Bridge builders of one belt one road ‘Why, what and How’ of the AIIB and SRF
Languages of publication
The history of AIIB and SRF is shorter than most of institutes, however so far the two institutes have earned their reputation through business development, and enhanced the confidence of world to B&R initiative. The key hypothesis of this paper is that the two institutes are not some kinds of economic weapons invented to destroy existing world order but new organizations to improve cooperation of countries. The AIIB and SRF are welcomed widely especially by the members in core region of B&R initiative for several reasons. First, they play indispensable role as the public financing institutes, separately being classed as MDB (multilateral development bank) and SWF (sovereign wealth funds) ,both are important for Sustainable development investments .Second , they may help to transfer experiences of China and other fast growing countries to undeveloped countries. The third and may be the most important point is, the two institutes may help more cooperation to be realized following B & R initiative. The missions and functions of the two institutes are fostering sustainable development, promoting regional cooperation, and decreasing the barrier of infrastructure financing. By provide debt financing and capital financing respectively, the two institutes may satisfy different customers with demands of the infrastructure financing in the region. With the transparency process/governance, the two institutes will act not only new pools of development financing in belt and road region, but also a promoter and organizer of development financing industry, which may bring more opportunities to the countries in the region, and improve both intergovernmental and non-GOV cooperation to boost infrastructure financing. The scale of the business of the two institutes has been increased apparently since founded, mainly attributed to regenerative feedback effect caused by multi-win strategy, and the unique position pegged with one belt one road initiative. One interesting thing for IR scholars is , the two new institutes, as long as China the initiator of B & R initiative, have been doubted by some countries while embraced by some others, for being labeled as challengers of the existing world order. This may remind scholars the metaphor of the trap of Thucydides: the trap did exist for those who thought the threat was there and tried to prevent it happened.
- Vision and actions on jointly building Silk Road Economic Belt and 21st-century maritime Silk Road, National Development and Reform Commission of the People’s Republic of China (28, mar., 2015). http://en.ndrc.gov.cn/newsrelease/201503/t20150330_669367.html.
- Financial stability board, Report to the g20 brisbane summit on the FSB’s review of the structure of its representation, 6 november 2014.
- A. D. Keller, Sovereign wealth funds: Trustworthy investors or vehicles of strategic ambition? (11, september, 2008). “Georgetown Journal of Law & Public Policy”, vol. 7, no. 1, 2008.
- B. J. Richardson, Sovereign wealth funds and the quest for sustainability: Insights from Norway and New Zealand, “Nordic Journal of Commercial Law”, vol. 2, pp. 1-27, 2011 .
- Asian Infrastructure Investment Bank , Articles of agreement, https://www.aiib.org/en/about-aiib/basic-documents/articles-of-agreement.
- United Nations, World economic situation and prospects 2015, :https://www.un.org/development/desa/dpad/document_gem/global-economic-monitoringunit/world-economic-situation-and-prospects-wesp-report/ [access: 21.07.2015]
- The Ministry of Foreign Affairs, prc, The full achievement list of One Belt One Road international cooperation summit, 16 may 2017, http://www.fmprc.gov.cn/web/zyxw/t1461873.shtml
- F. van der Putten Minke meijnders , China, Europe and the Maritime Silk Road, march 2015, clingendael report
Publication order reference