European nations seek independent Asian policy by applying for AIIB membership: German scholar

With France, Italy and Germany following Britain in deciding to join the Asian Infrastructure Investment Bank (AIIB), Europe is seeking to have an independent policy towards Asia and China, a German scholar said on Tuesday.

"The main interest of Europeans here is to have an independent policy towards Asia and China, instead of remaining in a position of dependence on the United States, in order to represent Europe' s political and economic interest in Asia," said Horst Loechel, professor of economics at Frankfurt School of Finance & Management.

"It is quite signicant for European nations to join a China-proposed development bank. In addition to the existing cooperation with the United States, Europeans want an independent policy, and that include cooperation with China on equal terms," said the German professor in an interview with Xinhua.

Specifically, Loechel commented, the four European nations have at least three motives: to have more influence and to seek more economic benefits in the fast-growing Asian market, to improve relations with China as a rising power and to have more decision-making leeway beyond the existing international financial institutions like the World Bank which is dominated by the United States.

With an expected initial subscribed capital of 50 billion U.S. dollars, the AIIB will be an international financial institution to fund infrastructure projects in Asia and is expected to be formally established by the end of this year.

Twenty-one countries including China, India and Singapore signed a memorandum of understanding in Beijing in October last year to found the bank. Endi