Asian Infrastructure Investment Bank: Restructuring Global Economy towards Sustainable Development
Abdul Ghaffar Mastoi**, Lu XinHai*, J. Renato Peneluppi Jr.*, Wimonsiri Saengkrod**
- *College of Public Administration, Huazhong University of Science and Technology, Wuhan, People’s Republic of China
- **College of Architecture and Urban Planning, Huazhong University of Science and Technology, Wuhan, People’s Republic of China
Published in The Fourth NZAAR International Event Series on Natural and Built Environment, Cities, Sustainability and Advanced Engineering, Kuala Lumpur, Malaysia, 27 January 2018, pages 154 to 161. New Zealand Academy of Applied Research. ISSN 2463-5979 (online), 2463-5960 (print). Indexed in the Web of Science Core Collection, Conference Proceedings Citation Index (Clarivate).
Summary
Beijing’s current effort to improve ties and stimulate growth and development along its geographic periphery, facilitating land-based trade across the Eurasian landmass, promoting infrastructural development and connectivity, and stimulating economic integration. These initiatives were seen as a leverage of China’s growing economic power and influence in order to strengthen and expand cooperative interactions, create an integrated web of mutually beneficial economic, social and political ties, and ultimately lower distrust and enhance a sense of common security. “One Belt, One Road is a good international economic strategy, but for now it is certainly not an easy one.” i Europe is an integral part of China’s transcontinental vision, and the European Union (EU) has its own vested interests in the Belt—as the EU–China Connectivity Platform demonstrates. This plan sets out a vision in which Chinese-led infrastructure construction, reduced tariffs, and simplified customs administration would allow trade to flow seamlessly between China and Europe by both rail and cargo ship. ii China has committed a total of about $100 billion to a trio of new infrastructure funds: $40 billion to the Central Asia-focused Silk Road Fund, $50 billion to a new Asian Infrastructure Investment Bank (AIIB), and $10 billion to the BRICS-led New Development Bank.
Rights
Copyright © New Zealand Academy of Applied Research Ltd 2018. All rights reserved. Reproduced in the GDI Academy archive from the original proceedings without change to the authors’ text.