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Get On the AIIB Boat Before It Sails, Xinhua Says

March 20, 2015 (EIRNS)—As Luxemburg is the latest country to sign on to the AIIB, a series of editorials in the Chinese press is urging countries to get on board before the boat sails on March 31, the deadline for becoming a founding member.

“The development of the AIIB and Asian economy is an irresistible trend in current situation,” says Xinhua.

“Therefore, it is advisable for Western countries to take advantage of the opportunity to promote self-development and to jointly usher in a new era of world development,”

writes Xinhua.

“Better late than never. It is high time for those who are still hovering outside the new-born international financial body to get on the boat, so that they could share their valuable experience and make joint contributions to Asia’s economic growth and to the sustainable development of world economy at large.”

“As the future of the world’s economy will be centered in Asia, huge potential in its infrastructure construction will bring tremendous business opportunities to the world,”

the editorial continues.

“By joining the bank, the countries have actually booked their shares in Asia’s booming investment. According to statistics, by 2020 around 8 trillion dollars of investment will be needed in the fast-growing Asia-Pacific region to improve its infrastructure. However, it is obvious that the World Bank and the Asian Development Bank (ADB) could not comfortably cover the shortfall.”

Global Times notes that the founding of the AIIB will also be valuable in Chinas continuing “reform and opening up”. “The establishment and operation of the AIIB will inevitably lead China to become more open to the world. The AIIB is an opportunity for China to raise its international financing capability and will push China to integrate more with the world. China, as the AIIB’s initiator and site of its headquarters, will support it through a spectrum of self-improvement measures. The whole of Chinese society should participate in this process,” Global Times writes.

“China joined the World Trade Organization in 2001 and analysts have been applauding its positive impact on China’s reform and opening-up,”

the editorial continues.

“China’s establishment of the AIIB may not have a wide implication for Chinese society, but it will make high demands of China’s comprehensive abilities. If the AIIB can be a widely acclaimed international financial organization under China’s lead, the AIIB will be respected and China will become a true world power.”

It is expected that and implementation plan for the Belt and Road projects will be revealed next week when President Xi Jinping addresses the 2015 Boao Forum for Asia.