Commentary: A key step forward for AIIB

The Asian Infrastructure Investment Bank (AIIB) on Monday captured global attention once again as its founding members gathered here to witness the signing of an agreement, a key step that paves the way for the operations of the institution.

The China-proposed bank is designed as a multilateral financial institution that mainly serves the development needs of the region, and it is also intended as a beneficial supplement to existing global financial organizations.

The AIIB has been warmly welcomed by countries in and out of Asia, which is so appealing to many developed economies in Europe that they offered to become founding members of the bank.

The remarkable appeal of the China-initiated bank stems from various principles it has upheld from the very beginning, such as win-win cooperation, inclusiveness, equality and innovation.

As a global financial institution that claims to run with high standards, the AIIB has been under intensive scrutiny for its governance rules. Its modus operandi of "lean, clean and green," proposed by the AIIB interim chief Jin Liqun, has stricken a chord with many keen observers.

The AIIB, while learning from the experiences of existing multilateral bodies, has also made innovative arrangements for its governance system. For example, the board of directors is non-resident but it will convene regularly to discuss key policies.

The fledgling organization also promises to do its utmost to address the issues of transparency, independent decision-making, and social responsibility.

In the preparations for the AIIB in the past few months, China has won respect from other countries as it always views other partners with both equality and respect.

The AIIB has a bright future ahead, as it pools together the wisdom of China, which has scored rapid economic development in the past few decades, and some of the most developed nations, which have rich experiences with modern-day governance.

However, it is also worth noting that running a multilateral financial institution is by no means an easy task. As pointed out by many, the success of the AIIB needs not only adequate financial instruments but also political will. China has enough reasons to be confident in this regard and the international community could rest assured.

With concerted efforts of all the founding members, it is believed that the AIIB will be a great boost to development in Asia and the whole world at large. Endi