CHINA TOPIX

11/21/2024 03:32:28 pm

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More Than 30 Countries Awaiting Membership to China Investment Bank

More Than 30 Countries Awaiting Membership at China Investment Bank

(Photo : Getty Images) Despite US opposition, many of Washington's major allies have joined the AIIB bandwagon such as Britain, Australia, Germany, Italy, South Korea, and the Philippines, among others.

More than 30 countries are awaiting membership to the China-backed Asian Infrastructure Investment Bank (AIIB) in addition to the existing 57 founding members.

Experts say the AIIB appears to have become one of Beijing's biggest policy successes as Chinese President Xi Jinping had envisioned two years ago.

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Despite US opposition, many of its major allies have joined the AIIB bandwagon such as Britain, Australia, Germany, Italy, South Korea, and the Philippines, among others.

30 Countries

China has repeatedly emphasized that the creation of the AIIB is meant to service international institutions and not just to boost its influence overseas.

AIIB President Jin Liqun said that the bank is currently accepting new members with more than 30 countries waiting for approval of their membership.

"Over the past two years, we have achieved the purpose of convincing all the members - now we have 57, with more than 30 countries on the waiting list eager to join," Jin said during a recently concluded Boao forum.

Hong Kong

Jin refused to divulge the identities of the prospective members of the bank, but he was quick to point out that Hong Kong may be allowed to become a member.

"Hong Kong is an international financial center. We believe Hong Kong has a role to play in facilitating the financing of the AIIB. For instance, the AIIB can issue bonds in Hong Kong and can also have currency swaps with Hong Kong," he added.

Beijing has been taking important measures to help Hong Kong's economy which has been beset with problems after the massive pro-independence protests which ran for a month one year ago. 

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