Tuesday, June 23, 2015

China Daily: AIIB is a 'Gradual Strategy'

It's a theme we see repeated over and over in regards to China. While there are some alternative media sites on the internet that continue to insist that China will soon usurp the IMF and The World Bank with its new AIIB (Asian Infrastructure Investment Bank), Chinese media and officials continue to emphasize that they do not see the AIIB (or the BRICS Bank) as usurping these organizations. 

While they continue to express frustration and irritation that they have not been given more influence at the IMF or The World Bank, they make it clear they intend to stay engaged in those organizations while using the new banks to move forward. This article in China Daily makes the point once again. Below are some quotes.


"With the signing of the charter slated for the end of June, the AIIB could launch by the end of the year.
Fan said there is a "gradually forming" consensus on the importance of infrastructure investments in Asia.
"But the AIIB is not trying to duplicate the World Bank or the Asian Development Bank," Fan said. "So we should expect trial and error to find what is the best model for this organization."
Sakakibara, who is also a former Japanese vice-minister of finance, said both Chinese and Japanese leaders realize there's a "dire need" for infrastructure investments in China and throughout the Asian region. And "China wants the AIIB to be a genuine international organization," Sakakibara said.
"It's a gradual strategy, and China is still in the very early stages of playing a more active role in global governance. It's a long march and we are just taking the first steps," Fan said." 

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