In­clu­sive AIIB can make a dif­fer­ence

China Daily (Canada) - - FRONT PAGE -

struc­ture, oper­a­tions, hu­man re­sources, and man­age­ment, among other as­pects, to en­sure the Bank will op­er­ate in a pro­fes­sional, ef­fi­cient, trans­par­ent and clean man­ner.

On gov­er­nance struc­ture. The AIIB will adopt a mod­ern gov­er­nance struc­ture which com­prises three lev­els: the Board of Gover­nors, the Board of Di­rec­tors, and the Man­age­ment. The Board of Gover­nors is the high­est de­ci­sion mak­ing body of the Bank, and is vested by the Ar­ti­cles of Agree­ment to del­e­gate au­thor­ity to the Board of Di­rec­tors as nec­es­sary. The Board of Di­rec­tors will be non-res­i­dent ini­tially and con­vene regularly to dis­cuss ma­jor pol­icy and op­er­a­tional is­sues. Ef­fec­tive over­sight mech­a­nism will be in­sti­tuted to hold theMan­age­ment re­spon­si­ble and ac­count­able. The Bank would show zero tol­er­ance to­wards cor­rup­tion and fraud, and en­force rig­or­ous poli­cies and reg­u­la­tions to up­hold in­tegrity.

On op­er­a­tional poli­cies. The Bank will re­spect and learn from the good prac­tices and ex­pe­ri­ences of the ex­ist­ing mul­ti­lat­eral de­vel­op­ment banks in terms of en­vi­ron­ment and so­cial frame­work, pro­cure­ment pol­icy, pro­ject man­age­ment, and debt sus­tain­abil­ity as­sess­ment, with a viewto putting into place strict and cred­i­ble op­er­a­tional poli­cies of the high­est stan­dards. More­over, the AIIB will draw­lessons from the “dos and don’ts” of the ex­ist­ing mul­ti­lat­eral de­vel­op­ment banks, and ex­plore bet­ter ways and prac­tices to im­prove its op­er­at­ing ef­fi­ciency and re­duce costs.

On hu­man re­sources man­age­ment. China and other mem­bers will work in con­cert and pro­vide guid­ance to the Sec­re­tar­iat through the ChiefNe­go­tia­tors’Meet­ing mech­a­nism on mat­ters of hu­man re­source man­age­ment and staff re­cruit­ment, through for­mu­lat­ing poli­cies, pro­ce­dures and cri­te­ria, so as to tap the global tal­ent pool for man­age­ment and staff po­si­tions through open, trans­par­ent and merit-based mul­ti­lat­eral pro­cesses.

On pro­ject pipeline and head­quar­ters es­tab­lish­ment. All Prospec­tive Found­ing­Mem­bers will work to­gether on pro­ject pipeline de­vel­op­ment to en­sure the Bank would be fully geared for a stel­lar de­but upon its of­fi­cial es­tab­lish­ment. More­over, as the host coun­try, China will con­tinue to de­liver good ser­vices to fa­cil­i­tate work as­so­ci­ated with the Bank’s head­quar­ters in Bei­jing, and pro­vide strong and re­li­able sup­port to en­able ef­fi­cient op­er­a­tion of the Bank.

The AIIB ini­tia­tive has­comea longway since its in­cep­tion. Nev­er­the­less, it is but a first step leadin­gup­toan“epic jour­ney”. More hard­work­lies ahead in our quest to build the AIIB in­toan­in­ter­na­tional fi­nan­cial in­sti­tu­tionem­body­ing the high­est stan­dards. I am­con­vinced that with the con­certed ef­forts of the 57Prospec­tiveFound­ingMem­bers, wewill live­upto the vi­sion of build­ing the AIIB into a mul­ti­lat­eral de­vel­op­ment in­sti­tu­tion of the 21st Cen­tury, and­con­tribute in a mean­ing­ful­way to the great cause of re­gion­a­land­global de­vel­op­ment.

The au­thor is Min­is­ter of Fi­nance of China. in­vest­ments, the ChAFTA will trig­ger a new spree of Chi­nese in­vest­ments in Aus­tralia.

Sta­tis­tics show that last year bi­lat­eral trade reached $136.9 bil­lion, 16 times the vol­ume in 2000. And China is al­ready Aus­tralia’s big­gest trad­ing part­ner, ac­count­ing for nearly a quar­ter of the coun­try’s to­tal trade value.

The ChAFTA is another com­pre­hen­sive, high-level free trade agree­ment China has signed with coun­tries in the Asia-Pa­cific af­ter ink­ing the FTA with the Re­pub­lic of Korea on June 1 and the first with a ma­jor de­vel­oped econ­omy. As such, they epit­o­mize China’s eco­nomic pur­suit in the newera.

The fact that the ChAFTA cov­ers im­por­tant fields that have emerged in the new­cen­tury such as e-com­merce and gov­ern­ment pro­cure­ment shows China is ded­i­cated to open­ing up wider to the out­side world by adapt­ing to the in­ter­na­tional trade and in­vest­ment regime.

China has signed 14 FTAs with 22 coun­tries and re­gions, which in­clude the As­so­ci­a­tion of South­east Asian Na­tions, NewZealand, Sin­ga­pore, Pak­istan, Chile, Peru, Costa Rica, Ice­land, Switzer­land, the ROK and Aus­tralia.

The Chi­nese main­land has also signed Closer Eco­nomic Part­ner­ship Ar­range­ments with Hong Kong andMa­cao spe­cial ad­min­is­tra­tive re­gions and a cross-Straits eco­nomic pact— the Eco­nomic Co­op­er­a­tion Frame­work Agree­ment — with Tai­wan.

The FTAs not only yield real ben­e­fits to the coun­tries and re­gions that have signed them but also fa­cil­i­tate and boost mul­ti­lat­eral trade. That more and more Asia-Pa­cific economies are strength­en­ing their trade bonds with one another sig­ni­fies they are mov­ing to­ward re­gional in­te­gra­tion.

As a re­gion that ac­counts for more than 60 per­cent of the world’s pop­u­la­tion, Asia has a huge mar­ket po­ten­tial and has been a con­stant mag­net for for­eign in­vest­ments, es­pe­cially af­ter the 2008 global fi­nan­cial cri­sis. Yet since 2013, the flow of for­eign funds has slowed down, cre­at­ing in­creas­ing chal­lenges for re­gional in­te­gra­tion.

China, how­ever, re­mains com­mit­ted to sign­ing FTAs with trade part­ners in the re­gion that will yield ex­em­plary re­sults and thus help open newhori­zons for re­gional in­te­gra­tion. Global eco­nomic in­te­gra­tion, which fea­tures free flow of cap­i­tal, com­modi­ties and la­bor, is an ir­re­versible trend. And China is will­ing to open its econ­omy fur­ther so that it and its trade part­ners can reap huge ben­e­fits from free trade and global eco­nomic in­te­gra­tion.


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