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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.
This book interprets China's development and the opportunities it can leverage in the context of unprecedented change and the COVID-19 pandemic. It aims to provide case studies and insights for researchers and offer authoritative information for those interested in China’s development. In this book, 20 distinguished experts and researchers contribute their wisdom around five topics: science and technology innovation, ecological environment, the global and Chinese economies, high-tech industry development, and international and Chinese media research.
First, the book documents the evolution of Asia's infrastructure over the past half-century and reviews existing literature on the role of infrastructure investment in supporting growth and social development. It highlights the positive impact of mass transit investments on land and property values, and the possibility of taxing the increase in values to finance these investments. It then examines Asia's current practices and new solutions that can help meet the infrastructure gap. It discusses the role of institutions, how innovation can foster energy infrastructure investments, and the role of bond markets in infrastructure investments. The book explores ASEAN+3 efforts in developing local currency bond markets to provide long-term local financing for infrastructure investment while providing financial resilience. It also examines the use of green bonds to finance sustainable growth in Asia.
This book analyzes the origins and the impacts of China’s Belt and Road Initiative (BRI) on diplomacy, economy (trade, investment, finance), and security among selected host countries and regions in Asia, Africa, and the European Union. By examining the geopolitical economy of BRI activities, it concisely describes the impact of the rise of China and its BRI policy strategy on the reshaping of world order and global governance. This volume explores the BRI by addressing several key questions including: • Why did the Chinese leadership set up the BRI? • What are the activities of BRI projects in the participating countries and related regions? • What are the challenges to the successful implementation of the BRI in the various countries and regions? Moreover, through its analysis of the abovementioned questions, it provides novel contributions to the ongoing scholarly debates between Chinese and non-Chinese scholars – among others, the debate surrounding the “rise of China” and its impact on global governance. Featuring an extensive variety of expert contributors, this study will be an essential reading for students and scholars of International Relations and Global Political Economy as well as Chinese politics and those with an interest in the Belt and Road Initiative more broadly.
Views from China, Japan and the United States on the creation of AIIB and its impact on existing multilateral institutions as well as its implications for China's global role.
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.
Rising as a global power and regarding the existing world order unjust and unreasonable enough to meet the interests of both itself and other emerging powers, China has demanded reform to global governance, and taken new initiatives using its new quotient of wealth and influence to draw countries into its orbit. This comprehensive volume focuses on the two most important of these initiatives: the Belt and Road Initiative (BRI), launched in 2013 to strengthen China’s connectivity with a large part of the world through infrastructure and economic development; and the Asian Infrastructure Investment Bank (AIIB), created in 2015, which represented China’s effort in the reconstruction of the international development rules. This book explores how these two initiatives are central to China’s emerging global strategy. The authors examine China’s geopolitical and geo-economic motivations and domestic political dynamics in launching these two initiatives. They also investigate the responses from the major foreign partners involved in both initiatives. This book will be of great interest to students, academics and researchers of China’s emerging global strategy. It comprises articles originally published in the Journal of Contemporary China.
Work is constantly reshaped by technological progress. New ways of production are adopted, markets expand, and societies evolve. But some changes provoke more attention than others, in part due to the vast uncertainty involved in making predictions about the future. The 2019 World Development Report will study how the nature of work is changing as a result of advances in technology today. Technological progress disrupts existing systems. A new social contract is needed to smooth the transition and guard against rising inequality. Significant investments in human capital throughout a person’s lifecycle are vital to this effort. If workers are to stay competitive against machines they need to train or retool existing skills. A social protection system that includes a minimum basic level of protection for workers and citizens can complement new forms of employment. Improved private sector policies to encourage startup activity and competition can help countries compete in the digital age. Governments also need to ensure that firms pay their fair share of taxes, in part to fund this new social contract. The 2019 World Development Report presents an analysis of these issues based upon the available evidence.
This paper investigates the emerging global landscape for public-private co-investments in infrastructure. The creation of the Asian Infrastructure Investment Bank and other so-called “infrastructure investment platforms” are an attempt to tap into the pool of both public and private long-term savings in order to channel the latter into much needed infrastructure projects. This paper puts these new initiatives into perspective by critically reviewing the literature and experience with public private partnerships in infrastructure. It concludes by identifying the main challenges policy makers and other actors will need to confront going forward and to turn infrastructure into an asset class of its own.
This edited book provides a contemporary, critical and thought-provoking analysis of the internal and external threats to Western multilateral development finance in the twenty-first century. It draws on the expertise of scholars with a range of backgrounds providing a critical exploration of the neoliberal multilateral development aid. The contributions focus on how Western institutions have historically dominated development aid, and juxtapose this hegemony with the recent challenges from right-wing populist and the Beijing Consensus ideologies and practices. This book argues that the rise of right-wing populism has brought internal challenges to traditional powers within the multilateral development system. External challenges arise from the influence of China and regional development banks by providing alternatives to established Western dominated aid sources and architecture. From this vantagepoint, Rethinking Multilateralism in Foreign Aid puts forward new ideas for addressing the current global social, political and economic challenges concerning multilateral development aid. This book will be of interest to researchers, academics and students in the field of International Development and Global Governance, decision-makers at government level as well as to those working in international aid institutions, regional and bilateral aid agencies, and non-governmental organisations.