Companies
AIIB greets 13 more members
Canada’s joining the Asian Infrastructure Investment Bank makes it the first country in the Americas to join the organization, the AIIB announced on Thursday.
AIIB’s Board of Governors adopted resolutions on Thursday approving bank membership for 13 applicants, bringing its total approved membership to 70. The 13 countries and regions will officially become members once they have completed any necessary domestic processes and deposited the first installment of capital with the bank.
This is the first time that the AIIB has welcomed new prospective members to the bank since its launch in January 2016.
“The AIIB is a multilateral financial institution founded to bring countries together to address the daunting infrastructure needs across Asia,” said Laurel Ostfield, head of communication and development at AIIB, so Canada’s joining shows its “desire to be part of development with the world”.
The approved applicants are regional prospective members Afghanistan, Armenia, Fiji, Hong Kong and East Timor, as well as nonregional prospective members Belgium, Canada, Ethiopia, Hungary, Ireland, Peru, Sudan and Venezuela, she said.
AIIB President Jin Liqun said, “The interest in joining the AIIB from around the world affirms the rapid progress we have made to establish the bank as an international institution.
“I am very proud that the AIIB now has members from almost every continent, and we anticipate further applications being considered by our Board of Governors later this year.”
Canada’s joining illustrates worldwide recognition of China’s efforts to improve economic and social development in Asia by investing in high-quality, financially viable and environmentally friendly infrastructure projects, said Tu Xinquan, a professor of foreign trade at the China Institute for WTO Studies at the University of International Business and Economics in Beijing.
Ostfield said that about a dozen more nations are waiting for membership approval….
China
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China’s industrial subsidies have caused considerable controversy both internationally and domestically. Trading partners have accused China of unfairly favouring its indigenous firms with subsidies, leaving foreign companies at a disadvantage in the race to lead the technologies of the future.
Governments around the world regularly spend an enormous amount of money subsidising businesses. But few spend like China. A 2022 report suggests that China spends 1.7–5 per cent of its GDP on industrial policies, more than most countries.
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