By Huo Jianguo, former dean of Chinese Academy of International Trade and Economic Cooperation, MOFCOM
From July 12 to 13, the fourth annual board meeting of the Asian Infrastructure Investment Bank (AIIB) was held in Luxembourg. At this annual meeting, the number of AIIB members reached 100, and the meeting also held in-depth discussions and reached broad consensus on issues such as Asia-Europe cooperation to promote connectivity, infrastructure financing, AIIB strategic development and business operations. The author believes that this meeting has sent some positive signals to the outside world and deserves our attention.
Firstly, AIIB's purpose of establishment is in line with the current general direction of international economic governance reform and improvement. The China-initiated AIIB has achieved a successful start and laid a solid foundation in a short period of 4 years, from institutional improvement to business operation. This shows that the establishment of the AIIB is in line with the current development needs of the international community. It not only meets the demands of most countries in the world but also has a broad market demand base, representing China's major contribution to the reform of the international economic governance structure.
Secondly, the growing membership of AIIB shows that its functions and business are increasingly widely recognized and supported. From 56 founding members when the AIIB was founded to 100 members today, it shows that the AIIB's constitution and organization not only represent the vast number of developing countries, but also have been recognized and supported by many developed countries. This fully shows its charm and influence.
Thirdly, the start and development of the AIIB will definitely make positive contributions to infrastructure construction in Asia and the world, and will play an important role in consolidating and promoting the building of Belt and Road Initiative (BRI). The AIIB originated from BRI and will certainly serve BRI. Its development has broad space and imagination. At present, the development of the international political and economic situation is full of contradictions. Unilateralism and trade protectionism are increasing in influence. The superpower games and geopolitical conflicts are becoming increasingly fierce. Global economic governance is facing a very complicated situation. As an international multilateral financial institution, the AIIB will undoubtedly shoulder more arduous tasks. The development of the AIIB also symbolizes China's development philosophy and its substantial contribution to the development of the world economy. Therefore, we have more expectations and longings for the AIIB. For the future development of AIIB, the author has several suggestions:
First is to continue to build up a good image of international development and to reflect China's development philosophy and pursuit by referring to international practices and conventions. If the AIIB is to become bigger and stronger in the future, it must strengthen communication and cooperation with international financial institutions, which requires strict implementation of its articles of association and purpose and sets a new model for international multilateral financial institutions. At the same time, efforts should be made to continue to meet the needs of infrastructure construction in developing countries and Belt and Road countries (B&R countries).
Second is to thoroughly study the existing problems and development direction of global infrastructure construction to find out the crux of the problem. At present, improving infrastructure investment worldwide is still a major development option. How to ensure the scientific selection of projects and the benefits of input and output is an arduous task for AIIB. The success of AIIB's business operation involves not only the existence and development of AIIB, but also the development direction and achievements of global economic governance, as well as the key to global economic prosperity and sustainable development. It can be said that the AIIB undertakes arduous tasks and missions in this field.
Thirdly, we expect the AIIB to unite with more international financial institutions and make positive contributions to the reform of global economic governance. The AIIB adheres to the principle of mutually beneficial cooperation, joint construction and sharing, and actively builds a new type of international multilateral financial institution, which is a pioneering undertaking in the world today. Therefore, it needs to unite more international financial institutions and play a more active role in related development and construction.
The AIIB is China's concrete practice of participating in global economic governance and contributing China's wisdom and strength. It is hoped that we can constantly learn from experience and strive to do better.
Note: if the Chinese and English are inconsistent, the Chinese shall prevail.
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