AIIB: Bridging the gap
- By Tian Dongdong
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E-mail Xinhua, April 1, 2015
According to estimates of the ADB in 2009, the investment demand in Asia alone could reach 8 trillion U.S. dollars between 2010 and2020, of which 68 percent would be for new capacity.
But the ADB controlled by America and Japan could only provide new loans of around 13 billion dollars annually to the region, leaving a gap of over 700 billion dollars every year.
Besides, the loathness or incompetence of the United States to reform the international lending system to accommodate the emerging market countries has greatly damaged its credibility and efficiency.
To bridge those gaps and provide a complement to the flawy system, China proposed the AIIB, which serves no one's hegemony appetite and will bring win-win results to all.
Unfortunately, with deeply rooted zero-sum mentality, some hard-nosed politicians in Washington have misread, maybe deliberately, China's good will, claimed it another sign of "China threat," and turned the AIIB into an America's diplomatic fiasco.
Anyway, it is a welcoming sign that America has begun to change its attitude toward the AIIB, whether it is to save grace or to show good faith.
This is a good start, but not enough. To diminish those gaps mentioned above, it is desired that Uncle Sam join hands with China and other countries to make a better global lending system and a better world.
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