AIIB will uphold high standards
- By Wang Hui
0 Comment(s)
Print
E-mail China Daily, April 30, 2015
As a big country shouldering great responsibility for regional peace and development, China is willing to play a more active role in bettering the region's infrastructure and laying a solid foundation for the region's common development and prosperity. And it is willing to do so through multilateral cooperation with international partners.
Considering that the world economy is still dragging its feet and there is a huge demand for infrastructure investment in Asia, the establishment and effective operation of the AIIB will not only contribute to better connectivity and greater self-development capability in the region but also help drive the wheel of world economic development.
One of the ultimate aims of the AIIB is to better reallocate resources, and this will no doubt improve the efficiency of capital utilization. On top of that, the AIIB also shoulders responsibilities in pushing for reforms in the international monetary system and improving the international governance of the world financial system.
It will uphold high standards and abide by strict regulations to avoid repeating past mistakes, reduce operation costs and increase efficiency. It will have zero-tolerance toward corruption and be dedicated to promoting green and low-carbon economies.
As the AIIB strives to be open and inclusive, it will also rise to the challenge of coordinating the member countries in meeting their respective needs. The AIIB should be cultivated into effective platform where the interests of different parties converge to achieve all-win outcomes.
Of course, given the changes taking place in the world and regional arenas, the AIIB will face many challenges in playing its full role in the region. Its loans will go to fund infrastructure projects in Asian countries which may face political unrest or security concerns. The investments will mostly be long-term ones with slow economic returns.
All this requires the AIIB keep an open mind and continuously strive to improve its practices. The outside world should also have patience and tolerance of its novel design.
The author is a senior writer with China Daily.
Go to Forum >>0 Comment(s)