CCP to support Asian Infrastructure Investment Bank (AIIB) in financing recovering

BEIJING — CCP’s Supreme Leader Xi Jinping called for making the Asian Infrastructure Investment Bank (AIIB) a new platform that promotes development for all its members and facilitates the building of a community with a shared future for mankind.

Xi made the remarks on July 28 when addressing via video link the opening ceremony of the fifth annual meeting of the multilateral development bank. But international analysts have noticed that Xi did not offer any “new” generous financial aid package.

He called on efforts to make the AIIB a new type of multilateral development bank that promotes development across the world, a new type of development platform progressing with the times, a new type of high-performance institution for international cooperation, and a new paradigm of multilateral cooperation.

The AIIB, proposed by Xi in late 2013, was officially launched in January 2016.

“The initiative is designed to develop infrastructure and connectivity in Asia and deepen regional cooperation for shared development,” Xi said.

From the 57 founding members to today’s membership of 102 spanning the six continents of Asia, Europe, Africa, North America, South America and Oceania, the AIIB has grown from strength to strength and provided nearly $20 billion in infrastructure investment to its members.

“With more good friends and partners getting on board for higher-quality cooperation, the AIIB has established itself in the world as a new type of professional, efficient and clean multilateral development bank,” said Xi.

Stressing that the global response to COVID-19 has made it clear that mankind rise and fall together in a community with a shared future, Xi said that “mutual support and cooperation in solidarity are the only way for mankind to overcome crises.”

He called on countries to pursue more inclusive global governance, more effective multilateral institutions, and more robust regional cooperation to address issues emerging in the course of economic globalization.

The AIIB should commit itself to serving the development needs of all its members and providing more high-quality, low-cost and sustainable investment for both traditional and new types of infrastructure, said Xi.

“This will give renewed impetus to economic and social development in Asia and beyond,” he said.

Xi called on the AIIB to constantly update its development philosophy, business model and institutional governance and provide flexible and diverse development financing products, so as to help enhance connectivity, promote green development and boost technological advance.

Moreover, Xi called for ensuring high standard and high quality in the development of the AIIB in order to make the bank a new type of high-performance institution for international cooperation.

He also suggested the AIIB stay open and inclusive to become a new paradigm of multilateral cooperation.

China always supports and adheres to multilateralism, and pursues development with the rest of the world in the spirit of openness and mutually-beneficial cooperation, said Xi.

“China will continue working with other members to support the AIIB and make it a success, and contribute more to the global response to risks and challenges and the pursuit of shared development,” he said.

Jin Liqun re-elected to a second term as president of AIIB

Jin Liqun has been re-elected to a second term as president of the AIIB by the bank’s Board of Governors on Tuesday. Jin’s second five-year term will begin on January 16, 2021.

Jin, born in 1949, was elected as the inaugural president of the AIIB for a term of five years when the multilateral bank started operation in 2016.

During the past four years, the number of the AIIB members has expanded from the initial 57 to 102, covering Asia, Europe, North America, South America, Africa and Oceania.

The bank has approved 71 projects, with a total commitment of 14.27 billion US dollars, covering energy, transportation, finance, water and urban sectors.

According to the AIIB’s articles of agreement, its president should be a national of a regional member. 

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