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Sunday, May 06, 2018, 17:40
AIIB: Asia's development a boon for developed countries
By Xinhua
Sunday, May 06, 2018, 17:40 By Xinhua

In this Jan 17, 2016 photo, Jin Liqun, president of the Asian Infrastructure Investment Bank (AIIB), speaks to journalists during a press conference in Beijing, China. (FRED DUFOUR / AFP)

SAN FRANCISCO – President of Asian Infrastructure Investment Bank (AIIB) Jin Liqun has said Asia's economic development will offer enormous market opportunities for developed countries, including the United States. 

If Asia develops, and if the rest of Asia develops as China, it means that a huge export market for the US and European countries (will emerge), and direct and indirect benefits will accrue for all the countries in the world. 

Jin Liqun, President, Asian Infrastructure Investment Bank

Delivering his keynote speech at the 2018 annual conference of the Committee of 100 (C100) Saturday, Jin told an audience of 500 people how the bank was created to facilitate the growth of developing countries largely based on China's experience over the past few decades. 

C100 is a prominent group committed to the promotion of China-US relations and the advancement of Chinese Americans.

The China-initiated bank was created in 2015 for the sole purpose of helping developing countries along the Belt and Road routes build their infrastructure and grow their economies, Jin said.

READ MORE: AIIB adopts strategy to attract private capital

In the first two years, the bank implemented a lending program worth US$4.2 billion, according to him. 

"The bank has been helping the Asian developing countries, particularly India, Pakistan, Nepal, Sri Lanka and Indonesia ... and the first country outside Asia we support is Egypt." 

The bank now has 86 members, and it is holding a dialogue with the developing countries in Latin America and Africa to obtain their support, said the AIIB chief. "We're actually investing in all our member countries."

Jin said the AIIB is "open and inclusive," and it thus also welcomes the participation of developed countries. 

"If Asia develops, and if the rest of Asia develops as China, it means that a huge export market for the US and European countries (will emerge), and direct and indirect benefits will accrue for all the countries in the world," said the AIIB president. 

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He assured US investors that American companies will be treated fairly if they participate in a competitive bidding of the contracts issued by the bank. 

Jin expressed hoped for the advanced management experience of the US in helping the nascent infrastructure development bank develop a more sound governance system for its operation. 

Topics discussed during the C100 annual conference in Silicon Valley included China-US relations, artificial intelligence, intellectual property rights protection and innovation.

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