Japan and US 'welcome' to take part in AIIB
A senior Chinese finance ministry official has indicated that Beijing would welcome Japan and the United States taking part in a planned China-led infrastructure bank.
A senior Chinese finance ministry official has indicated that Beijing would welcome Japan and the United States taking part in a planned China-led infrastructure bank.
Vice Finance Minister Zhu Guangyao told a think tank event in Washington that the Asian Infrastructure Investment Bank was open and inclusive and China welcomed Asian countries and nations outside the region taking part.
Zhu reiterated that China would let the bank work with existing international organisations such as the World Bank and the Asian Development Bank, saying that relations should be "complementary".
China has no intention of overthrowing the current system with the establishment of the new bank, Zhu said.
He also said he had discussed issues related to the bank with his counterparts from countries including Japan and the United States on Thursday on the sidelines of a meeting of finance chiefs from the Group of 20 developed and developing countries in the US capital.
Zhu said he strongly hoped the US Congress would endorse a long overdue plan to reform the International Monetary Fund aimed at granting China and other emerging economies bigger voting rights.
"Too long a time, too much delay," Zhu said, referring to inaction by the US legislature to pass relevant bills necessary to implement the reform plan agreed in 2010.
The foot-dragging by Congress had damaged the image of the United States, he said.
Many government officials and analysts have said growing dissatisfaction among emerging economies at the failure to reform the IMF's decision-making system encouraged China to set up the new international lender, with the participation of 57 countries.