China’s Asian Infrastructure Investment Bank is a contradictory success story
Save time by listening to our audio articles as you multitaskToday, Mr Jin is in his seventh year as founding president of the Asian Infrastructure Investment Bank , a multilateral bank hosted by China. He still uses literature to explain his country’s world view to outsiders. In an essay on economic governance, he quotes “The Leopard”, a study of Sicilian aristocratic decline, and its advice: “If we want things to stay as they are, things will have to change.”is a contradictory success story.
Mr Jin, an urbane, professorial sort, says many American friends ask why his bank exists, when China could simply have increased funding to established institutions. To reflect the distinctive development experiences of Asia and China, is his answer. That starts with practical differences: faraway lenders were slow to grasp how soon infrastructure projects would pay off in booming Asia, for instance.
Hints of paternalism can be heard. He mentions relatively low education levels in Asia, and the risks of delaying good projects if local non-governmental groups—which have a right to speak out, he adds—are “hijacked by a very small group of people who put their very narrow interests above the community’s interests.” China believes a market economy can co exist with a “strong, robust state”.
Most of all, China wants outsiders to admire its development and the political system that has overseen it. If China is “a bit allergic to universal values”, he says, the problem is not the notion of all countries agreeing to basic principles. It is that some Western countries apply a “special connotation” to universal values and such terms as democracy, so as to criticise China and other developing countries. This makes China “very uncomfortable”, he says.
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