Asian Infrastructure Investment Bank
| Abbreviation | AIIB |
|---|---|
| Formation |
|
| Type | Regional Investment Bank |
| Legal status | Treaty (not in force) |
| Purpose | Crediting |
| Headquarters | Beijing, China |
|
Region served
|
Asia, including Oceania |
|
Membership
|
57 Prospected Founding Members
|
|
Official language
|
English[1] |
|
President-designate
|
Jin Liqun[2] |
|
Main organ
|
|
| Website | www |
| Asian Infrastructure Investment Bank | |||||||
| Simplified Chinese | 亚洲基础设施投资银行 | ||||||
|---|---|---|---|---|---|---|---|
| Traditional Chinese | 亞洲基礎設施投資銀行 | ||||||
|
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| Alternative Chinese name | |||||||
| Simplified Chinese | 亚投行 | ||||||
| Traditional Chinese | 亞投行 | ||||||
|
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The Asian Infrastructure Investment Bank (AIIB) is a proposed international financial institution which is focused on supporting infrastructure construction in the Asia-Pacific region. The bank was proposed as an initiative by the government of China[4] and supported by 37 regional and 20 non-regional members Prospective Founding Members, 53 of which have signed the Articles of Agreement that form the legal basis for the proposed bank. The bank will start operation after the agreement enters into force, which requires ratifications from 10 member states holding a total number of 50% of the initial subscriptions of the Authorized Capital Stock.[5] As of September 2015, 2 states (Myanmar and Singapore) have ratified the agreement, formally becoming a founding member.[6] Countries with a large GDP that did not become PFM are the US, Japan (which dominated the ADB) and Canada.
AIIB is regarded by some as a rival for the IMF, the World Bank and the Asian Development Bank (ADB),[7] which are regarded as dominated by developed countries like the United States.[7] The United Nations has addressed the launch of AIIB as "scaling up financing for sustainable development"[8] for the concern of Global Economic Governance.[9]
The bank was proposed by China in 2013[10] and the initiative launched at a ceremony in Beijing in October 2014.[11] The Articles of Agreement (AOA) were signed by 50 PFMs on 29 June 2015, which become a party to the agreement through ratification.
Contents
History[edit]
The first news reports about the AIIB appeared in October 2013.[12] The Chinese government has been frustrated with what it regards as the slow pace of reforms and governance, and wants greater input in global established institutions like the IMF, World Bank and Asian Development Bank which it claims are dominated by American, European and Japanese interests.[13]
In April 2014, Chinese Premier Li Keqiang delivered a keynote speech at the opening of the Boao Forum for Asia and said that China was ready to intensify consultations with relevant parties in and outside Asia on the preparations for the Asian Infrastructure Investment Bank.[14]
The Asian Development Bank Institute published a report in 2010 which said that the region requires $8 trillion to be invested from 2010 to 2020 in infrastructure for the region to continue economic development.[15][13] In a 2014 editorial, The Guardian newspaper wrote that the new bank could allow Chinese capital to finance these projects and allow it a greater role to play in the economic development of the region commensurate with its growing economic and political clout.[16] But until March 2015, China in the ADB has only 5.47 percent voting right, while Japan and US have a combined 26 percent voting right (13 percent each) with a share in subscribed capital of 15.7 percent and 15.6 percent, respectively. Dominance by both countries and slow reforms underlie China's wish to establish the AIIB, while both countries worry about China's increasing influence.[17]
In June 2014 China proposed doubling the registered capital of the bank from $50 billion to $100 billion and invited India to participate in the founding of the bank.[18][19] On 24 October 2014, twenty-one countries signed a Memorandum of Understanding (MOU) regarding the AIIB in Beijing, China: Bangladesh, Brunei, Cambodia, India, Kazakhstan, Kuwait, Laos, Malaysia, Myanmar, Mongolia, Nepal, Oman, Pakistan, Philippines, Qatar, Singapore, Sri Lanka, Thailand, Uzbekistan and Vietnam.[20] Indonesia's joining was slightly delayed due to their new presidential administration not being able to review the membership in time. Indonesia signed the MOU on 25 November 2014.[21]
The U.S. allegedly tried to keep Australia and South Korea from becoming prospective founding members, after they expressed an interest in it.[22] However, both Australia and South Korea applied to join the bank in March 2015.[23][24][25]
Hong Kong's Financial Secretary John Tsang announced in his budget speech in February 2015 that the territory would join the AIIB.[26] It did however not become one of the prospective founding members and negotiated as part of the Chinese delegation.
In early March 2015, the United Kingdom's Chancellor of the Exchequer, George Osborne, announced that the UK had decided to apply to join the Bank, becoming the first major Western country to do so.[27] The announcement was criticised by the U.S. Obama Administration. 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." The official further stated that the British decision was taken after "no consultation with the US."[28] In response, the UK indicated that the subject had been discussed between Chancellor Osborne and US Treasury Secretary Jack Lew for several months preceding the decision. 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."[29]
Following the criticism, the White House National Security Council, in a statement to The Guardian, declared, "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."[30]
Three other European states: Germany, France and Italy – followed the UK's decision to join the AIIB in March. German Finance Minister Wolfgang Schäuble stated, "We want to contribute our long-standing experience with international financial institutions to the creation of the new bank by setting high standards and helping the bank to get a high international reputation."[31] In March 2015, the South Korean Ministry of Strategy and Finance announced that it, too, is planning to join the AIIB, citing its potential in benefiting South Korean companies win deals in infrastructural projects as well expanding South Korea's influence in international banking as a founding member.[32] States could indicate their interest in becoming a Prospective Founding Member until 31 March 2015.
Negotiations took place in the framework of 5 Chief Negotiators Meetings (CNMs) which took place between November 2014 and May 2015. The Articles of Agreement, the legal framework of the proposed bank, were concluded in the fifth CNM. It was signed on 29 June 2015 by 50 of the named 57 prospective founding members in Beijing.
AIIB within PRC policy thinking[edit]
Fostering long-term economic development[edit]
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 massive, 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 Neoclassical economists and pursued inconsiderately by many developing countries in the 1990s and the first decade of the 21st century with generally disappointing results.[33][34]
Infrastructure as regional integration and foreign policy tool[edit]
In his 29 March 2015 speech at the Boao Forum for Asia (BFA) annual conference, President Xi Jinping insisted that "the Chinese economy is deeply integrated with the global economy and forms an important driving force of the economy of Asia and even the world at large. […] China's investment opportunities are expanding. Investment opportunities in infrastructure connectivity as well as in new technologies, new products, new business patterns, and new business models are constantly springing up. […] China's foreign cooperation opportunities are expanding. 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", insisting 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".[35]
Legal basis and Membership[edit]
| Articles of Agreement of the Asian Infrastructure Investment Bank | |
|---|---|
Potential signatories
Signatories (regional)
Parties (non-regional)
Signatories (non-regional)
|
|
| Signed | 29 June 2015 |
| Location | Beijing, China |
| Effective | not in force |
| Condition | Ratification by 10 states, comprising 50% of initial subscriptions of capital stock |
| Signatories | 52 |
| Parties | 2[6] |
| Depositary | Government of the People’s Republic of China |
| Languages | Chinese, English (used in disputes) and French |
The Articles of Agreement will form the legal basis for the Bank. 57 Prospective Founding Members (PFM) named in annex A of the agreement are eligible to sign and ratify the Articles, thus becoming a member of 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.[5]
The Articles were negotiated by the Prospective Founding Members, with Hong Kong joining the negotiations via China.[36][37]
Founding Members[edit]
The 57 Prospective Founding Members can become Founding Members through:
- Signing the Articles of Agreement in 2015
- Ratifying the Articles of Agreement in 2015 or 2016
As of October 2015, 53 states have signed the Articles, two of which have ratified them. Seven countries that signed the founding charter did not sign the Article of Agreement on 29 June.[38][39] 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.
| Country (Region) | Prospective Founding Member status |
Signature (Articles)[6] |
Ratification (Articles)[6] |
Shares | % of shares | % of vote[40] |
|---|---|---|---|---|---|---|
| 3 April 2015[41] | 29 June 2015 | 36,912 | 3.76 | 3.46 | ||
| 11 April 2015[42] | 29 June 2015 | 5,008 | 0.51 | 0.70 | ||
| 15 April 2015[43] | 29 June 2015 | 2,541 | 0.26 | 0.48 | ||
| 24 October 2014 | 29 June 2015 | 6,605 | 0.67 | 0.83 | ||
| 12 April 2015[44] | 29 June 2015 | 31,810 | 3.24 | 3.02 | ||
| 24 October 2014 | 29 June 2015 | 524 | 0.05 | 0.31 | ||
| 24 October 2014 | 29 June 2015 | 623 | 0.06 | 0.32 | ||
| 24 October 2014 | 29 June 2015 | 297,804 | 30.34 | 26.06 | ||
| 12 April 2015[44] | 3,695 | 0.38 | 0.58 | |||
| 14 April 2015[45] | 29 June 2015 | 6,505 | 0.66 | 0.83 | ||
| 12 April 2015[44] | 29 June 2015 | 3,103 | 0.32 | 0.53 | ||
| 2 April 2015[46] | 29 June 2015 | 33,756 | 3.44 | 3.19 | ||
| 12 April 2015[44] | 29 June 2015 | 539 | 0.05 | 0.31 | ||
| 1 April 2015[47] | 29 June 2015 | 44,842 | 4.57 | 4.15 | ||
| 15 April 2015[43] | 29 June 2015 | 176 | 0.02 | 0.28 | ||
| 24 October 2014 | 29 June 2015 | 83,673 | 8.52 | 7.51 | ||
| 25 November 2014[21] | 29 June 2015 | 33,607 | 3.42 | 3.17 | ||
| 7 April 2015[48] | 29 June 2015 | 15,808 | 1.61 | 1.63 | ||
| 15 April 2015[43] | 29 June 2015 | 7,499 | 0.76 | 0.91 | ||
| 2 April 2015[46] | 29 June 2015 | 25,718 | 2.62 | 2.49 | ||
| 7 February 2015 | 29 June 2015 | 1,192 | 0.12 | 0.37 | ||
| 24 October 2014 | 29 June 2015 | 7,293 | 0.74 | 0.89 | ||
| 11 April 2015[42] | 29 June 2015 | 37,388 | 3.81 | 3.50 | ||
| 24 October 2014 | 5,360 | 0.55 | 0.73 | |||
| 9 April 2015[49] | 29 June 2015 | 268 | 0.03 | 0.29 | ||
| 24 October 2014 | 29 June 2015 | 430 | 0.04 | 0.30 | ||
| 27 March 2015[50] | 29 June 2015 | 697 | 0.07 | 0.32 | ||
| 24 October 2014 | 21 August 2015[51] | 1,095 | 0.11 | 0.36 | ||
| 31 December 2014[52] | 29 June 2015 | 72 | 0.01 | 0.27 | ||
| 9 April 2015[49] | 29 June 2015 | 136 | 0.01 | 0.27 | ||
| 24 October 2014 | 29 June 2015 | 411 | 0.04 | 0.30 | ||
| 24 October 2014 | 29 June 2015 | 1 July 2015 | 2645 | 0.27 | 0.49 | |
| 24 October 2014 | 29 June 2015 | 809 | 0.08 | 0.33 | ||
| 12 April 2015[44] | 29 June 2015 | 10,313 | 1.05 | 1.16 | ||
| 5 January 2015[53] | 29 June 2015 | 4,615 | 0.47 | 0.66 | ||
| 14 April 2015[45] | 29 June 2015 | 5,506 | 0.56 | 0.74 | ||
| 24 October 2014 | 29 June 2015 | 2,592 | 0.26 | 0.49 | ||
| 24 October 2014 | 29 June 2015 | 10,341 | 1.05 | 1.16 | ||
| 24 October 2014 | 9,791 | 1.00 | 1.11 | |||
| 15 April 2015[43] | 9 October 2015 | 8,318 | 0.85 | 0.98 | ||
| 15 April 2015[43] | 29 June 2015 | 650 | 0.07 | 0.32 | ||
| 24 October 2014 | 29 June 2015 | 6,044 | 0.62 | 0.79 | ||
| 14 April 2015[54] | 29 June 2015 | 65,362 | 6.66 | 5.93 | ||
| 13 January 2015[55] | 29 June 2015 | 25,446 | 2.59 | 2.47 | ||
| 24 October 2014[56] | 29 June 2015 | 7 September 2015 | 2,500 | 0.25 | 0.48 | |
| 15 April 2015[43] | 5,905 | 0.60 | 0.77 | |||
| 11 April 2015[42] | 29 June 2015 | 17,615 | 1.79 | 1.79 | ||
| 24 October 2014 | 29 June 2015 | 2,690 | 0.27 | 0.50 | ||
| 15 April 2015[43] | 29 June 2015 | 6,300 | 0.64 | 0.81 | ||
| 28 March 2015[57] | 29 June 2015 | 7,064 | 0.72 | 0.87 | ||
| 13 January 2015[55] | 29 June 2015 | 309 | 0.03 | 0.29 | ||
| 24 October 2014[56] | 1 October 2015 | 14,275 | 1.45 | 1.50 | ||
| 10 April 2015[58] | 29 June 2015 | 26,099 | 2.66 | 2.52 | ||
| 5 April 2015[59] | 29 June 2015 | 11,857 | 1.21 | 1.29 | ||
| 28 March 2015[57] | 29 June 2015 | 30,547 | 3.11 | 2.91 | ||
| 24 October 2014 | 29 June 2015 | 2,198 | 0.22 | 0.45 | ||
| 24 October 2014 | 29 June 2015 | 6,633 | 0.68 | 0.84 | ||
| Unallocated Shares | 18,486 | – | – | |||
| Grand Total | 57 37 Regional 20 non-Regional |
53 97.47% of shares |
2 0.52% of shares |
1,000,000 | 100.00 | 100.00 |
Note: Regional members in blue
- * Memorandum (MOU) signatories
Philippines – Signature under Consideration [60]
Non Prospective Founding Members[edit]
Of the states without Prospective Founding Member status, Belgium, Canada, Czech Republic,[61] Hungary, Taiwan and Ukraine are considering joining the AIIB as members. Colombia, Japan and the United States have no immediate intention to participate. Taiwan,[62] and according to Emergingmarkets.com, North Korea[63] had their request to become a Prospective Founding Member rejected by China.
Dependent territories[edit]
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 itse external relations.
Hong Kong – Hong Kong SAR's representative attended the third Chief Negotiators' Meeting (CNM) held for Prospective Founding Members (PFM) on 30–31 March 2015 by joining the delegation of China,[64] and what kind of form or identity that Hong Kong SAR will be in AIIB will be finally determined once the preparing procedure or the negotiation is completed.[65]
Chinese Taipei (Taiwan) – Taiwan applied for PFM to join the AIIB via Taiwan Affairs Office, possibly under the name "Chinese Taipei" on 31 March,[66][67] but was rejected by the Multilateral Interim Secretariat of AIIB on 13 April, without any reason stated. China however kept the door open for Taiwan's membership at a later date.[62] China's Foreign Ministry spokeswoman Hua Chunying said that Taiwan should avoid "two Chinas" or "one China, one Taiwan" situation.[68]
Other states[edit]
- The United States' officials have expressed concerns about whether the AIIB would have high standards of governance, and whether it would have environmental and social safeguards.[69] The United States is reported to have used diplomatic pressure to try and prevent key allies, such as Australia, from joining the bank,[70] and expressed disappointment when others, such as Britain, joined.[56][69]
Japan – "Under Consideration" / No commitment
- Masato Kitera, Tokyo's envoy in Beijing, stated previously that Japan might join the AIIB.[71] Japanese Finance Minister Tarō Asō previously indicated interest in joining the AIIB, but later switched his stance. Yoshihide Suga, Japan's Cabinet Secretary, told to the public that Japan was still seeking China's full explanation of the AIIB as he stated, "As of today, Japan will not join AIIB and a clear explanation has not been received from China" and "Japan is dubious about whether (the AIIB) would be properly governed or whether it would damage other creditors". He also stated that Japan is no longer considering whether or not to join the bank. The Japanese Government Spokesman also announced that Japan would not join the AIIB. Japanese prime minister Shinzō Abe also added that Japan does not need to join the bank.[72]
[edit]
The allocated shares are based on the size of each member country's economy (calculated using GDP Nominal (60%) and GDP PPP (40%)), whether they're an Asian or Non-Asian Member, and the number of shares determines the fraction of autorized capital in the bank.[5][73][74][75] Of the prospective founding members, three states decided not to subscribe to all allocated shares: Malaysia, Portugal and Singapore. [40]
Three categories of votes exist: basic votes, share votes and Founding Member votes. The basic votes are equal for all members and constitute 18% of the total votes, while the share votes are equal to the number of shares. Each Founding Member furthermore gets 600 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):
| Vote Type | % of Total Votes | Total Votes | Vote per Member | China (Largest PFM) |
Maldives (Smallest PFM) |
|---|---|---|---|---|---|
| Basic votes | 12 | 138,510 | 2,430 | 2,430 | 2,430 |
| Share votes | 85 | 981,514 | Varies | 297,804 | 72 |
| Founding Member votes | 3 | 34,200 | 600 | 600 | 600 |
| Total | 100 | 1,154,224 | varies | 300,834 (26.1%) | 3,102 (0.3%) |
Shares and Voting %, in the event all PFM are party, and no new members are accepted, are shown in the table with parties above.
Management structure[edit]
The bank's governance structure is composed of the Board of Governors as the top-level and highest decision-making body, the board of directors as the middle-level, and the Management Team which is at the bottom of decision-making pyramidal structure.
Reception[edit]
The 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.[76]
Environmental record[edit]
As the proposed bank has no management or approved loans, it has no environmental record. Several organizations have however expressed their concerns over environmental policy of the proposed bank because of the high stake of China in the bank's business. Although the proposed bank declared "AIIB will learn from the best practice in the world and adopt international standards of environmental protection", Yuge Ma has argued that this may be complicated in developing Asian countries.[77]
See also[edit]
- Boao Forum for Asia
- New Development Bank (BRICS)/NDB BRICS
- Asian Development Bank (ADB)
- World Bank
- International Monetary Fund (IMF)
References[edit]
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Australia, a key US ally in the Asia-Pacific region which had come under pressure from Washington to stay out of the new bank, has also said that it will now rethink that position.
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- ^ China to have 30 per cent stake, veto power under AIIB deal
- ^ China to have 30 per cent stake, veto power under AIIB deal
- ^ "World Bank welcomes China-led infrastructure bank". Reuters. 8 July 2014.
- ^ Yuge Ma (5 December 2014). "The Environmental Implications of China’s New Bank". The Diplomat. Retrieved 27 July 2015.
External links[edit]
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