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January 18, 2016
Chief of China-led bank says US, Japan are welcome
BEIJING -- The door is open for the U.S. and Japan to participate in the new Asian Infrastructure Investment Bank, the president of the Beijing-backed lender said Sunday.
The development bank launched Saturday under President Jin Liqun, a project that symbolizes China's growing economic might. Many countries are waiting to join, and the door will be kept open for the U.S. and Japan to take part, Jin said in his first press conference since the start.
Jin has served as the nation's vice minister of finance as well as vice president of the Asian Development Bank.
China has contributed about 30% of the AIIB's $100 billion in capital and has 26% of the voting rights, holding effective veto power over key projects. If the membership expands, the stakes and voting rights will be determined by gross domestic product, said Jin, indicating that China's influence may weaken and lose veto power.
Jin said the institution's official language will be English, a decision that highlights its status as a major international organization.
He declined to address the issue of Taiwan's pending participation, saying it was not appropriate for him to comment.
As for the first loan the bank aims to issue in mid-2016, Jin said it could be either an independent project or joint lending along with partners like the World Bank and Asian Development Bank.
The loan would be denominated in dollars but that funds may be procured in other currencies such as the euro and yuan, he added.
China has separately contributed about $50 million in a special fund intended to smooth out any issues in the AIIB's initial operations. Another member, South Korea, will contribute to this fund, Jin said.
http://asia.nikkei.com/Politics-Economy/International-Relations/Chief-of-China-led-bank-says-US-Japan-are-welcome
Chief of China-led bank says US, Japan are welcome
BEIJING -- The door is open for the U.S. and Japan to participate in the new Asian Infrastructure Investment Bank, the president of the Beijing-backed lender said Sunday.
The development bank launched Saturday under President Jin Liqun, a project that symbolizes China's growing economic might. Many countries are waiting to join, and the door will be kept open for the U.S. and Japan to take part, Jin said in his first press conference since the start.
Jin has served as the nation's vice minister of finance as well as vice president of the Asian Development Bank.
China has contributed about 30% of the AIIB's $100 billion in capital and has 26% of the voting rights, holding effective veto power over key projects. If the membership expands, the stakes and voting rights will be determined by gross domestic product, said Jin, indicating that China's influence may weaken and lose veto power.
Jin said the institution's official language will be English, a decision that highlights its status as a major international organization.
He declined to address the issue of Taiwan's pending participation, saying it was not appropriate for him to comment.
As for the first loan the bank aims to issue in mid-2016, Jin said it could be either an independent project or joint lending along with partners like the World Bank and Asian Development Bank.
The loan would be denominated in dollars but that funds may be procured in other currencies such as the euro and yuan, he added.
China has separately contributed about $50 million in a special fund intended to smooth out any issues in the AIIB's initial operations. Another member, South Korea, will contribute to this fund, Jin said.
http://asia.nikkei.com/Politics-Economy/International-Relations/Chief-of-China-led-bank-says-US-Japan-are-welcome
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