Inclusive AIIB to boost sustainable growth

Updated: 2016-01-15 08:24

By Zhang Zhouxiang(China Daily)

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The AIIB will play a complementary role to the existing global financial institutions such as the World Bank and the Asian Development Bank, and together they can build a dynamic financial system to support global growth. The AIIB will be cooperative in nature, and its focus will be on infrastructure.

Of course, the AIIB will compete with other financial institutions but for the betterment of all economies. For instance, after China initiated the move to establish the AIIB, the World Bank increased its investment in Indonesia and began paying greater attention to Pakistan. No financial institution wants to lag behind when it comes to common efforts, but the AIIB won't compete with the ADB and World Bank to challenge the existing world financial order.

Besides, the AIIB will help emerging markets enjoy greater say in global financial matters by promoting economic cooperation and sustainable growth.

Although the name Asian Infrastructure Investment Bank suggests the bank's focus will be on Asia, its influence will not be limited to Asia. The AIIB will provide a platform for Asian economies and their partners to work with each other and propel the economic integration of Asia and the regions beyond.

Xu Hongcai, director of the Department of Economic Research at the China Center for International Economic Exchanges