The Asian Infrastructure Investment Bank in a Changing Era : New Institution and New Roles

This book explores the establishment process, mechanism design, and role orientation of the Asian Infrastructure Investment Bank (AIIB) under the new background of global economic governance. After the international financial crisis in 2008, the process of economic globalization and the comparison of international forces have presented a new situation, and the global economic governance system since has entered a period of deep adjustment and transformation. At the same time, the problems and drawbacks of the original multilateral development financial system have become increasingly prominent. This not only provides a historical opportunity for the establishment of the AIIB, but also gives it a new important role in the global multilateral development financial system. The innovation of the AIIB’s governance model, such as organizational structure, equity, and voting rights allocation, makes it more efficient in operation. And in practice, it is playing an increasingly important role in promoting policy connectivity, infrastructure connectivity, trade connectivity, financial connectivity and people-to-people connectivity of Asian region. Foreword Preface Contents 1 Global Economic Governance in an Era of Transformation 1.1 Profound Changes in Global Economic Governance 1.2 Profound Changes in the Economic Power of Great Nations 1.3 Profound Adjustments of Global Governance Rules and Mechanisms 2 Realistic Needs: Development Financial System Calls for New Members 2.1 The Rise of Development Finance 2.2 Multilateral Development Financial Arrangements 2.3 Governance Structure Reform of the World Bank 2.4 Governance Structure and Strategic Adjustments of ADB 3 The Creation of AIIB: Preparation and Operation 3.1 Proposal to Establish the AIIB and the Preparation Process 3.2 The Dominoes of Joining the AIIB 3.3 Institutional Setup and Operational Arrangements 4 Mechanism Design: Governance Structure and Rules of AIIB 4.1 Governance Structure 4.2 Authorized Capital Stock 4.3 Voting Power Composition and Decision-making Mechanism 4.4 Operating Rules 5 Vision and Mission: AIIB and Regional Connectivity 5.1 Visions for Asian Connectivity 5.2 AIIB and Policy Coordination 5.3 AIIB and Facilities Connectivity 5.4 AIIB and Unimpeded Trade 5.5 AIIB and Financial Integration 5.6 AIIB and People-to-People Bond Annex I Articles of Agreement of the Asian Infrastructure Investment Bank Annex II Members, Subscriptions and Voting Power of the Asian Infrastructure Investment Bank Postscript References