Brussels too can gain from AIIB membership
Updated: 2015-03-25 09:19
By Fu Jing(China Daily)
|
|||||||||||
China's President Xi Jinping (4th R) meets with the guests at the Asian Infrastructure Investment Bank (AIIB) launch ceremony at the Great Hall of the People in Beijing in this October 24, 2014 file photograph. [Photo/Agencies] |
Brussels is remaining tight-lipped ahead of the looming March 31 deadline for countries to apply for founding membership of the China-proposed Asian Infrastructure Investment Bank.
Despite this silence, Switzerland and European Union member countries including the UK, Germany, France, Luxembourg and Italy are supporting Beijing's initiative to mobilize resources to improve Asia's infrastructure.
The decision of these European countries, which has annoyed the United States, may see the number of would-be founding members exceed 35 when the deadline arrives.
It is to some extent understandable if Washington does not change its stance to back Beijing's initiative. The world's biggest power is intolerant of China's rise and is unwilling to accept new ideas from emerging economies.
However the EU may lose opportunities on several fronts if it does not become part of AIIB's foundation.
First, it is about having a voice.
Restructuring reforms in the World Bank and International Monetary Fund are not efficiently implemented. The say of emerging economies, such as China, has not increased, though such efforts were initiated after the global financial crisis of 2007-2008.
The Wall Street Journal has reported that the US and Europe are to blame for China forming its own development bank, after the Asian power was neglected in the structures of existing international banks.
Kristalina Georgieva, vice-president of the European Commission, says in the article that China is aggressively stepping into an area where if "we paid more attention, we would have had more normal relationships."
Georgieva has shown vision, hinting that Brussels may regret eschewing AIIB membership.
The EU is an active player in fighting the dollar's dominance of the global financial system by introducing the euro at the start of this century. And if it starts to support the efforts of emerging economies, the global financial system will become fairer.
Related Stories
Interest in AIIB shows China winning friends 2015-03-25 07:55
China reiterates openness of AIIB after shift in US attitude 2015-03-24 11:19
Obama abandons allies on AIIB 2015-03-24 08:00
Beijing 'welcomes interested nations joining the AIIB' 2015-03-24 07:59
Today's Top News
Plane crash in France kills 150, black box found
House passes resolution urging Obama to send arms to Ukraine
WHO denies politics swayed Ebola emergency declaration
Greek, German leaders seek to reboot relationship
Austria says receives no demand of ransom from IS
Lee remembered as 'old friend' of Chinese people
ChemChina to buy tire maker Pirelli
German-Chinese play looks at individuals in the collective
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Annual legislative and political advisory sessions |
Festival Special: Apps that make holiday shopping easier |
Listed firms caught in anti-corruption net |
Conca set to return to China |
CES: Spotlight on Chinese gadgets |
Yearender: What happened around the globe in 2014 |