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China’s President Reiterates His Support for Multilateral Cooperation

Economic News: On Tuesday, President Xi Jinping of China reiterated his support for multilateral cooperation.

He committed himself to work with others while pushing for cementing Asian Infrastructure Investment Bank (AIIB) and its role in the global economic governance system.

Xi urged everyone to stay open and inclusive to make AIIB a new paradigm of multilateral cooperation.

He said this on Tuesday at the opening ceremony of the Chinese development bank’s annual meeting. They held a virtual meeting this year due to the coronavirus pandemic.

Xi Jinping called on the bank to create a new platform that facilitates building a community with shared values for humanity and promotes development for its members.

Since AIIB’s launch in 2016, the bank has provided approximately $20 billion in infrastructure to its members.

Seen as a competitor to the U.S.’s World Bank and Japan’s Asian Development Bank, AIIB currently has 102 members from Europe, Africa, Asia, and the Americas.

According to Xi, AIIB needs to respond to the changes and adjustments in the global economic landscape while engaging with more development partners in cooperation. AIIB operates under the principle of extensive consultation, joint contribution, and shared benefits.

Xi added that the bank needs to provide public goods for their region and beyond. It needs to push for regional economic integration and help make economic globalization more inclusive and open, beneficial, and balanced for all.

Xi said this in China at the beginning of the two-day event.

The AIIB has established a COVID-19 crisis recovery loan facility. This will support all its members to deal with the effects of the coronavirus pandemic. The facility provides between $5 billion to $10 billion in financing.

Trade troubles with the U.S.

The Chinese President’s words came as the U.S. continues to retreat from its globalization efforts under Donald Trump’s administration.

It is a vital time, as the U.S. and China spar on a myriad of issues. This ranges from technology, trade, the origin of coronavirus, and some rivalry in the South China Sea.

On Wednesday, Jin Liqun said that there was some backlash because of some problems which occurred regarding globalization. He is the AIIB’s President.

However, he added that what was important was not to throw away our globalization or multilateral cooperation. We had to fix problems created in the course of the multilateral development of a globalized economy.

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