China wants to change the global financial system

With the establishment of China Development Bank AIIB, the countries of the world are no longer solely dependent on the IMF and World Bank. The Asian Infrastructure Investment Bank (AIIB) is one of China's largest geopolitical successes in recent years. Equipped with a total capital of US $ 100 billion, the bank is used to finance infrastructure projects in Asia. The AIIB was formed in opposition to the IMF and the World Bank, as China considers itself to be underrepresented, due to its growing economic power, in a desire to reform the global financial system. Therefore, the United States, in turn, considers the China Development Bank to be potentially dangerous for the existing financial system.

The institution was founded last year and is intended to provide loans in emerging markets for the implementation of infrastructure projects. Skeptics suggested that China was not in a position to operate a multilateral bank and pointed to a lack of experience in Beijing. China, India and Russia topped the organization, ranking among the top three holders of votes. At the same time, the PRC has a de facto veto right on the most important decisions.

"In the beginning, China was not sure, fearing that there was not enough capital for this," explains the Chinese official. It was only with the inauguration of the new President Xi Jinping that the plans received a new impetus. the project as an ideal institution for the implementation of a new strategy for China's infrastructure development and export The initiatives presented are in line with the strengthening of the infrastructure of the Eurasian states along the former Silk Road in connection with the One Belt, One Road project.

“No one could have imagined that AIIB would be so successful that so many people would be interested in it,” said another Chinese source. The Chinese Development Bank has generated a lot of interest around the world, including among the Gulf State and major European countries - surprisingly and contrary to US demands. The project received support in Germany, which became the fourth largest shareholder of the Asian Infrastructure Investment Bank. In addition, the UK, France, Italy and Switzerland are some of the founding members.