Nearly after 800 days since the concept of Asian Infrastructure Investment Bank was proposed, it was formally inaugurated in the Chinese capital on Saturday.
CCTV’s Wang Tongxuan reports.
Xi hails AIIB opening as ‘a historic moment’Nearly after 800 days since the concept of Asian Infrastructure Investment Bank was proposed, it was formally inaugurated in the Chinese capital on Saturday. CCTV's Wang Tongxuan reports.
Inaugurating the official ceremony in Beijing, Chinese President Xi Jinping called the opening “a historic moment” – it’s seen as a milestone showing China’s commitment to contribute to renewed global economic governance.
“The official establishment and operation of AIIB will effectively enhance infrastructure investment in Asia,” Xi said during his remarks at the bank’s opening ceremony in the Diaoyutai State Guesthouse, a historic hotel complex in downtown Beijing. “It will also mobilize private sectors to invest in the infrastructure construction.”
US trade expert Charles Freeman on AIIB’s potential
CCTV America’s Owen Fairclough spoke with Charles Freeman who is a former assistant U.S. Trade Representative for China Affairs.
The conversation started out on the bank’s decision to conduct its transactions in dollars rather than China’s increasingly used renminbi currency.
US trade expert Charles Freeman on AIIB's potentialCCTV America's Owen Fairclough spoke with Charles Freeman who is a former assistant U.S. Trade Representative for China Affairs. The conversation started out on the bank's decision to conduct its transactions in dollars rather than China's increasingly used renminbi currency.
Zhang Jianping from China’s National Development and Reform Commission on challenges facing AIIB
Zhang Jianping on challenges facing AIIBZhang Jianping from China's National Development and Reform Commission on challenges facing AIIB
AIIB will focus on the development of infrastructure with the aim of enhancing Asia’s inter-connectivity and economic integration. It will also invest in sectors including energy and transportation in addition to education and healthcare.
The bank, headquartered in Beijing, now has 57 members. 37 of them are within the region, including China, India and South Korea in Asia, and Australia, New Zealand in the Oceanic region. 17 members are from Europe, including the UK, Germany and France. The other three members are Egypt, South Africa, and Brazil.
During the ceremony, Xi said China hopes AIIB members will uphold solidarity and cooperation in expanding investments and using the bank to accelerate new businesses, ultimately making the institution “bigger and stronger.”
Jin Liqun, former vice-president of the Asian Development Bank (ADB) was elected as the first president of the AIIB while Chinese Finance Minister Lou Jiwei was elected as the first Chairman of the AIIB council.
While many have welcomed the China-sponsored bank, speculations on China’s power to veto major decisions within the bank haven’t been muted. Earlier, the US and Japan have said that AIIB will be “more of a tool Beijing could use for its own good.”
Most of the world’s biggest economies are buying into the AIIB now, but its founders struggled for years to make it a reality. Here’s a closer look at its beginnings and what it aims to achieve in the next few years. CCTV America’s Paul Barber …