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Author: Adina Matisoff
Publisher:
ISBN:
Category :
Languages : en
Pages : 202
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Book Description
In January 2016, the Asian Infrastructure Investment Bank (AIIB) was established in order to 'fill the gap' in financing for infrastructure in Asia, but its significance is more than the roads, power plants and fiber optic lines in which it invests: Financially and politically backed by the Chinese Party-State and a membership of more than 100 governments and counting, the AIIB is unprecedented as an institution of global governance. Yet tensions between the US-led international economic order and China's vision for a system of global economic governance that respects the territorial sovereignty of its members make the trajectory of the new institution unclear. In this moment of historic uncertainty, I focus on the AIIB's environmental and social policies as a site of struggle between these competing forces. On one hand, transnational advocacy networks draw authority from forces of US hegemony to advocate for strong bank control over environmental and social standards. On the other hand, the bank's founders have promised its members from developing countries that a China-led MDB will free them of bank interference in the domestic affairs of borrower countries. Drawing on five years of fieldwork starting while the AIIB was still an idea on the negotiator's table until the adoption and implementation of its environmental and social framework and related policies, I argue that the AIIB represents the desire of the Chinese state to disentangle the international economic order from US hegemony. However, the bank's choice to adhere to global financial norms, including raising money on international bond markets in US dollar-denominated notes, leaves few options for offering its borrowers a substantive alternative to major MDBs. In this context, environmental and social governance of projects has emerged as a site to introduce 'non-interference' into bank norms, but, I argue, this is also an attempt by the bank to dismantle transnational advocacy networks. As such, the choice to re-territorialize borrower sovereignty is also one that isolates place-based struggles against national development projects and thus perpetuates the inequities and harms of neoliberal development against marginalized peoples and environments.
Author: Adina Matisoff
Publisher:
ISBN:
Category :
Languages : en
Pages : 202
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Book Description
In January 2016, the Asian Infrastructure Investment Bank (AIIB) was established in order to 'fill the gap' in financing for infrastructure in Asia, but its significance is more than the roads, power plants and fiber optic lines in which it invests: Financially and politically backed by the Chinese Party-State and a membership of more than 100 governments and counting, the AIIB is unprecedented as an institution of global governance. Yet tensions between the US-led international economic order and China's vision for a system of global economic governance that respects the territorial sovereignty of its members make the trajectory of the new institution unclear. In this moment of historic uncertainty, I focus on the AIIB's environmental and social policies as a site of struggle between these competing forces. On one hand, transnational advocacy networks draw authority from forces of US hegemony to advocate for strong bank control over environmental and social standards. On the other hand, the bank's founders have promised its members from developing countries that a China-led MDB will free them of bank interference in the domestic affairs of borrower countries. Drawing on five years of fieldwork starting while the AIIB was still an idea on the negotiator's table until the adoption and implementation of its environmental and social framework and related policies, I argue that the AIIB represents the desire of the Chinese state to disentangle the international economic order from US hegemony. However, the bank's choice to adhere to global financial norms, including raising money on international bond markets in US dollar-denominated notes, leaves few options for offering its borrowers a substantive alternative to major MDBs. In this context, environmental and social governance of projects has emerged as a site to introduce 'non-interference' into bank norms, but, I argue, this is also an attempt by the bank to dismantle transnational advocacy networks. As such, the choice to re-territorialize borrower sovereignty is also one that isolates place-based struggles against national development projects and thus perpetuates the inequities and harms of neoliberal development against marginalized peoples and environments.
Author: Bin Gu
Publisher: Springer Nature
ISBN: 981971219X
Category :
Languages : en
Pages : 201
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Book Description
Author: Xiujun Xu
Publisher: Springer Nature
ISBN: 9811913285
Category : Political Science
Languages : en
Pages : 186
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Book Description
This book explores the establishment process, mechanism design, and role orientation of the Asian Infrastructure Investment Bank (AIIB) under the new background of global economic governance. After the international financial crisis in 2008, the process of economic globalization and the comparison of international forces have presented a new situation, and the global economic governance system since has entered a period of deep adjustment and transformation. At the same time, the problems and drawbacks of the original multilateral development financial system have become increasingly prominent. This not only provides a historical opportunity for the establishment of the AIIB, but also gives it a new important role in the global multilateral development financial system. The innovation of the AIIB’s governance model, such as organizational structure, equity, and voting rights allocation, makes it more efficient in operation. And in practice, it is playing an increasingly important role in promoting policy connectivity, infrastructure connectivity, trade connectivity, financial connectivity and people-to-people connectivity of Asian region.
Author: Ian Tsung-Yen Chen
Publisher: Routledge
ISBN: 0429789505
Category : Political Science
Languages : en
Pages : 216
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Book Description
Studying the Asian Infrastructure Investment Bank (AIIB) through the lens of international relations (IR) theory, Chen argues that it is inappropriate to treat the AIIB as either a revisionist or a complementary institution. Instead, the bank is still evolving and the interaction of power, interests, and status that will determine whether the bank will go wild. Theoretically, the current shape of the AIIB will influence global strategic conditions and global perceptions of the bank itself, consequently affecting China’s level of dissatisfaction with its power and status in the international financial system and maneuvering in the AIIB. To empirically show that, this book presents the evolution of the AIIB, compares the bank with its main competitors in the Asia-Pacific region, and conducts ten comparative case studies to show how countries around the world have positioned themselves in response to the emergence of the AIIB. This book presents critical insights for scholars and foreign-policy practitioners to understand China’s surging influence in international organizations and how China can shape the world order. It should prove of interest to students and scholars of IR, strategic studies, China Studies, Asian Studies, developmental studies, economics, and global finance.
Author: M. Wan
Publisher: Springer
ISBN: 1137593873
Category : Political Science
Languages : en
Pages : 149
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Book Description
This book assesses the strategic significance of the Asian Infrastructure Investment Bank (AIIB) by examining the logic of international power and order, historic trends in East Asian international relations, the AIIB's design in comparison to 'rival' financial institutions such as the World Bank and the Asian Development Bank, recent tendencies in Chinese foreign policy, and the Chinese system of political economy. It focuses on how China 'constructs' international arrangements at a critical juncture in history compared to other great powers, especially the United States and Japan. Viewed in isolation, the AIIB does not represent a radical departure from the existing international order; it is a hybrid institution built on China's integration into the West-dominated international structure and conditioned by the global financial market. But the AIIB does draw in part from a different institutional lineage, a different historical root, and a different national system of political economy. In this context, China's greater success will constitute a partial change to the existing international order, whatever the Chinese intention.
Author: Natalie G. Lichtenstein
Publisher: Oxford University Press
ISBN: 0198821964
Category : Business & Economics
Languages : en
Pages : 289
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Book Description
The Asian Infrastructure Investment Bank, first opened in 2016, is a 100 billion dollar multilateral development bank purpose-built to support infrastructure projects that enhance regional economic productivity. Its arms reach far: in its first two years, AIIB has financed transport systems such as national motorways in Pakistan, railways in Oman, and rural roads in India; energy projects including natural gas pipelines in Azerbaijan and hydropower plants in Tajikistan; and the redevelopment of impoverished areas in Indonesia. Initiated by China, its membership is global, with regional powers from Korea to Saudi Arabia, and key players from Europe, Africa, and Latin America. In a text that will appeal to general readers and legal specialists alike, Natalie Lichtenstein examines the Bank's mandate, investment operations, finance, governance, and institutional set up, as well as providing detailed analyses of the similarities and differences it has with other development banks - charting AIIB's story so far and anticipating its future.
Author: Bin Gu
Publisher:
ISBN:
Category :
Languages : en
Pages : 29
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Book Description
The Asian Infrastructure Investment Bank (AIIB, or the Bank) marks the first endeavor of Asian developing countries as initiators, with China at the center, in multilateral development financing. The glamour of the AIIB lies in multilateralism -- the underlying principle based on which it is institutionalized. Chinese multilateralism for the AIIB is different from American multilateralism, which is embedded in the Bretton Woods institutions and has enabled the US as a hegemon to strengthen its leadership in the world economy. China is not a hegemon; and most importantly, it has no will to counter the existing world order through the establishment of the AIIB. Rather, the Bank has positioned itself in a complementary role in international development financing. Meanwhile, Chinese multilateralism aims to improve global governance, tilting towards balance in favor of those underrepresented. The AIIB meets both the needs of China's domestic reforms, and the world's expectation of a responsible stakeholder and contributor. It fulfills multilateralism in both its constitutional charter and standards.
Author: Jun Zhu
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
According to a U.S. National Intelligence Council report in 2012, by 2030 China will have overtaken U.S. as the largest world economy and Asia is likely to surpass North America and Europe combined in terms of economic, technological and military power. Will the global configuration of power shift from the "West and the Rest" to the "West and the East"? As the first multilateral financial institution initiated by the developing countries after the Second World War, AIIB is one of the cornerstones of China's efforts to build its own international financial regimes as an alternative to the existing US-dominated regimes centered on World Bank and International Monetary Fund. AIIB is the critical experiment China makes to craft its own political-economic model of the right amount of multilateralism and unilateralism; of providing international public goods and pursuing national interest; of giving and taking; of power and interdependence. The success or failure of AIIB will have an immense impact on how China will draw its learning curve of global leadership.
Author: Suisheng Zhao
Publisher: Routledge
ISBN: 1000064263
Category : Business & Economics
Languages : en
Pages : 332
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Book Description
China’s Global Reach looks at China’s emergence on the globe as a hegemonic power in the recent years. Moving beyond Volume I, this new volume empirically examines the most recent development of the Belt and Road Initiative (BRI) and the Asian Infrastructure Investment Bank (AIIB), the two most important initiatives launched by President Xi Jinping as China tries to emerge as a global power. The first part of the book presents an overview of geo-strategic development of the two initiatives. The second part examines domestic political dynamics, particularly Xinjiang as the core of BRI, in these two initiatives. The third part investigates the responses from the major foreign partners involved in the two initiatives, with a focus on the responses from India, African and Middle East countries. The chapters in this book were originally published in various issues of the Journal of Contemporary China.
Author: Gu Bin
Publisher: International Banking and Fina
ISBN: 9789403506319
Category : Law
Languages : en
Pages : 256
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Book Description
About this book: The Law and Governance of the Asian Infrastructure Investment Bank is among the first to offer an incisive introduction to the Asian Infrastructure Investment Bank's (AIIB) law and governance, which are now essentially in place. The AIIB, which began operations in 2016 and now has an approved membership of eighty-four worldwide, has quickly become perhaps one of the world's most promising agents of global economic development. With its firm commitments to the twenty-first century imperatives of cost-effectiveness, zero tolerance for corruption and active promotion of environmental sustainability, its clearly stated aims and requirements echo the goal of reform that other multilateral institutions are undertaking. What's in this book: From a perspective of Chinese multilateralism, which parts ways from the dominant twentieth-century Bretton Woods arrangements, the author provides in great depth the details of such elements of the Bank's Articles of Agreement as the following: non-resident board system; procurement; role of trust funds; state-owned enterprises as private entities; immunity; dispute settlement; accountability for involuntary resettlement and human rights violations; and policy on prohibited practices. Throughout, the author provides deeply informed comparisons with such existing multilateral development banks as the World Bank, the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development and the Inter-American Development Bank, as well as with the World Trade Organization. He shows how the AIIB not only emulates but also innovates while continuing to collaborate closely with these institutions. He suggests what should be done to optimize governance, standards and operations of the AIIB together with these peer institutions in a mutually emulating manner. How this will help you: Lawyers and policymakers involved in international economic law and related fields will welcome this nuanced and in-depth description and analysis of the AIIB. Its concomitant analysis of political economy and global governance issues is intended as a basic introduction for law students and lawyers. This book will be of interest to bankers, businesses, government officials and others looking for an overall understanding of multilateral development banking and China's approach toward global governance in particular.
