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October 31, 2015

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Home » Business » Finance

NPC looks at ratifying agreement on AIIB

Source: Xinhua | October 31, 2015, Saturday | Print Edition

CHINA’S top legislature yesterday began deliberating the ratification of the Asian Infrastructure Investment Bank agreement, which will lay the legal framework for the bank.

The China-advocated multilateral development institution is tasked with financing infrastructure construction across Asia. The 60-article agreement discussed by the legislature outlines the financial share of each founding member as well as rules on policy-making, governance structure and business and operational systems.

The AIIB will promote sustainable development of the Asian economy, create wealth and improve infrastructure connections, Minister of Finance Lou Jiwei said while briefing lawmakers at the opening of the five-day bimonthly session of the National People’s Congress Standing Committee.

The bank will cooperate with other multilateral and bilateral development organizations to promote regional cooperation and deal with challenges, according to Lou.

The AIIB shows that China is committed to establishing an open, just and transparent international economic governance system, and it will provide a new platform for cooperation among member states, he said.

All 57 members of the bank must ratify the agreement by December 31, 2016, to become founding members.

With authorized capital of US$100 billion, the AIIB will invest in energy, transport, urban construction and logistics as well as education and health care.

Asian members’ contribution of capital is three times that of non-Asian members.

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