On Oct 24, 2014, the signing ceremony of the Asian Infrastructure Investment Bank took place at the Great Hall of the People in Beijing. Xi Jinping, the current president of China presented at the ceremony and signed the documents along with guests representing other 21 Asian nations. However, the U.S. raised up an opposing opinion towards having a new international bank established, they think that it’s unnecessary since there’s the World Bank existing there already. It’s obvious enough that by having another bank established and mainly controlled by these economically powerful Asian countries, the current World Bank’s power and status would absolutely get diminished to certain extent. It’s totally understandable that the U.S. would have a huge concern since the World Bank is “controlled” by them. Indeed, in recent years, China’s economy had been growing fast in a super good trends, its stock market (A shares and H shares) had been in a stable status as well. Moreover, this new Asian Infrastructure Investment Bank would probably bring more economic benefits to China. Whereas comparing to the U.S. economy, financial crisis made countless people lost their jobs and many businesses were shut down on Wall Street, the unoptimistic stock market condition made many traders gradually losing their faith in the U.S. stocks. But sometimes I felt that even China and other Asian countries were becoming more advanced, they still have limited rights in making economic decisions. I personally support the build-up of the AIIB, looking forward to how this would be able to aid Asia to improving its global stature and protecting its rights for being equal.
