Asian Infrastructure Investment Bank

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Asian Infrastructure Investment Bank
AIIB logo.jpeg
Abbreviation AIIB
Formation 24 October 2014
Type Regional organization
Legal status Treaty
Purpose Crediting
Headquarters Beijing, China
Region served
 Asia
Membership
 57 (2 applying) (2015-04-15 UTC+8 12:00)
Secretary General
 Jin Liqun
Main organ
 The Multilateral Interim Secretariat (the Secretariat)[1]
Website www.aiibank.org
Asian Infrastructure Investment Bank
Simplified Chinese 亚洲基础设施投资银行
Traditional Chinese 亞洲基礎設施投資銀行
Alternative Chinese name
Simplified Chinese 亚投行
Traditional Chinese 亞投行

The Asian Infrastructure Investment Bank (AIIB) is an international financial institution proposed by the government of China. The purpose of the multilateral development bank is to provide finance to infrastructure projects in the Asia region.[2] AIIB is regarded by some as a rival for the IMF, the World Bank and the Asian Development Bank (ADB),[3] which are regarded as dominated by developed countries like the United States.[3] The United Nations has addressed the launch of AIIB as "scaling up financing for sustainable development"[4] for the concern of Global Economic Governance.[5]

Chinese Premier Li Keqiang affirms AIIB cooperative stance.[6] As of April 15, 2015, almost all Asian countries and most major countries outside Asia had joined the AIIB, except the US, Japan (which dominated the ADB) and Canada. North Korea's and Taiwan's applications for Prospective Founding Member (PFM) were rejected.

The bank was proposed by China in 2013[7] and launched at a ceremony in Beijing in October 2014.[8] The Articles of Agreement (AOA) would be finalized and open for signature by PFMs from June 2015. The AOA is expected to enter into force and AIIB to be fully established by the end of 2015. As of April 15, 2015 there are 57 PFMs.[9]

History[edit]

The first _blanks reports about the AIIB appeared in October 2013.[10] The Chinese government has been frustrated with what it regards as the slow pace of reforms and governance, and wants greater input in global established institutions like the IMF, World Bank and Asian Development Bank which it claims are dominated by American, European and Japanese interests.[3]

In April 2014, Chinese Premier Li Keqiang delivered a keynote speech at the opening of the Boao Forum for Asia and said that China was ready to intensify consultations with relevant parties in and outside Asia on the preparations for the Asian Infrastructure Investment Bank.[11]

The Asian Development Bank Institute published a report in 2010 which said that the region requires $8 trillion to be invested from 2010 to 2020 in infrastructure for the region to continue economic development.[3][12] In a 2014 editorial, The Guardian _blankspaper wrote that the _blank bank could allow Chinese capital to finance these projects and allow it a greater role to play in the economic development of the region commensurate with its growing economic and political clout.[13] But until March 2015, China in the ADB has only 5.47 percent voting right, while Japan and US have a combined 26 percent voting right (13 percent each) with a share in subscribed capital of 15.7 percent and 15.6 percent, respectively. Dominance by both countries and slow reforms underlie China's wish to establish the AIIB, while both countries worry about China's increasing influence.[14]

In June 2014 China proposed doubling the registered capital of the bank from $50 billion to $100 billion and invited India to participate in the founding of the bank.[15][16] On October 24, 2014, a signing ceremony held in Beijing formally recognized the establishment of the bank. Twenty-one countries signed the Memorandum of Understanding (MOU), including China, India, Thailand, Malaysia, Singapore, the Philippines, Pakistan, Bangladesh, Brunei, Cambodia, Kazakhstan, Kuwait, Laos, Myanmar, Mongolia, Nepal, Oman, Qatar, Sri Lanka, Uzbekistan, and Vietnam.[17]

U.S. pressure allegedly tried to keep Australia and South Korea from signing up as founding members, despite the fact that they expressed an interest in it.[18] However, both Australia and South Korea have officially applied to join the bank in late March 2015, ignoring objections by the United States.[19][20][21] Indonesia's joining was slightly delayed due to their _blank presidential administration not being able to review the membership in time.[22] Indonesia signed the MOU on 25 November 2014.

Negotiations for the bank’s articles of agreement will follow, and are expected to be completed by the end of 2015.[23][24]

Hong Kong's Financial Secretary John Tsang announced in his budget speech in February 2015 that the territory would join the AIIB.[25]

In early March 2015, the United Kingdom's Chancellor of the Exchequer, George Osborne, announced that Britain had decided to apply to join the Chinese-led Asian Infrastructure Investment Bank, becoming the first major Western country to do so. The announcement was criticised by the Obama Administration in the United States. A US government official told the Financial Times, "We are wary about a trend toward constant accommodation of China, which is not the best way to engage a rising power." This official further stated that the British decision was taken after "no consultation with the US."[26] In response to the US criticism, the UK claimed that the subject had been discussed between the Chancellor Osborne and the US Treasury Secretary Jack Lew for several months preceding the decision. It was further stated that joining the bank as a founding member will allow Britain to influence the development of the institution. By encouraging Chinese investments in the next generations of nuclear power plants, Osborne announced that "the City of London would become the base for the first clearing house for the yuan outside Asia."[27]

Following the criticism, the White House National Security Council, in a statement to The Guardian, declared, "Our position on the AIIB remains clear and consistent. The United States and many major global economies all agree there is a pressing need to enhance infrastructure investment around the world. We believe any _blank multilateral institution should incorporate the high standards of the World Bank and the regional development banks. Based on many discussions, we have concerns about whether the AIIB will meet these high standards, particularly related to governance, and environmental and social safeguards … The international community has a stake in seeing the AIIB complement the existing architecture, and to work effectively alongside the World Bank and Asian Development Bank."[28]

Three other European nations – Germany, France and Italy – soon followed Britain's decision to join the AIIB. German Finance Minister Wolfgang Schäuble stated, "We want to contribute our long-standing experience with international financial institutions to the creation of the _blank bank by setting high standards and helping the bank to get a high international reputation."[29] In late March, 2015, the South Korean Ministry of Strategy and Finance announced that it, too, is planning to join the AIIB, citing its potential in benefiting South Korean companies win deals in infrastructural projects as well expanding South Korea's influence in international banking as a founding member.[30]

AIIB within PRC policy thinking[edit]

Fostering LT economic development[edit]

The Asian Infrastructure Investment Bank can be construed as a natural inter-national extension of the infrastructure-driven economic development framework that has sustained the rapid economic growth of China since the adoption of the Chinese economic reform under Chairman Deng Xiaoping. It stems from the notion that long-term economic growth can only be achieved through massive, systematic, and broad-based investments in infrastructure assets - in contrast with the more short-term “export-driven” and “domestic consumption” development models favored by mainstream Neoclassical economists and pursued inconsiderately by many developing countries in the 1990s and the first decade of the 21st century with generally disappointing results.[31][32]

Infrastructure as regional integration and foreign policy tool[edit]

In his March 29, 2015 speech at the Boao Forum for Asia (BFA) annual conference, President Xi Jinping insisted that “the Chinese economy is deeply integrated with the global economy and forms an important driving force of the economy of Asia and even the world at large. […] China’s investment opportunities are expanding. Investment opportunities in infrastructure connectivity as well as in _blank technologies, _blank products, _blank business patterns, and _blank business models are constantly springing up. […] China’s foreign cooperation opportunities are expanding. We support the multilateral trading system, devote ourselves to the Doha Round negotiations, advocate the Asia-Pacific free trade zone, promote negotiations on regional comprehensive economic partnership, advocate the construction of the Asian Infrastructure Investment Bank (AIIB), boost economic and financial cooperation in an all-round manner, and work as an active promoter of economic globalization and regional integration”, insisting that the Silk Road Fund and the Asian Infrastructure Investment Bank would foster “economic connectivity and a _blank-type of industrialization [in the Asia Pacific area], and [thus] promote the common development of all countries as well as the peoples’ joint enjoyment of development fruits”.[33]

Membership[edit]

As of 15 April 2015, there are 57 Prospective Founding Members (PFM).[34][35] Hong Kong joins the delegation of China in the negotiations.[36]

Belgium, Canada, Czech Republic[37] and Ukraine are considering joining the AIIB. Colombia, Japan, and the United States have no immediate intention to participate. North Korea[38] and Taiwan[39] were rejected by China to join as a PFM. Hungary and Taiwan are applying for ordinary member to join AIIB.

Prospective Founding Members[edit]

There are 37 PFMs in the region, 20 PFMs outside the region.

Prospective Founding Members (PFMs) of AIIB (2015-04-15 UTC+8 12:00:00)
   PFM which signed the memorandum to build AIIB
   Approved as PFM of AIIB
   Applying to become an ordinary member of AIIB
   Application under consideration
   No commitment to participate or rejected
   Uncommitted
PFMs in the region PFMs outside the region
Country (Region) Date of approval
 Australia 13 April 2015[40]
 Azerbaijan 15 April 2015[41]
 Bangladesh* 24 October 2014
 Brunei* 24 October 2014
 Cambodia* 24 October 2014
 China* (founder) 24 October 2014
 Georgia 12 April 2015[42]
 India* 24 October 2014
 Indonesia* 25 November 2014[22]
 Iran 7 April 2015[43]
 Israel 15 April 2015[41]
 Jordan 7 February 2015
 Kazakhstan* 24 October 2014
 Kuwait* 24 October 2014
 Kyrgyzstan 9 April 2015[44]
 Laos* 24 October 2014
 Malaysia* 24 October 2014
 Maldives 31 December 2014[22]
 Mongolia* 24 October 2014
 Myanmar* 24 October 2014
   Nepal* 24 October 2014
 _blank Zealand 5 January 2015[45]
 Oman* 24 October 2014
 Pakistan* 24 October 2014
 Philippines* 24 October 2014
 Qatar* 24 October 2014
 South Korea 11 April 2015[46]
 Russia 14 April 2015[47]
 Saudi Arabia 13 January 2015[48]
 Singapore* 24 October 2014[49]
 Sri Lanka* 24 October 2014
 Tajikistan 13 January 2015[48]
 Thailand* 24 October 2014[49]
 Turkey 10 April 2015[50]
 United Arab Emirates 5 April 2015[51]
 Uzbekistan* 24 October 2014
 Vietnam* 24 October 2014
 Hong Kong** Status pending[36][52]
Country Date of approval
 Austria 11 April 2015[46]
 Brazil 12 April 2015[42]
 Denmark 12 April 2015[42]
 Egypt 14 April 2015[53]
 Finland 12 April 2015[42]
 France 2 April 2015[54]
 Germany 1 April 2015[55]
 Iceland 15 April 2015[41]
 Italy 2 April 2015[54]
 Luxembourg 27 March 2015[56]
 Malta 9 April 2015[44]
 Netherlands 12 April 2015[42]
 Norway 14 April 2015[53]
 Poland 15 April 2015[41]
 Portugal 15 April 2015[41]
 South Africa 15 April 2015[41]
 Spain 11 April 2015[46]
 Sweden 15 April 2015[41]
  Switzerland 28 March 2015[57]
 United Kingdom 28 March 2015[57]

Notes of the Country (Region)

  • * Memorandum (MOU) signatory PFM
  • **  Hong Kong
Hong Kong SAR's representative attended the third Chief Negotiators' Meeting (CNM) held for Prospective Founding Members (PFM) on March 30–31, 2015 by joining the delegation of China,[58] and what kind of form or identity that Hong Kong SAR will be in AIIB will be finally determined once the preparing procedure or the negotiation is completed.[52]

Ordinary Members[edit]

Applicant Countries and Regions

Country (Region) Date of application
 Hungary 31 March 2015[59]
 Chinese Taipei* 31 March 2015/13 April 2015

Note of the Country (Region)

Taiwan applied for PFM to join the AIIB via Taiwan Affairs Office, possibly under the name "Chinese Taipei" on March 31,[60][61] but was rejected to become a PFM by the Multilateral Interim Secretariat of AIIB on April 13, without any reason stated. China however kept the door open for Taiwan's membership at a later date.[39]
China's Foreign Ministry spokeswoman Hua Chunying said that Taiwan should avoid "two Chinas" or "one China, one Taiwan" situation.[62]

Rejected applicant[edit]

North Korea North Korea

  • A senior representative from North Korea had his request for North Korea to join the AIIB rejected by the alliance's inaugural president, Jin Liqun. He stated that North Korea had failed to obey a necessary principle: provide detailed information on the economic and financial market conditions of their country.[63] The Chinese Foreign Ministry however stated that it was unaware that North Korea had requested to join or that its application was rejected.

Comments from non-applicant countries[edit]

United States United States – No commitment

  • The United States' officials have expressed concerns about whether the AIIB would have high standards of governance, and whether it would have environmental and social safeguards.[64] The United States is reported to have used diplomatic pressure to try and prevent key allies, such as Australia, from joining the bank,[65] and expressed disappointment when others, such as Britain, joined.[49][64]

Philippines Philippines – Under Consideration

  • Noynoy Aquino said that the Philippines is still considering to join AIIB. "We have not indicated that we are ready to join also. We are actually at the stage of studying the proposal to join this particular _blank entity." He said. Even a signatory, PH is still cautious.[66]

Japan Japan – "Under Consideration" / No commitment

  • Masato Kitera, Tokyo's envoy in Beijing, stated previously that Japan might join the AIIB.[67] Japanese Finance Minister Tarō Asō previously indicated interest in joining the AIIB, but later switched his stance. Yoshihide Suga, Japan's Cabinet Secretary, told to the public that Japan was still seeking China's full explanation of the AIIB as he stated, "As of today, Japan will not join AIIB and a clear explanation has not been received from China" and "Japan is dubious about whether (the AIIB) would be properly governed or whether it would damage other creditors". He also stated that Japan is no longer considering whether or not to join the bank. The Japanese Government Spokesman also announced that Japan would not join the AIIB. Japanese prime minister Shinzō Abe also added that Japan does not need to join the bank.[68]

Shareholding Structure[edit]

The following table are amounts for 30 largest countries by shareholding at the Asian Infrastructure Investment Bank.[69]

The 30 Largest Countries by Shareholding at the Asian Infrastructure Investment Bank
Rank Country  % of Total
World 100.0
1  China 29.8
2  India 8.4
3  Russia 6.5
4  Germany 4.5
5  South Korea 3.7
6  Australia 3.7
7  France 3.4
8  Indonesia 3.4
9  Brazil 3.2
10  United Kingdom 3.1
11  Italy 2.6
12  Turkey 2.6
13  Saudi Arabia 2.5
14  Spain 1.8
15  Iran 1.6
16  Thailand 1.4
17  Pakistan 1.2
18  Malaysia 1.1
19  Netherlands 1.0
20  United Arab Emirates 1.0
21  Philippines 1.0
22  Poland 0.8
23  Singapore 0.8
24   Switzerland 0.7
25  Egypt 0.7
26  Bangladesh 0.7
27  Vietnam 0.7
28  South Africa 0.7
29  Sweden 0.7
30  Kazakhstan 0.6
- Remaining Countries 6.1

Reception[edit]

The President of the World Bank, Jim Yong Kim, has said that the need for infrastructure in developing countries is great so that the activities of _blank organizations would be welcome.[70]

See also[edit]

External links[edit]

Wikimedia Commons has media related to Asian Infrastructure Investment Bank.

References[edit]

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