Text丨Curious Mai Mai
Editor丨Curious Mai Mai
Preface
As one of the financial institutions of the Belt and Road Initiative proposed by the mainland, the Asian Infrastructure Investment Bank (AIIB) has been highly concerned by the international community since 2013 when it began preparations and was officially established in 2015.
The AIIB was founded with the aim of providing financing for infrastructure development in Asia and around the world, thereby promoting regional connectivity and economic development.
Now, in the context of frequent international political and economic risk factors, the development of the AIIB seems to be no longer the focus of attention at the beginning, and it is rarely mentioned by the outside world.
In this article, we will discuss the reasons why the AIIB is rarely mentioned in light of the current development status and international background of the AIIB, in order to shed some light on the future development of the AIIB.
1. The development status of the AIIB
1. Achievements achieved
Since its establishment, the AIIB has made remarkable achievements. First of all, the number of member countries of the AIIB has been increasing, and so far more than 100 countries have participated, including some developed Western countries.
In just a few years, the AIIB has approved more than 100 projects in a wide range of fields, such as transportation, energy, agriculture, environmental protection, etc., and has invested more than $20 billion.
The implementation of these projects has undoubtedly brought great impetus to local infrastructure construction and economic development, and has also been well received by member states and the international community.
2. Challenges
The challenges facing the AIIB should not be underestimated. First of all, there is a large gap between the existing AIIB funding and the needs of member countries, the so-called "money bag" problem.
Because the AIIB wants to achieve sustainable development, it must have sufficient financial support, and how to solve the funding problem has become one of the problems that the AIIB needs to solve urgently.
The AIIB is not very experienced in project management and risk control, especially in some complex large-scale projects, it is inevitable that there will be some problems and setbacks, and how to improve the management level and ability has become a bottleneck that the AIIB needs to break through.
The AIIB also faces certain obstacles in its cooperation and coordination with other international financial institutions, and how to find a way to organically connect with the existing international financial system has become a major challenge for the future development of the AIIB.
2. Changes in the international context
1. The impact of the global economic situation
At present, the frequent occurrence of political and economic risk factors on a global scale has had a great impact on the development of the entire international community, and has also changed the pattern of international cooperation and competition to a certain extent.
Under such circumstances, the development strategies and cooperation needs of various countries have been adjusted to a certain extent, and they have begun to seek more diversified and flexible cooperation methods to better adapt to the current complex and changeable international situation.
2. Changes in the need for regional cooperation
Especially in the Asian region, the demand for cooperation between countries is undergoing certain changes, and it is no longer limited to traditional infrastructure construction, but has begun to change from "hard connectivity" to "soft connectivity", such as the gradual rise of cooperation in the fields of digital economy and people-to-people exchanges, and countries have begun to pay more attention to and invest in these emerging fields.
In addition, with the increasing number of cooperation projects within the region, some major regional cooperation frameworks have also been introduced, such as Eurasian transport operations and the Central Asian Economic Corridor, which will undoubtedly have a certain impact on the development direction and focus of the AIIB.
3. Why not mention the AIIB now?
1. Shifting global focus
In the current international situation, the focus and concern of various countries have shifted to a certain extent, and they have begun to focus more on multilateral cooperation between regions and global issues, such as addressing climate change, promoting economic globalization, and reforming international financial governance.
At the same time, some emerging international cooperation platforms and mechanisms, such as the Regional Comprehensive Economic Partnership (RCEP) and the Digital Economy Partnership Agreement (DEPA), have also attracted attention, which makes traditional cooperation platforms such as the AIIB relatively unattractive.
2. Changes in the need for regional cooperation
On the other hand, the need for cooperation between countries is undergoing some subtle changes, and more emphasis is being placed on mutual benefit and sustainable development.
In this context, the various cooperation projects in which the AIIB participates also need to pay more attention to the actual needs of the local area and effectively promote the green and sustainable development of the local economy, which will be a rather complex and difficult challenge.
It is precisely for this reason that member countries need to become more involved in the governance and decision-making of the AIIB and discuss how to better address the current challenges and issues.
3. China's role and responsibilities
As the initiator and largest shareholder of the AIIB, China will naturally assume more roles and responsibilities, and needs to work together with other member countries to promote the development and construction of the AIIB.
China can provide more support and assistance to the AIIB's projects through its own development experience and technological advantages, especially in the fields of renewable energy and environmental protection technology.
China also needs to actively participate in the reform of the AIIB's governance structure, help the AIIB better adapt to the current international situation, and promote the reform and improvement of the international financial governance system.
epilogue
Whether it is the challenge of international political and economic risks or the change in the demand for regional cooperation, the future development of the AIIB is full of various uncertainties and challenges.
However, this does not mean that the AIIB has come to a glorious end, on the contrary, the development prospects of the AIIB as an international financial institution that upholds the concept of multilateralism and mutual benefit and win-win results are still worth looking forward to.
In the future, member countries should strengthen communication and cooperation, and achieve complementary advantages and common development in the process of jointly building the Belt and Road Initiative and other major cooperation platforms, so as to inject new vitality and impetus into the development of the AIIB.