Foregone Conclusion

 

The Ministry of Finance of China announced on April 11 that 41 countries including Korea, Spain, and Austria have been designated as the founding members of the Asia Infrastructure Investment Bank (AIIB). The other countries that have applied for accession are expected to win the same status by April 15. 

At present, 13 of the G20 countries are scheduled to join the AIIB. Of the G7, all will join except the United States, Japan, and Canada. The AIIB is predicted to be officially launched before the end of this year. 

Jin Liqun, interim chief of the AIIB, stressed that the bank will have a highly efficient organization free from corruption. “We are dedicated to creating a lean, neat, and eco-friendly bank,” the former vice minister of finance of China said at the recent Singapore Forum, a conference of Asian businesses and political leaders. He added that expert groups would run the AIIB. The top management will be organized not based on political considerations but based on individual capabilities, and the bank would adopt zero tolerance when it comes to corruption. He did not forget to mention that the AIIB is a multi-national organization in which China is just one of the leading members, and thus the members do not have to be worried about the possibility that the bank might be at the mercy of state-run Chinese companies.

Copyright © BusinessKorea. Prohibited from unauthorized reproduction and redistribution