AIIB's launch a milestone in global governance reform, to bridge Asia's infrastructure gap
BEIJING. KAZINFORM The China-initiated Asian Infrastructure Investment Bank (AIIB) was formally established Friday, marking a milestone in the reform of the global economic governance system as well as in the infrastructure development in the Asia-Pacific region.
Tasked with financing infrastructure construction across Asia, it took just two years for the bank to develop from an idea on paper to a fully-fledged body with 57 developed and developing nations as prospective founding members.
Analysts believed the major message behind the AIIB's rapid development is that the establishment of the bank, which upholds high standards and abides by strict regulations, is in line with the best interests of various parties.
Executive Deputy Director-General Zhou Qiangwu of the Asia-Pacific Finance and Development Center -- a think tank funded by the Chinese Ministry of Finance -- said the rapid and good progress the AIIB has made is partly attributed to China's growing national strength and rising global influence.
"On the other hand, it also shows that the government's goal of building the AIIB into an open, transparent and highly-efficient multilateral institution as well as the high standards it is upholding have garnered extensive recognition and strong support across the world," Zhou said.
"It is in line with the best interests, and meets the practical needs of various parties," Zhou added.
Chinese officials have earlier stressed on many occasions that the bank will employ international, normative and high standards in its governance structure, operational policies and human resource management to avoid repeating past mistakes and ensure sound progress in a professional and efficient operation.
The AIIB's establishment was regarded by many analysts as "a milestone event."
The existing global economic governance system has failed to reflect the status quo of the world economy, said Zhou, adding that it has also failed to safeguard the rights and interests the developing countries, including China, deserve, said Zhou.
"The formal launch of the AIIB, which is a late starter in the regional multilateral development institutions, will help accelerate reform of the global economic governance system," Zhou said. See more at http://news.xinhuanet.com/english/2015-12/26/c_134954185.htm