President praises the development bank for helping members contain COVID-19, revive their economies
President Xi Jinping on July 28 called on the Asian Infrastructure Investment Bank to make itself a new platform promoting development among all members and facilitating the building of a community with a shared future for mankind in the context of the global response to the COVID-19 pandemic.
In his opening address, via video link, at the fifth annual meeting of the Board of Governors of the AIIB, Xi urged the multilateral development bank to respond to adjustments and changes in the global economic landscape and engage more development partners in cooperation.
“It (the AIIB) needs to provide public goods for our region and beyond, push for regional economic integration, and help make economic globalization more open, inclusive, balanced and beneficial for all,” he said. “Let us stay open and inclusive and make the AIIB a new paradigm of multilateral cooperation.”
Xi applauded the bank for its prompt move to set up a COVID-19 Crisis Recovery Facility to support its members in containing the virus and reviving their economies.
The AIIB had approved 16 projects at the facility as of July 16, allocating US$5.9 billion in funding to support 12 members.
“This is a typical example of the AIIB’s power of action. The global response to COVID-19 has made it clear that mankind rises and falls together in a community with a shared future,” Xi said.
He recalled his proposal to establish the bank in late 2013, noting that this initiative was to develop infrastructure and connectivity in Asia and deepen regional cooperation for shared development.
The bank has gotten off to a good start and has gone from strength to strength, he said, as it expanded from 57 member economies at its launch in January 2016 to the current membership of 102 across the globe.
The AIIB said in a statement that it has provided close to US$20 billion in infrastructure investment for 87 projects in 24 economies as of July 16.
“With more good friends and partners getting on board for higher-quality cooperation, the AIIB has established itself in the world as a new type of professional, efficient and clean multilateral development bank,” Xi said.
He urged the bank, going forward, to aim at development for all and build itself into a new type of multilateral development bank promoting growth across the globe.
The AIIB should commit itself to serving the development needs of all its members and providing more high-quality, low-cost and sustainable investment for traditional as well as new types of infrastructure, he said.
He expressed hope that the institution can help enhance connectivity, promote green development and boost technological advances by constantly updating its development philosophy, business model and institutional governance, and by providing flexible and diverse development financing products.
“While following international standards and respecting the general law of development, the AIIB should keep in mind the actual development needs of its members, thus creating best practices for international development cooperation,” he said.
Xi reiterated that China always supports and adheres to multilateralism, and pursues development with the rest of the world in a spirit of openness and mutually beneficial cooperation.
He pledged the country’s continuous support for the bank, so it can contribute more to the global response to risks and challenges and the pursuit of shared development.
Jin Liqun was reelected to a second term as president of the AIIB by the bank’s Board of Governors on July 28. Jin’s second five-year term will begin on Jan 16.
Wei Jianguo, vice-chairman of the China Center for International Economic Exchanges and a former vice-minister of commerce, said the AIIB has contributed to the Belt and Road Initiative, and more countries in Asia, Europe and Africa will seek the AIIB’s financial support to promote domestic economic growth.
Chen Jia contributed to this story.
