US Tricks Did Not Hinder the AIIB

The Asian Infrastructure Investment Bank (AIIB) was founded today. This was the next major event that took place in the international financial sector since the establishment of the BRICS Development Bank. From proposal to reality, the founding of the AIIB merely took around a year. During its preparation, gossip and rumors ran rampant, especially from countries that had opposed China’s proposal since the beginning and had continually urged the involved nations to abandon their participation or outright oppose the establishment of such a bank. Unfortunately for them, the story did not unfold as they had expected. Through the establishment of the AIIB, the Asian countries have fully demonstrated a cooperative attitude of mutual understanding and support, allowing China’s proposal to become a reality in such a short period of time.

[Through] the founding of the AIIB, at least three issues of particular concern have been displayed. Foremost, disagreement with China’s proposal and hindrance from a few countries like the United States has been a surprise for the international community. The U.S. had a rare “allergic reaction” and even a “phobia” toward the proposal of the AIIB, which, with respect to either its beliefs or the free market principle that the U.S. has continually advocated, suggests a change in its innate ideologies. The actions of the United States seem a bit like devious tricks, attacking below the belt by provoking and spreading rumors. Although lies and provocations can temporarily satisfy a busybody, the U.S. is also losing crucial trust from small Asian countries.

Second, China’s goodwill and affability has received high praise from other Asian countries. The establishment of the AIIB should not simply be viewed as a victory for China, but a victory for all participating parties in Asia, a true win-win situation. China continues to adhere to the “equality and mutual benefit” policy of international cooperation more than 30 years after Chinese economic reform. Since the financial crisis of 2008, China has played a crucial part in supporting the global economy by achieving a “soft landing.” This was witnessed by the world and empathized with by the countries in Asia. With respect to international relations, adhering to the principle of karma is an extremely important element. There are several countries that echo the objection from the U.S., but this will not last long. The facts will unfold to the world that China is not a hypocrite that protects only its own interests at the expense of other nations.

Third, the main reason for the successful establishment of the AIIB is because the bank meets the market’s needs. The economic development of Asian countries had been [yearning] for the likes of the AIIB. In previous decades, although banks such as the Asian Development Bank and the World Bank that provide funding for the development of Asian countries have included China, these institutions have mainly been under the control of the U.S., Japan and other developed countries. Under these circumstances, some smaller countries in Asia would continue to struggle for a solution to their financial issues. Therefore, the establishment of a new institution like the AIIB that gives Asian countries their own autonomy and decision-making power will meet their interests and needs.

China’s active support for the establishment of the AIIB should not be interpreted simply as an act to compete for dominance in power and influence, but rather a genuine gesture to support the economic development of the smaller countries in Asia and to share the benefits and fruition of its own economic development with them. Prosperity alongside the rest of Asia is China’s true goal. Only in this way will the AIIB be equipped with eternal competitiveness and affinity.