The AIIB will benefit both Asia and the world
- By Pang Zhongying
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E-mail China.org.cn, March 23, 2015
European participation in AIIB helps the United States
Europe's participation in AIIB has emerged after careful consideration. Economically, the AIIB is advantageous to Europe; politically, only participation can eliminate European worry - just as the U.S. worry - that China will gain control of the AIIB. Participation means cooperation rather than confrontation.
What Europe worries about is not that China will promote multilateralism, but that such a system will come under Chinese control. Therefore, in order not to allow the AIIB to fall under Chinese control, Europe must join. Europe has controlled the IMF for 70 years. London, Frankfurt, Zurich and even Luxemburg are all global financial centers. With Europe's participation, China can shape the AIIB into a multilateral international financial institution worthy of its name.
At the same time, the participation of so many European countries will help lift the American worry that the AIIB may challenge its hegemony.
Europe's participation has essentially helped the United States, and the latter is expected to gradually change its attitude. The only country that might become isolated in the future is Japan, which won't join the bank.
Not allowing the AIIB to become politicized
European countries' applying for membership of the AIIB has actually helped meet a pressing need of China to ensure the bank's international legitimacy. Since the idea was put forward, China has been facing great international pressure, mainly from the United States and Japan.
Unfortunately, the bank has been excessively politicized before it is formally established and begins operations. This will possibly aggravate the risk of an "initial setback." The Chinese government is currently choosing a wise approach of "de-politicization" of the AIIB, especially through its pledge of not "challenging" the existing international order.
President Xi Jinping will pay a visit to the United States soon, giving him a chance to explain the AIIB and China's "Belt and Road" initiatives, in order to enhance mutual trust and strengthen the strategic dialogue.
The AIIB is a new international financial institution, which supports global economic growth and improves infrastructure capacity in the Asian region and other parts of the world. It will significantly improve global economic governance and has great potential for success.
Pang Zhongying is a professor of international relations with the Renmin University of China.
This article was translated by Li Jingrong. Its original unabridged version was published in Chinese.
Opinion articles reflect the views of their authors, not necessarily those of China.org.cn.
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