新金融秩序时代新发展机构 亚投行运作需要新思维（2）

附:英文原文

NewDevelopment Institutions in A World of New Financial Order

- Why AIIB Deserves The Support & Requires New Thinking?

Dr. Ben Shenglin

Professorof Banking & Finance， Dean， Academy of Internet Finance， Zhejiang University

Executive Director， International Monetary Institute， Renmin University of China

One of the most-talked-about new international financial initiatives in recent decades is the proposed establishment of new development institutions like Asia Infrastructure Investment Bank (“AIIB”) and BRICS-sponsored New Development Bank (“NDB”).

The Conventional Wisdom

The establishment of AIIB was formally proposed by Chinese President Xi in October 2013， it had a relatively slow start as many countries needed time to understand the proposal and assess their options of joining or not given their respective national and global dynamics they face. In the meantime， US has not been helpful as it sees or is perceived to be seeing AIIB as a direct competitor with the existent players like Asia Development Bank (ADB) and World Bank， which by no coincidence have been dominated by the West. The UK’s decision to join AIIB earlier this year is considered a milestone as many other Western countries immediately followed suit， breaking ranks with the US. AIIB has now attracted global attention and garnered broad support with 57 countries & regions having signed up for becoming the founding shareholders of the new institution， making it one of the most multilateral institutions in the world and the first multilateral institution initiated by a developing country.

The Unique Role for AIIB: Filling the Gap

AIIB will be the first multilateral development institution headquartered in Beijing， the Chinese capital. While its headquarter office may be close to China’s domestic policyinstitutions like China Development Bank(“CDB”)， AIIB distinguishes itself fromits domestic neighbors in significant ways: its multilateral nature， its missionand focus， its governance & management structure， though these are yet to be agreed upon by the expanded shareholder group.

AIIB& Its Peers

Note: ADB’s capital is paid-incapital & reserves； All data is as of end-2014

Compared to ADB， AIIB will be much more focused on infrastructure projects， and given China’s success in this area AIIB will bring the new experiences as well as the much-needed additionalfunding to fill the huge infrastructure investment gap in Asia’s developing world and beyond.  According to oneestimate， each year Asia will need USD 800 billion infrastructure investmentuntil at least 2020. ADB has a total balance sheet size of USD 160 billion while WB has USD 290 billion， and what is available for new infrastructure financing in Asia is a lot less than their total asset and more so than there quired financing.

Therefore the positioning of AIIB should be and is clear: it is to fill the gap and supplement， not to disrupt，the existent institutions. It will be a China-headquartered， Asiain frastructure-focused multilateral development institution with an international-standard governance board and management team.  It will be both Asia and the world’s “most Chinese” multilateral development institution and the most international one among all development institutions led by China. Simply put， it will be both regional and global as well as Chinese.

AIIB & New World Order

The establishment of AIIB and NDB marks a turning point and carries profound significance， reflecting the shifting power globally， with post-war global governance bodies (financial，economic and political) having been dominated by the US-led West. AIIB represents the first time in human history that a multilateral bank is foundedand spearheaded by a developing country without the incumbent superpower. In the case of NDB， it is the first time that the developing countries as a group have sponsored a global development institution without the prior endorsement from the developed world. In this connection， the AIIB and NDB represent the first， yet major， step in re-balancing the current unbalanced global governance，which has been dominated by the developed world.

AIIB – The Chinese Perspective

Many international China watchers have now known China’s so-called “One Belt & One Road”(“BAR”) strategy- the inter-continental partnership initiative that China has decided tounder take to further integrate itself with the rest of the world. The initiative is probably easier known as the “new silk road” strategy that emulates the ancient Silk Road that travelled from China to Europe.

The establishment of AIIB (andto an extent NDB) is part of China’s broad globalization and modernization initiative.China sees it crucial for herself to broaden and deepen her global integrationas she embarks on the next phase of economic development.

Granted that China is undertaking this strategy out of her own interest:  China’s previous policy bias towards investment and restrictive foreign exchange policy so far have led to overinvestment and excess capacity domestically in certain industrial sectors.To rebalance and upgrade her industry capabilities， she needs to channel moreinvestments into higher-value-add sectors as well as overseas. The strategy has started working. In 2014， China’s outbound direct investment reached USD 140billion， making her a net capital exporting country for the first time inhistory.

More importantly， China also knows from her own recent experiences that developing infrastructure is critical to economic growth and China wants to share her valuable experiences with other developing countries. It is a nice and convenient addition that China’s large savings need and are available for global deployment.

China now considers herselfas a willing and able country to contribute more to the world’s development. Together with other developing nations， she attempted to increase its contribution to and shareholding of ADB and WB. But the effort to reform within the system andwith the existent institutions has been frustrated. It is against this global background that AIIB and the broad “BAR” initiative were proposed as an alternative and opportunity for China to answer the world’s call for more visible and active roles for developing countries， while furthering her own growth objectives.

How Should AIIB Operate? The New Thinking

Needless to say， AIIB and NDBwill learn from the best practices that ADB and other development banks have accumulated over the years， in terms of strategic focus， key governance an doperational matters. But simply copying those will not be enough. They will need more fresh and progressive thinking about how to govern more democratically， how to operate more efficiently and effectively (which havebeen areas of criticism for incumbent players)， how to engage more broadly with the private partners and general public， and so on.

To achieve these goals， AIIB (and NDB) must embrace new technology and new financial tools such as “internetfinance”. Take an example of crowd-funding that is a recent financial innovation that has gained a lot of interest in China and USA. Given the vastvisibility and direct connectivity it establishes among the funded party and numerous investors involved， crowd-funding will be an effective way for apublic institution like AIIB to broaden its funding sources， potentially lower the financial cost， and raise the level of public participation in what it does and aims to achieve. Crowd-funding (and other innovative solutions) has the necessary ingredients to become a powerful tool to unleash the full potential of the public-private-partnership that is sorely sought after and yet has proven so elusive to realize with existent institutions and conventional funding methods.    

Fortunately we are now in anew world with access to new technologies， new financing tools， new lessons andnew models for development. To leverage them properly to help achieve our shared goals of development institutions， we need new thinking and act upon them decisively!

 特别声明:文章只反映作者本人观点，中国金融信息网采用此文仅在于向读者提供更多信息，并不代表赞同其立场。