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Showing of 22 pages in this report. Description This report discusses China's proposal of creating a new multilateral development bank MDB , the Asian Infrastructure Investment Bank AIIB with the purpose to provide financing for infrastructure needs throughout Asia, as well as in neighboring regions. Physical Description 22 pages.
Mapped Search. Who People and organizations associated with either the creation of this report or its content. Author Weiss, Martin A. Specialist in International Trade and Finance. Publisher Library of Congress. Congressional Research Service. Place of Publication: Washington D. About Browse this Partner. What Descriptive information to help identify this report. Language English. Item Type Report. Identifier Unique identifying numbers for this report in the Digital Library or other systems.
Collections This report is part of the following collection of related materials. About Browse this Collection. Digital Files 22 image files available in multiple sizes 1 file. When Dates and time periods associated with this report. Creation Date February 3, A US government official told Financial Times , "We are wary about a trend toward constant accommodation of China, which is not the best way to engage a rising power.
It was further stated that joining the bank as a founding member would allow the UK 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. 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 new 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.
It was signed on 29 June by 50 of the named 57 prospective founding members in Beijing, while the other seven signed later. On 25 December , the Articles of Agreement entered into force. On 16 January , the board of governors of the bank convened its inaugural meeting in Beijing and declared the bank open for business. Jin Liqun was elected as the bank's president for a five-year term. 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 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 Western Neoclassical economists and pursued by many developing countries in the s and the first decade of the 21st century with generally disappointing results. Investment opportunities in infrastructure connectivity as well as in new technologies, new products, new business patterns, and new business models are constantly springing up.
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 .
Xi insisted also that the Silk Road Fund and the Asian Infrastructure Investment Bank would foster "economic connectivity and a new-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. The Articles of Agreement form the legal basis for the Bank. Other states, which are parties to the International Bank for Reconstruction and Development or the Asian Development Bank may become members after approval of their accession by the bank.
The formal actions towards becoming a Founding Member are shown below, as well as the percentage of the votes and of the shares, in the event all prospective founding states become parties, and no other members are accepted. In June , 3 other states were granted prospective membership: 1 regional Tonga and 2 non-regional Argentina, Madagascar. The Articles of Agreement provide for non-sovereign entities to become members of the bank. In addition to the requirements for sovereign states, the membership of dependent territories must be supported by the state responsible for its external relations.
Mexico, Japan and the United States have no immediate intention to participate. Taiwan's request to become a Prospective Founding Member was rejected by China as it does not consider the former to be a sovereign state. The Authorized Capital Stock of the bank is billion US Dollars , divided into 1 million shares of dollars each.
Three categories of votes exist: basic votes, share votes and Founding Member votes. Each Founding Member furthermore gets votes. An overview of the shares, assuming when all 57 Prospective Founding Members have become Founding Members is shown below values in bold do not depend on the number of members : .
The bank's governance structure is composed of the Board of Governors  as the top-level and highest decision-making body. Nine of those members are from within the Asia-Pacific region and three representing members outside the region. Of the non-regional directors, 1 constituency is made up of EU member states having the Euro as their currency, and 1 from other European countries. New members are considered for admission only once a year. An overview of the constituencies is shown below: .
The former 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 new organizations would be welcome. John Ikenberry Princeton University sees the AIIB as part of "China's emerging institutional statecraft,"  but argues that it is not clear whether the institution will tie China more deeply into the existing order or become a vehicle to challenge the order.
Think-tanks such as Chatham House , the China Studies Centre at the University of Sydney and the World Pensions Council WPC have argued that the successful establishment of a new supranational financial powerhouse headquartered in PRC would be facilitated by the large number of participating developed economies. As the bank is still in its early years, it has no environmental record. Several organisations [ which? Although the proposed bank declared "AIIB will learn from the best practice in the world and adopt international standards of environmental protection," Oxford scholar of economics and energy policy Yuge Ma has argued that this may be complicated in developing Asian countries.
From Wikipedia, the free encyclopedia. For other uses, see AIIB disambiguation. Parts of this article those related to documentation need to be updated. Please update this article to reflect recent events or newly available information. May Communist Party.
Top-ranked secretary : Wang Huning. Chairman : Xi Jinping. Vice-Chairmen :. Office Chief: Ding Xuexiang. Director: Xi Jinping. Secretary-General: Wang Huning. Deputy Director: Li Keqiang. Office Chief: Liu He. United Front. Scientific Outlook on Development. Harmonious Socialist Society. Constitution Law. Constitution Previous constitutions President list : Xi Jinping. Presidential spouse : Peng Liyuan. Vice-President : Wang Qishan. Secretary-General : Xiao Jie.
National Defense Mobilization Commission. Chairman : Li Keqiang. Minister : Wei Fenghe. Judiciary Law enforcement. Secretary: Guo Shengkun. President : Zhou Qiang. Prosecutor General : Zhang Jun. Minister: Zhao Kezhi State Councilor. Minister: Chen Wenqing. Minister: Fu Zhenghua. Director: Wang Huning. Deputy Director: Huang Kunming. Head: Huang Kunming. Deputy director: Li Keqiang. Director: Xu Lin. Hong Kong Macau. Cross-Strait relations.
Foreign relations. Related topics. Administrative divisions Hukou system Family planning Ethnic minorities Communism. Other countries. Long name:. Prospective members regional. Members regional. Prospective members non-regional. Members non-regional. Regional members. Banks portal. Retrieved 6 August Asian Infrastructure Investment Bank.
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