Harbingers of a fairer global financial system

The change in the attitude of most Western powers toward the China-proposed Asian Infrastructure Investment Bank can only be termed dramatic. From being indifferent to the idea, they have not only become supportive but also joined it as founding members.

The establishment of the AIIB, part of China's overall reform and opening-up plan, is of great importance to the Silk Road Economic Belt and 21st Century Maritime Silk Road, whose aims are to strengthen infrastructure and connectivity in the region to better facilitate trade and reform of the global financial system to more objectively reflect the interests of developing countries.

The United States is the only major Western power to question the establishment of the AIIB because, it says, the bank could change the current global financial structure, which would challenge its dominant role. The US also says there is no guarantee the AIIB would abide by established credit and loan standards and be transparent in its operations. But these are just pretexts to oppose the AIIB and attempts to persuade other developed economies from joining it.