2015年CRI Preparations for AIIB Well Underway: Officials

 

Speaking at an international seminar held by China's Finance Ministry¹, deputy head of the Chinese working group of the bank Chen Huan said China is ready to go.

"We are planning to start our banking² business at the end of this year and we will formally launch the AIIB next year. Everything is going on smoothly³ according to our schedule. We are ready to start assessment⁴ of the investment projects. Once they are approved by the board of directors, the projects will get started soon."

The National People's Congress, China's legislative⁵ organ, will examine the AIIB agreement in November.

If approved, it will lay the legal framework for the setup of the bank.

The China-proposed bank now has 57 founding members.

It needs at least 10 nods from the members to get the agreement into effect.

Meantime, the equity⁶ amount of the 10 members should be no less than 50 percent of the total equity of the bank, which is 100 billion US dollars.

An official with China's Finance Ministry Zheng Quan said China's approval will be crucial.

"As the first majority shareholder⁷ of AIIB, if China approves the agreement, the amount would be 30 percent. With the approvals from other members, the remaining 20 percent will be done and the bank will be established as a legal person. So China's approval is very important."

Currently, the Asia-Pacific receives an annual investment of 20 billion US dollars from the World Bank and the Asian Development Bank.

However, the money is still hardly enough to meet the booming demands for infrastructure⁸ construction in the region, even with the participation⁹ of the AIIB.

Chinese vice¹⁰ Finance Minister Shi Yaobin said the private sector¹¹ is encouraged to take part in the investment, including the Public Private Partnership¹², or the PPP model.

"According to China's Commerce Ministry, the total amount of private assets in Asia-Pacific has reached 35 trillion U.S. dollars, but private investment for infrastructure and interconnection is limited. The PPP model will mobilize more funds and increase the supplement of infrastructure as well as improve the efficiency in using the fund. Next we will cooperate with other economies to share experiences and promote more PPP projects in Asia-Pacific."

Officials said infrastructure projects in energy, transportation, rural construction and urban development will be the priorities of the bank.

The Asian Infrastructure Investment Bank was proposed by Chinese President Xi Jinping in 2013.

50 countries have signed the bank's articles of agreement this June, laying the ground rules for officially launching the multilateral lender.

For CRI, I'm Qian Shanming.

1 ministry   

n.(政府的)部；牧师

参考例句：

• They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
• We probed the Air Ministry statements.我们调查了空军部的记录。

2 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

3 smoothly   

adv.平滑地，顺利地，流利地，流畅地

参考例句：

• The workmen are very cooperative,so the work goes on smoothly.工人们十分合作，所以工作进展顺利。
• Just change one or two words and the sentence will read smoothly.这句话只要动一两个字就顺了。

4 assessment   

n.评价；评估；对财产的估价，被估定的金额

参考例句：

• This is a very perceptive assessment of the situation.这是一个对该情况的极富洞察力的评价。
• What is your assessment of the situation?你对时局的看法如何？

5 legislative   

n.立法机构，立法权；adj.立法的，有立法权的

参考例句：

• Congress is the legislative branch of the U.S. government.国会是美国政府的立法部门。
• Today's hearing was just the first step in the legislative process.今天的听证会只是展开立法程序的第一步。

6 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

7 shareholder   

n.股东，股票持有人

参考例句：

• The account department have prepare a financial statement for the shareholder.财务部为股东准备了一份财务报表。
• A shareholder may transfer his shares in accordance with the law.股东持有的股份可以依法转让。

8 infrastructure   

n.下部构造，下部组织，基础结构，基础设施

参考例句：

• We should step up the development of infrastructure for research.加强科学基础设施建设。
• We should strengthen cultural infrastructure and boost various types of popular culture.加强文化基础设施建设，发展各类群众文化。

9 participation   

n.参与，参加，分享

参考例句：

• Some of the magic tricks called for audience participation.有些魔术要求有观众的参与。
• The scheme aims to encourage increased participation in sporting activities.这个方案旨在鼓励大众更多地参与体育活动。

10 vice   

n.坏事；恶习；[pl.]台钳，老虎钳；adj.副的

参考例句：

• He guarded himself against vice.他避免染上坏习惯。
• They are sunk in the depth of vice.他们堕入了罪恶的深渊。

11 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

12 partnership   

n.合作关系，伙伴关系

参考例句：

• The company has gone into partnership with Swiss Bank Corporation.这家公司已经和瑞士银行公司建立合作关系。
• Martin has taken him into general partnership in his company.马丁已让他成为公司的普通合伙人。