by the UAE in more than 145 countries across the world,” said Al Suwaidi.
He argued that the UAE’s affiliation to AIIB as a founding member would boost international cooperation towards furthering development efforts across Asia. “Additionally, it will give fresh impetus to the economies of Asian countries through the infusion of more funds to infrastructure projects that will help stimulate economic growth and create hundreds of new job opportunities.”
UAE signs up as AIIB founding member - Business | Khaleej Times
TaiShang
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AIIB shows center of world economic gravity moving east
By Shujie Yao
Financial leaders of 57 states gathered in Beijing on June 29 to sign the agreement for establishing the Asian Infrastructure Investment Bank (AIIB), expected to become the region’s largest investment bank in the 21st century.
Seventy years ago, the World Bank was established, led by the US and its close western economic and political allies, as the first global financial institution. Along with the World Trade Organization and the International Monetary Fund, the western powers have commanded world financial and trade order for more than half a century. Even the Asian Development Bank (ADB), established 20 years later after the World Bank, has been largely controlled by Japan, backed by the US and other western economic powers.
China benefited from the global and regional development and financial institutions in the initial stage of economic reform and openness. As China expanded its economic strength it has aggressively contributed to financing them. However, despite its financial contribution to these institutions rising significantly China still has limited influence over management and operation.
China’s desire to influence world financial order and its inability to do so have been due to the governance structure of these institutions where China is not only a minority shareholder but its voting rights are marginalized.
Since the world financial crisis, triggered by the US subprime mortgage crisis and the EU’s debt problem, China’s relative importance in the world economy has risen rapidly. By 2010, it surpassed Japan to become the world’s second largest economy, and by 2012 it overtook the US to become the world largest trading nation as well as the largest producer and consumer of motor vehicles.
Apart from China’s second-to-none manufacturing capability, it holds the world’s largest foreign exchange reserves which have to be used effectively so they can generate a financial return and make appropriate contributions to infrastructural development in Asia, the largest and fastest growing region among all continents.
In addition, China, India, Russia and other initial AIIB member states have the financial strength and managerial confidence to create a new financial institution similar to the World Bank and ADB. For the initial $100 billion fund to be pledged, China has agreed to contribute 29.7 percent, India 8.3 percent, Russia 6.5 percent, Germany 4.4 percent and South Korea 3.75 percent. Other major contributors include the UK, Australia and Indonesia.
Both the US and Japan have not expressed their intention to join AIIB although many US political and economic allies have come to Beijing to sign the agreement, particularly the UK, Germany, France, Italy and Australia. The diversion of these countries' attention away from the US to China and Asia not only reflects ever rising business opportunities in Asia, but also the relative decline of the US-led western influence on the global economy and financial order.
The apparent shift of economic gravity from the West to the East reminds me of my personal experience in the past. Thirty year ago, I was awarded a World Bank scholarship from a university in Hainan to study in the UK in 1985. At that time, the salary of a Chinese university lecturer was less than 1 percent of his UK counterpart. Today, all the top Chinese universities are able to pay significantly more than the equivalent UK or US salaries to attract overseas talents to work in China. In addition, numerous university teachers in China can easily apply for more research funding than their western counterparts.
Although China is still a developing economy by definition, it has exceeded many western powers in a number of areas such as equipment manufacturing, high-speed railways, nuclear power, construction, infrastructure engineering and space technology. In 2014, Chinese scientists produced the second largest number of high-impact academic journal papers in the world.
China started the first high speed railway 30 years later than Europe, but by 2014, has built 16,000 km of high-speed tracks, twice as long as the total length of all the EU countries put together. BYD, one of China’s private auto makers, has marched to California to build electric buses for the local market.
India is racing to follow in China’s footsteps. Its economy was growing as fast as China in 2014 and is set to overtake China’s growth in 2015. However, India’s transportation systems are so poor that they are evident constraints on the country’s development. It is expected that India will require $1 trillion to improve its transportation systems, and the establishment of AIIB will be helpful to its development needs. Other Asian countries face similar problems of investment for roads, railways, airports, seaports, telecommunications and internet.
AIIB will become a potent propeller to accelerate economic and social development in Asia. Along with the Silk Road Fund and the Brics Bank, China will use AIIB to implement its “one- belt and one-road” regional and global development strategies.
The Silk Road Economic Belt and the 21st Century Sea Silk Road will cover more than 60 countries surrounding China, and many will benefit from China’s outward-looking investment and development strategies. Under Xi Jinping’s leadership, China has gained increased support from neighbouring countries in Asia and many others in Latin America,Europe and Africa, thanks to its persistent foreign policy of peaceful cooperation, mutual benefit and common prosperity.
The future operation of the AIIB may face many challenges and uncertainty, but the AIIB has signified the rapid emergence of China, India and other developing and transitional economies. The determination and confidence for success through the AIIB and other newly created financial institutions suggest that the world financial and political order will be different from now, as the overwhelming dominance of the World Bank and ADB in Asia and the world financial systems will inevitably decline in the future.
The author is a professor of economics, Chongqing University and the University of Nottingham.
By Shujie Yao
Financial leaders of 57 states gathered in Beijing on June 29 to sign the agreement for establishing the Asian Infrastructure Investment Bank (AIIB), expected to become the region’s largest investment bank in the 21st century.
Seventy years ago, the World Bank was established, led by the US and its close western economic and political allies, as the first global financial institution. Along with the World Trade Organization and the International Monetary Fund, the western powers have commanded world financial and trade order for more than half a century. Even the Asian Development Bank (ADB), established 20 years later after the World Bank, has been largely controlled by Japan, backed by the US and other western economic powers.
China benefited from the global and regional development and financial institutions in the initial stage of economic reform and openness. As China expanded its economic strength it has aggressively contributed to financing them. However, despite its financial contribution to these institutions rising significantly China still has limited influence over management and operation.
China’s desire to influence world financial order and its inability to do so have been due to the governance structure of these institutions where China is not only a minority shareholder but its voting rights are marginalized.
Since the world financial crisis, triggered by the US subprime mortgage crisis and the EU’s debt problem, China’s relative importance in the world economy has risen rapidly. By 2010, it surpassed Japan to become the world’s second largest economy, and by 2012 it overtook the US to become the world largest trading nation as well as the largest producer and consumer of motor vehicles.
Apart from China’s second-to-none manufacturing capability, it holds the world’s largest foreign exchange reserves which have to be used effectively so they can generate a financial return and make appropriate contributions to infrastructural development in Asia, the largest and fastest growing region among all continents.
In addition, China, India, Russia and other initial AIIB member states have the financial strength and managerial confidence to create a new financial institution similar to the World Bank and ADB. For the initial $100 billion fund to be pledged, China has agreed to contribute 29.7 percent, India 8.3 percent, Russia 6.5 percent, Germany 4.4 percent and South Korea 3.75 percent. Other major contributors include the UK, Australia and Indonesia.
Both the US and Japan have not expressed their intention to join AIIB although many US political and economic allies have come to Beijing to sign the agreement, particularly the UK, Germany, France, Italy and Australia. The diversion of these countries' attention away from the US to China and Asia not only reflects ever rising business opportunities in Asia, but also the relative decline of the US-led western influence on the global economy and financial order.
The apparent shift of economic gravity from the West to the East reminds me of my personal experience in the past. Thirty year ago, I was awarded a World Bank scholarship from a university in Hainan to study in the UK in 1985. At that time, the salary of a Chinese university lecturer was less than 1 percent of his UK counterpart. Today, all the top Chinese universities are able to pay significantly more than the equivalent UK or US salaries to attract overseas talents to work in China. In addition, numerous university teachers in China can easily apply for more research funding than their western counterparts.
Although China is still a developing economy by definition, it has exceeded many western powers in a number of areas such as equipment manufacturing, high-speed railways, nuclear power, construction, infrastructure engineering and space technology. In 2014, Chinese scientists produced the second largest number of high-impact academic journal papers in the world.
China started the first high speed railway 30 years later than Europe, but by 2014, has built 16,000 km of high-speed tracks, twice as long as the total length of all the EU countries put together. BYD, one of China’s private auto makers, has marched to California to build electric buses for the local market.
India is racing to follow in China’s footsteps. Its economy was growing as fast as China in 2014 and is set to overtake China’s growth in 2015. However, India’s transportation systems are so poor that they are evident constraints on the country’s development. It is expected that India will require $1 trillion to improve its transportation systems, and the establishment of AIIB will be helpful to its development needs. Other Asian countries face similar problems of investment for roads, railways, airports, seaports, telecommunications and internet.
AIIB will become a potent propeller to accelerate economic and social development in Asia. Along with the Silk Road Fund and the Brics Bank, China will use AIIB to implement its “one- belt and one-road” regional and global development strategies.
The Silk Road Economic Belt and the 21st Century Sea Silk Road will cover more than 60 countries surrounding China, and many will benefit from China’s outward-looking investment and development strategies. Under Xi Jinping’s leadership, China has gained increased support from neighbouring countries in Asia and many others in Latin America,Europe and Africa, thanks to its persistent foreign policy of peaceful cooperation, mutual benefit and common prosperity.
The future operation of the AIIB may face many challenges and uncertainty, but the AIIB has signified the rapid emergence of China, India and other developing and transitional economies. The determination and confidence for success through the AIIB and other newly created financial institutions suggest that the world financial and political order will be different from now, as the overwhelming dominance of the World Bank and ADB in Asia and the world financial systems will inevitably decline in the future.
The author is a professor of economics, Chongqing University and the University of Nottingham.
TaiShang
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Greece could be first development project for China's AIIB facility - National Finance Examiner | Examiner.com
Next: China will use gold and gold pricing to force global currency reset
With Greece now in arrears on their debt obligations to the IMF, and awaiting a historic referendum vote by the Greek people to decide for either austerity or default, one institution may be waiting in the wings to provide a bailout of the Southern European country, and it may be the first development project for the newly implemented Asian Infrastructure Investment Bank (AIIB).
On July 2, the director of the Quantitative Finance Department at China's Institute of Quantitative and Technical Economics stated that China is open to working alone, or with the European Union, to provide the financial and economic means to aid Greece with their financial problems. And with all the new banking facilities coming online in the Far Eastern sphere of influence, salvation and development for a country like Greece is exactly what entities such as the AIIB were created for.
China may help Greece directly through its new financial instruments, director of the Quantitative Finance Department at China's Institute of Quantitative and Technical Economics told Sputnik China.
"The Greek crisis has an undoubtedly seriously influence on China's trade with Greece and investment into the country. But I think that European countries together with China can help Greece overcome the problems that arose," Fan Mingtao said.
"I believe there are two ways to give Greece Chinese aid. First, within the framework of the international aid through EU countries. Second, China could aid Greece directly. Especially considering the Silk Road Economic Belt and the Asian Infrastructure Investment Bank. China has this ability," Fan added.
According to Fang, China has the financial ability to aid Greece if needed, because of its existing Silk Road Economic Belt project and the Asian Infrastructure Investment Bank. - Sputnik News
In addition to this sudden announcement in China to use their new facilities to work on a bailout or development solution for the Greek crisis, Russia has already intimated bringing Greece into the BRICS coalition, especially if their people should choose to vote against austerity and create the scenario where they might leave the Euro and the European Union as a result.
It is very interesting to watch as the Eurozone is being pushed into a corner rather than seeing Greece surrounded on all sides as previous debtors to the IMF and ECB have experienced as far back as 2008 and 2009. During those years, the insolvent nations of Portugal, Spain, Italy, and Ireland were forced into instituting austerity on their economies and peoples, and in some cases EU technocrats were put in positions of power to dominate their governments as un-elected officials.
Much has changed since the original crisis in 2008 that separated Europe into a union of haves and have nots, and where massively indebted countries like Greece, Spain, and Italy now have alternatives that weren't available to them just seven years ago. And with most of the nations within the European Union having already signed on to the AIIB agreement at the end of March, to attempt to veto the bank's offer to save one of their own would quickly make the European coalition look like aggressors who vindictively want Greece to fail, rather than as a union seeking to achieve a solution to Greece's un-payable debt problem.
AndrewJin
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As planned.
Greece could be first development project for China's AIIB facility - National Finance Examiner | Examiner.com
Next: China will use gold and gold pricing to force global currency reset
With Greece now in arrears on their debt obligations to the IMF, and awaiting a historic referendum vote by the Greek people to decide for either austerity or default, one institution may be waiting in the wings to provide a bailout of the Southern European country, and it may be the first development project for the newly implemented Asian Infrastructure Investment Bank (AIIB).
On July 2, the director of the Quantitative Finance Department at China's Institute of Quantitative and Technical Economics stated that China is open to working alone, or with the European Union, to provide the financial and economic means to aid Greece with their financial problems. And with all the new banking facilities coming online in the Far Eastern sphere of influence, salvation and development for a country like Greece is exactly what entities such as the AIIB were created for.
China may help Greece directly through its new financial instruments, director of the Quantitative Finance Department at China's Institute of Quantitative and Technical Economics told Sputnik China.
"The Greek crisis has an undoubtedly seriously influence on China's trade with Greece and investment into the country. But I think that European countries together with China can help Greece overcome the problems that arose," Fan Mingtao said.
"I believe there are two ways to give Greece Chinese aid. First, within the framework of the international aid through EU countries. Second, China could aid Greece directly. Especially considering the Silk Road Economic Belt and the Asian Infrastructure Investment Bank. China has this ability," Fan added.
According to Fang, China has the financial ability to aid Greece if needed, because of its existing Silk Road Economic Belt project and the Asian Infrastructure Investment Bank. - Sputnik News
In addition to this sudden announcement in China to use their new facilities to work on a bailout or development solution for the Greek crisis, Russia has already intimated bringing Greece into the BRICS coalition, especially if their people should choose to vote against austerity and create the scenario where they might leave the Euro and the European Union as a result.
It is very interesting to watch as the Eurozone is being pushed into a corner rather than seeing Greece surrounded on all sides as previous debtors to the IMF and ECB have experienced as far back as 2008 and 2009. During those years, the insolvent nations of Portugal, Spain, Italy, and Ireland were forced into instituting austerity on their economies and peoples, and in some cases EU technocrats were put in positions of power to dominate their governments as un-elected officials.
Much has changed since the original crisis in 2008 that separated Europe into a union of haves and have nots, and where massively indebted countries like Greece, Spain, and Italy now have alternatives that weren't available to them just seven years ago. And with most of the nations within the European Union having already signed on to the AIIB agreement at the end of March, to attempt to veto the bank's offer to save one of their own would quickly make the European coalition look like aggressors who vindictively want Greece to fail, rather than as a union seeking to achieve a solution to Greece's un-payable debt problem.
TaiShang
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As planned.
They are not a member yet. The Silk Road Fund might be used because Greece is an important leg of the strategy.
somsak
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Im for gold standard.
Greece could be first development project for China's AIIB facility - National Finance Examiner | Examiner.com
Next: China will use gold and gold pricing to force global currency reset
With Greece now in arrears on their debt obligations to the IMF, and awaiting a historic referendum vote by the Greek people to decide for either austerity or default, one institution may be waiting in the wings to provide a bailout of the Southern European country, and it may be the first development project for the newly implemented Asian Infrastructure Investment Bank (AIIB).
On July 2, the director of the Quantitative Finance Department at China's Institute of Quantitative and Technical Economics stated that China is open to working alone, or with the European Union, to provide the financial and economic means to aid Greece with their financial problems. And with all the new banking facilities coming online in the Far Eastern sphere of influence, salvation and development for a country like Greece is exactly what entities such as the AIIB were created for.
China may help Greece directly through its new financial instruments, director of the Quantitative Finance Department at China's Institute of Quantitative and Technical Economics told Sputnik China.
"The Greek crisis has an undoubtedly seriously influence on China's trade with Greece and investment into the country. But I think that European countries together with China can help Greece overcome the problems that arose," Fan Mingtao said.
"I believe there are two ways to give Greece Chinese aid. First, within the framework of the international aid through EU countries. Second, China could aid Greece directly. Especially considering the Silk Road Economic Belt and the Asian Infrastructure Investment Bank. China has this ability," Fan added.
According to Fang, China has the financial ability to aid Greece if needed, because of its existing Silk Road Economic Belt project and the Asian Infrastructure Investment Bank. - Sputnik News
In addition to this sudden announcement in China to use their new facilities to work on a bailout or development solution for the Greek crisis, Russia has already intimated bringing Greece into the BRICS coalition, especially if their people should choose to vote against austerity and create the scenario where they might leave the Euro and the European Union as a result.
It is very interesting to watch as the Eurozone is being pushed into a corner rather than seeing Greece surrounded on all sides as previous debtors to the IMF and ECB have experienced as far back as 2008 and 2009. During those years, the insolvent nations of Portugal, Spain, Italy, and Ireland were forced into instituting austerity on their economies and peoples, and in some cases EU technocrats were put in positions of power to dominate their governments as un-elected officials.
Much has changed since the original crisis in 2008 that separated Europe into a union of haves and have nots, and where massively indebted countries like Greece, Spain, and Italy now have alternatives that weren't available to them just seven years ago. And with most of the nations within the European Union having already signed on to the AIIB agreement at the end of March, to attempt to veto the bank's offer to save one of their own would quickly make the European coalition look like aggressors who vindictively want Greece to fail, rather than as a union seeking to achieve a solution to Greece's un-payable debt problem.
TaiShang
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Looks like that's slowly coming.
TaiShang
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AIIB Key Moves
China's economic and social development has been improved massively after the government implemented the policy of reform and opening up in 1978. Since then, China has benefited from the support of multilateral banks such as the World Bank and the Asian Development Bank as well as other countries for its development.
Representatives from 57 member countries attend a signing ceremony of articles of agreement of the AIIB
Representatives from 57 member countries attend a signing ceremony of articles of agreement of the AIIB
Representatives from 57 member countries attend a signing ceremony of articles of agreement of the AIIB
Representatives from 57 member countries attend a signing ceremony of articles of agreement of the AIIB
Representatives from 57 member countries attend a signing ceremony of articles of agreement of the AIIB
Representatives from 57 member countries attend a signing ceremony of articles of agreement of the AIIB
"As China grows stronger, we are willing to make our due contribution to world development... We will continue to support existing multilateral banks, and by proposing the AIIB, we also hope to promote current institutions to better meet the requirement of their member countries and global economic system changes," Chinese President Xi Jinping said to representatives during a meeting to sign the Articles of Agreement of the AIIB on Monday.
TaiShang
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AIIB: Financial pillar for Belt and Road
MOVING TO AGREE
The latest phase of the AIIB process is another key step moving forward.
Monday's signing ceremony of the Articles of Agreement of the AIIB in Beijing has outlined the framework and management structure for the institution. Following Australia, 50 of 57 AIIB prospective founding countries signed the document.
AIIB underway
Being the largest shareholder in the AIIB does not mean China will seek veto power over major issues. Instead, China will closely cooperate with other members to balance all parties' interests.
China's stake and voting share in the AIIB are a "natural outcome" of current rules and may be diluted as more members join this endeavor. China is not deliberately seeking veto power, China's Vice Finance Minister Shi Yaobin told Xinhua News Agency.
AIIB: Major capital contributions
TOWARDS WORLD SUPPORT
Vice President of the Swiss Confederation and Head of Federal Department of Economic Affairs Johann Schneider-Ammann; Deputy Prime Minister and Minister of Finance of New Zealand Bill English; and Deputy Prime Minister and Finance Minister of the Republic of Korea Choi Kyung-hwan spoke to Chinese President Xi Jinping after the signing ceremony on behalf of all representatives.
Representatives from 57 member countries attend a signing ceremony of articles of agreement of the AIIB
They spoke highly of the AIIB as timely and important, adding that along with the China-proposed Belt and Road Initiative, the bank would help address regional infrastructure bottlenecks and capital constraints, and enhance regional trade connections and interconnectivity, according to Xinhua.
AIIB: Financial pillar for Belt and Road
Whether the US and Japan will join the new-born bank remains to be seen.
Last April, US President Barack Obama said the country will not join the AIIB at present but America will be looking forward to collaborating with the new development bank, "Just like we do with the Asia Development Bank and with the World Bank."
However, Japan's attitude toward the AIIB is not as positive. Japanese Finance Minister Taro Aso said that “Japan has to maintain caution toward the AIIB” in last March before the application deadline for founding membership, according to Kyodo News.
Prospective founding memvers of the AIIB
The Belt and Silk Road Initiative and the AIIB, both proposed by Xi, are connected closely with one another.
The Belt and Silk Road Initiative will mainly spend effort on promoting regional economic development and strengthening connectivity among countries bordering China's west. The AIIB will support infrastructure along the Belt, while also cooperating with existing global financial institutions.
According to an analysis from the People's Daily newspaper, the Belt and the AIIB complement each other. The Belt needs financial support from the AIIB. The Belt will thereby create reciprocal opportunities for the AIIB's development.
MOVING TO AGREE
The latest phase of the AIIB process is another key step moving forward.
Monday's signing ceremony of the Articles of Agreement of the AIIB in Beijing has outlined the framework and management structure for the institution. Following Australia, 50 of 57 AIIB prospective founding countries signed the document.
AIIB underway
Being the largest shareholder in the AIIB does not mean China will seek veto power over major issues. Instead, China will closely cooperate with other members to balance all parties' interests.
China's stake and voting share in the AIIB are a "natural outcome" of current rules and may be diluted as more members join this endeavor. China is not deliberately seeking veto power, China's Vice Finance Minister Shi Yaobin told Xinhua News Agency.
AIIB: Major capital contributions
TOWARDS WORLD SUPPORT
Vice President of the Swiss Confederation and Head of Federal Department of Economic Affairs Johann Schneider-Ammann; Deputy Prime Minister and Minister of Finance of New Zealand Bill English; and Deputy Prime Minister and Finance Minister of the Republic of Korea Choi Kyung-hwan spoke to Chinese President Xi Jinping after the signing ceremony on behalf of all representatives.
Representatives from 57 member countries attend a signing ceremony of articles of agreement of the AIIB
They spoke highly of the AIIB as timely and important, adding that along with the China-proposed Belt and Road Initiative, the bank would help address regional infrastructure bottlenecks and capital constraints, and enhance regional trade connections and interconnectivity, according to Xinhua.
AIIB: Financial pillar for Belt and Road
Whether the US and Japan will join the new-born bank remains to be seen.
Last April, US President Barack Obama said the country will not join the AIIB at present but America will be looking forward to collaborating with the new development bank, "Just like we do with the Asia Development Bank and with the World Bank."
However, Japan's attitude toward the AIIB is not as positive. Japanese Finance Minister Taro Aso said that “Japan has to maintain caution toward the AIIB” in last March before the application deadline for founding membership, according to Kyodo News.
Prospective founding memvers of the AIIB
The Belt and Silk Road Initiative and the AIIB, both proposed by Xi, are connected closely with one another.
The Belt and Silk Road Initiative will mainly spend effort on promoting regional economic development and strengthening connectivity among countries bordering China's west. The AIIB will support infrastructure along the Belt, while also cooperating with existing global financial institutions.
According to an analysis from the People's Daily newspaper, the Belt and the AIIB complement each other. The Belt needs financial support from the AIIB. The Belt will thereby create reciprocal opportunities for the AIIB's development.
TaiShang
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China nominates Chinese candidate for AIIB
July 06, 2015
BEIJING, July 6 -- China has formally nominated Jin Liqun, former vice finance minister of China, as the Chinese candidate for president of the Asian Infrastructure Investment Bank, the country's Ministry of Finance announced on Monday.
July 06, 2015
BEIJING, July 6 -- China has formally nominated Jin Liqun, former vice finance minister of China, as the Chinese candidate for president of the Asian Infrastructure Investment Bank, the country's Ministry of Finance announced on Monday.
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AIIB's president candidate, scholarly economist
2015-07-07 16:28 | Xinhua | Editor: Gu Liping
File photo of Jin Liqun.
China has formally nominated Jin Liqun, former vice finance minister of China, as its candidate for president of the Asian Infrastructure Investment Bank (AIIB), the Ministry of Finance announced Monday.
Jin, secretary-general of AIIB interim secretariat and former vice president of the Asian Development Bank (ADB), has spent the past few months shuttling between countries to convince them to join the bank.
But besides his financial and banking knowledge, Jin has impressed his colleagues with his love of literature, philosophy and English.
When he studied in Nanjing High School of Jiangyin, east China's Jiangsu Province, from 1965 to 1968, Jin indulged in the third edition of Webster's New World Dictionary, a rare tome in schools at that time. "It was precious to me, while seldom used by my classmates," he recalled.
Now, a new edition of the dictionary has pride of place on his desk.
Also in senior high school, he read publications released by the imprint Zephyr Books. "The study was intense, but I took the time to read English books in the library," Jin Said.
The Cultural Revolution disrupted education and many young people in the city went to the countryside for "reeducation". Many attempted to continue with their academic pursuits while working the land, but only a few persisted.
Jin was one of them. He lived and worked in Changshu, Jiangsu Province, from 1968 to 1978, and his closest friends during that period were some of the works of Shakespeare given to him by his high school teacher.
Despite full-time work in the fields, Jin's hunger for knowledge never tired.
He recalled this time of his life in a China Daily article: "Sometimes those curious, honest villagers would watch me. It seemed that they appreciated my hard effort."
After 10 years of a hard life in the countryside, Jin became one of the few high school graduates to bypass undergraduate studies, and was enrolled directly on to a postgraduate program majoring in British and American literature at Beijing Foreign Studies University (BFSU) in 1978.
His classmate Liu Runqing, now a professor at BFSU, recalls that Jin was the youngest and liveliest students in class.
"I have been engaged in economics and finance," Jin said. "But a huge part of my books are Chinese classical literature and philosophy."
After graduating from BFSU, Jin worked for the Ministry of Finance before reading economics at George Washington University and Boston University.
During his time in the U.S., he was impressed by the nation's passion for reading.
"Almost every passenger on the way was reading a book or newspaper," Jin recalled, noting that a country whose people love reading would make continuous progress both in soft and hard power.
"Reading needs us to arrange our time reasonably," Jin said.
The "scholar official" has published several books. He led the translation work of "The House of Morgan" and wrote "Economic Development: Theories and Practices" in collaboration with Nicholas Stern, then chief economist of the European Bank.
FINANCIAL DIPLOMAT, SHINING RESUME
Skimming through Jin Liqun's resume, it can be seen that he has been close to the opening up of China's financial affairs.
He was once appointed deputy director general of the external finance department at the Ministry of Finance (MOF); the alternative executive director for China at the World Bank; director general of the World Bank department of MOF; and assistant minister progressing to vice minister of MOF.
As one of the first government officials to be involved in international financial affairs since the reform and opening-up of China in 1978, Jin Liqun has actively participated in multilateral cooperation on the global stage.
Jin was responsible for the release of Chinese sovereign bonds, which cost 1 billion U.S. dollars (about 6.2 billion yuan), in 1998. It showcased his persuasive ability, as it was the first sovereign bond issuance in Asia that relied on its own credibility following the Asian financial crisis in 1997.
The MOF vice minister stood out and became the first ADB Chinese vice president in August 2003. He was in charge of the South Asian and Mekong Delta Sector, and granting loans to private departments.
Greater Mekong Sub-region (GMS) Economic Cooperation saw great progress during his term of office. He believed that sub-regional cooperation was an integral part of regional and international cooperation. Building up tighter sub-regional ties would be a determining factor for more comprehensive international cooperation due to globalization.
He became chairman of the board of supervisors of China Investment Corp. afterward, working with Lou Jiwei, the current MOF Minister. The two played a significant role in running the Sovereign Wealth Fund of the world's second largest economy with the largest foreign exchange reserve.
He then became chairman of China International Capital Corp. Ltd. (CICC) in 2013, entering investment banking and securities.
From governmental departments to international financial institutes, and from sovereign bonds to the private sector, Jin has experience in almost every essential role in finance.
He is now facing a new challenge and opportunity. President Xi Jinping proposed the Asian Infrastructure Investment Bank (AIIB) during his visit in Southeast Asia in October 2013. One year later, financial ministers and representatives of the 21 prospective founding members signed the Memorandum of Understanding (MoU) on Establishing the AIIB. China, India, Singapore, Qatar and Thailand were among them.
In the meantime, Jin started working for AIIB as its the interim secretariat secretary-general. Just two days before the signing of MOU, it was confirmed that he had left CICC.
The AIIB now has 57 prospective founding members, across five continents.
Jin and his colleagues made a huge effort to explain the work of AIIB to countries outside Asia. Jin was one of the great contributors in the expansion of the membership.
The AIIB aims to finance infrastructure in Asia. This is one of Jin's areas of expertise. During his five years at ADB, his worked to alleviate poverty through economic and social development. He helped boost infrastructure building in South Asia and the Mekong Delta area during his term of office.
This may be, in part, due to the passion Jin has for rural areas. He said that he "never stopped thinking about the farmers" after the Cultural Revolution.
No matter what role he held if a policy was beneficial to rural areas or villagers Jin would take part in promoting and executing it.
When he was working at ADB, every time a road was built in a remote village, or rural homes got electricity, he was filled with joy, he wrote in a China Daily article.
It is this interest in the grassroots that motivated Jin to care about developing countries.
There were two ways that developing countries could participate in economic globalization: To make their economy fit in the needs of globalization through structural adjustment and system building; or let the system reflect the interests and needs of developing countries through active participation in the setting up of international norms to safeguard development opportunities, he said during a high-level meeting of developing countries when he was MOF vice minister in 1999.
"I hope developing countries will no longer be the followers, but the masters of globalization in the 21st century." (Tsui See Au Yeung also contributed to the story)
2015-07-07 16:28 | Xinhua | Editor: Gu Liping
File photo of Jin Liqun.
China has formally nominated Jin Liqun, former vice finance minister of China, as its candidate for president of the Asian Infrastructure Investment Bank (AIIB), the Ministry of Finance announced Monday.
Jin, secretary-general of AIIB interim secretariat and former vice president of the Asian Development Bank (ADB), has spent the past few months shuttling between countries to convince them to join the bank.
But besides his financial and banking knowledge, Jin has impressed his colleagues with his love of literature, philosophy and English.
When he studied in Nanjing High School of Jiangyin, east China's Jiangsu Province, from 1965 to 1968, Jin indulged in the third edition of Webster's New World Dictionary, a rare tome in schools at that time. "It was precious to me, while seldom used by my classmates," he recalled.
Now, a new edition of the dictionary has pride of place on his desk.
Also in senior high school, he read publications released by the imprint Zephyr Books. "The study was intense, but I took the time to read English books in the library," Jin Said.
The Cultural Revolution disrupted education and many young people in the city went to the countryside for "reeducation". Many attempted to continue with their academic pursuits while working the land, but only a few persisted.
Jin was one of them. He lived and worked in Changshu, Jiangsu Province, from 1968 to 1978, and his closest friends during that period were some of the works of Shakespeare given to him by his high school teacher.
Despite full-time work in the fields, Jin's hunger for knowledge never tired.
He recalled this time of his life in a China Daily article: "Sometimes those curious, honest villagers would watch me. It seemed that they appreciated my hard effort."
After 10 years of a hard life in the countryside, Jin became one of the few high school graduates to bypass undergraduate studies, and was enrolled directly on to a postgraduate program majoring in British and American literature at Beijing Foreign Studies University (BFSU) in 1978.
His classmate Liu Runqing, now a professor at BFSU, recalls that Jin was the youngest and liveliest students in class.
"I have been engaged in economics and finance," Jin said. "But a huge part of my books are Chinese classical literature and philosophy."
After graduating from BFSU, Jin worked for the Ministry of Finance before reading economics at George Washington University and Boston University.
During his time in the U.S., he was impressed by the nation's passion for reading.
"Almost every passenger on the way was reading a book or newspaper," Jin recalled, noting that a country whose people love reading would make continuous progress both in soft and hard power.
"Reading needs us to arrange our time reasonably," Jin said.
The "scholar official" has published several books. He led the translation work of "The House of Morgan" and wrote "Economic Development: Theories and Practices" in collaboration with Nicholas Stern, then chief economist of the European Bank.
FINANCIAL DIPLOMAT, SHINING RESUME
Skimming through Jin Liqun's resume, it can be seen that he has been close to the opening up of China's financial affairs.
He was once appointed deputy director general of the external finance department at the Ministry of Finance (MOF); the alternative executive director for China at the World Bank; director general of the World Bank department of MOF; and assistant minister progressing to vice minister of MOF.
As one of the first government officials to be involved in international financial affairs since the reform and opening-up of China in 1978, Jin Liqun has actively participated in multilateral cooperation on the global stage.
Jin was responsible for the release of Chinese sovereign bonds, which cost 1 billion U.S. dollars (about 6.2 billion yuan), in 1998. It showcased his persuasive ability, as it was the first sovereign bond issuance in Asia that relied on its own credibility following the Asian financial crisis in 1997.
The MOF vice minister stood out and became the first ADB Chinese vice president in August 2003. He was in charge of the South Asian and Mekong Delta Sector, and granting loans to private departments.
Greater Mekong Sub-region (GMS) Economic Cooperation saw great progress during his term of office. He believed that sub-regional cooperation was an integral part of regional and international cooperation. Building up tighter sub-regional ties would be a determining factor for more comprehensive international cooperation due to globalization.
He became chairman of the board of supervisors of China Investment Corp. afterward, working with Lou Jiwei, the current MOF Minister. The two played a significant role in running the Sovereign Wealth Fund of the world's second largest economy with the largest foreign exchange reserve.
He then became chairman of China International Capital Corp. Ltd. (CICC) in 2013, entering investment banking and securities.
From governmental departments to international financial institutes, and from sovereign bonds to the private sector, Jin has experience in almost every essential role in finance.
He is now facing a new challenge and opportunity. President Xi Jinping proposed the Asian Infrastructure Investment Bank (AIIB) during his visit in Southeast Asia in October 2013. One year later, financial ministers and representatives of the 21 prospective founding members signed the Memorandum of Understanding (MoU) on Establishing the AIIB. China, India, Singapore, Qatar and Thailand were among them.
In the meantime, Jin started working for AIIB as its the interim secretariat secretary-general. Just two days before the signing of MOU, it was confirmed that he had left CICC.
The AIIB now has 57 prospective founding members, across five continents.
Jin and his colleagues made a huge effort to explain the work of AIIB to countries outside Asia. Jin was one of the great contributors in the expansion of the membership.
The AIIB aims to finance infrastructure in Asia. This is one of Jin's areas of expertise. During his five years at ADB, his worked to alleviate poverty through economic and social development. He helped boost infrastructure building in South Asia and the Mekong Delta area during his term of office.
This may be, in part, due to the passion Jin has for rural areas. He said that he "never stopped thinking about the farmers" after the Cultural Revolution.
No matter what role he held if a policy was beneficial to rural areas or villagers Jin would take part in promoting and executing it.
When he was working at ADB, every time a road was built in a remote village, or rural homes got electricity, he was filled with joy, he wrote in a China Daily article.
It is this interest in the grassroots that motivated Jin to care about developing countries.
There were two ways that developing countries could participate in economic globalization: To make their economy fit in the needs of globalization through structural adjustment and system building; or let the system reflect the interests and needs of developing countries through active participation in the setting up of international norms to safeguard development opportunities, he said during a high-level meeting of developing countries when he was MOF vice minister in 1999.
"I hope developing countries will no longer be the followers, but the masters of globalization in the 21st century." (Tsui See Au Yeung also contributed to the story)
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