Inclusive AIIB constructive

The signing ceremony of memorandum of understanding on establishing the Asian Infrastructure Investment Bank (AIIB) is held in Beijing, Oct 24 2014. [Photo/Xinhua]

To promote balanced development either at the global or at an individual level, countries must find and foster new areas of growth. The creation of the China-advocated Asian Infrastructure Investment Bank offers such an opportunity. Through financing infrastructure construction in developing Asian countries, the AIIB will create a new source of growth for the global economy. The experience and technologies China has accumulated in infrastructure construction are exactly what other developing countries need for their future development.

The open and inclusive nature of the AIIB has led to its popularity among a number of developing countries desperate for economic development. The opportunities that developed countries can expect from their participation in the economic construction of developing countries also attracted them to the China-initiated financial institution.

The decision of Britain, France, Germany and other European countries to join the AIIB is based on their perception that Asia will be an important new area of economic growth for a long time. If the AIIB operates well, it will shift the economic focus to the region.

The existing international financial institutions, under excessive Western preoccupation with ideology and geopolitics, are more akin to political organizations and have failed to play a constructive role in helping economic development in developing countries. This has also increased the attractiveness of the AIIB.

Undoubtedly, the AIIB must hold on to its open and inclusive principles in order to play its due role well. Even as its initiator, China does not aim at dominating the AIIB. The bank's prospects are based on the establishment of a set of rules in a negotiated and democratic manner.

The above is an abridgement of a People's Daily article published on Monday.