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.

In a rare case of disagreement with the US, the United Kingdom, France, Germany, Italy, Luxembourg and Switzerland all applied to join the AIIB. This symbolic development marks the rise of emerging economies, with China as their representative, and is a prelude to the restructuring of the global financial system.

The AIIB and the Belt and Road Initiative could be the platform to turn promises into action for the benefit of all members, developing as well developed.

More importantly, the efficiency with which China transformed the Belt and Road Initiative from a proposal into a grand executable plan in about a year shows its determination to make them succeed.

China's belief and engagement in trade, cooperation and investment for mutual benefit could further facilitate the success of the AIIB and Belt and Road Initiative, while the cost-performance advantages some Chinese industries enjoy and the country's huge foreign exchange reserves and high savings are factors that constitute a solid foundation for the country's "go global" strategy for its enterprises to increase overseas operations.