China urges Beijing-backed development bank to focus more on Belt and Road Initiative

BEIJING – Chinese Prime Minister Li Qiang urged investment bank in Asian infrastructure on Thursday to increase its support for the Beijing Belt and Road initiative.

“I hope that AIIB will remain committed to opening regionalism and to persevere in promoting connection and communication between Asian countries and countries around the world,” said Li in Mandarin by an official English translation.

“It is important to strengthen synergy between the bank and the Belt and Road initiative and the global development initiative,” said LI, referring to two programs led by Beijing.

His speech during the opening ceremony of the 10th annual meeting of the bank comes in the middle of a Pollback of American support For the institutions led by the West such as the World Bank and the International Monetary Fund, which US President Donald Trump unfolds unjustly benefit from other nations.

The “comments of Prime Minister LI indicate China’s attempts to capitalize on Chaos caused by Trump’s trade and economic policies,” said Stephen Olson, a researcher at the Southeast Asian Studies Institute and former American commercial negotiator.

“China is also very aware that the United States is trying to put pressure on the countries to move away from China (as we have seen in the British trade agreement) and that is part of its strategy to counter these efforts,” said Olson in an email.

Under Chinese President Xi Jinping, now in its third term, China launched a regional development program called The Belt and Road Initiative in 2013.

The program is widely considered as Beijing’s effort to stimulate its global influence through the Rail development, The sea and other transport routes connecting Asia to Europe and Africa. Critics argue that the massive infrastructure project of China forced developing countries to take high debt While benefiting Chinese companies, often public entities.

XI subsequently announced a broader “global development initiative” in 2021 to promote the efforts led by Beijing on poverty reduction, public health and food security, aligned on the UN sustainable development objectives in 2030.

AIIB announced this week that Zou Jiayi, a former Chinese finance minister, would become his next president From January. Zou also represented China as a Alternative governor to the World Bank. The former anti-corruption manager is also a member From the Central Committee of the Chinese Communist Party to power, the third highest circle of power in the country.

The current president of AIIB, Jin Liqun, has experienced two five -year terms since the Bank Foundation and is also a former Chinese finance minister.

Indonesia, a founding member of AIIB, worked with the bank on 14 projects totaling more than $ 5.1 billion, said the country’s finance minister Sri Mulyani Indrawati on Thursday in a closing speech during the same event.

“Indonesia not only generates operating income for AIIB, but we [are] Also offering enormous experience as well as strong participation, “said Indrawati.

“AIIB is no longer just an emerging bank. It is now a global force for development.”

Although the United States is not a member of AIIB, the United Kingdom, France, Germany are among the 110 Bank members led by ChinaLike Russia, Israel, Singapore and Vietnam. China has the greatest participation in AIIB, holding a 26.5% voting share.

AIIB offers loans to developing countries, largely for infrastructure projects such as water supply and transport. The AIIB whose headquarters are suitable for Beijing said it approved $ 8.4 billion in funding last year, Bringing the total to more than $ 60 billion since its launch in 2016.

Wednesday, Li asked Global corporate leaders and representatives of the higher government to collaborate and avoid transforming trade into a political or security problem. Getting involved in the international economy is a means of “reshaping the rules and order”, he said, via an official translation in English.

He was talking During the China annual conference of the World Economic Forum, nicknamed “Summer Davos”, which was held this year in Tianjin. Li then met business leaders, including the founder and president of JD.com, Richard Liu.

The Chinese Minister of Commerce Wang Wentao and Zheng Shanjie, head of the country’s economic planning agency, the National Development and Reform Commission, attended the speech and the meeting of Li with companies, according to the state media.