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Founder of Bretton Woods II sees AIIB as a good supplement to current global financial system
2015-06-27 14:45

Shanghai, June 27- The two-day Lujiazui Forum 2015 continues today. Marc Uzan, Executive Director & founder of Reinventing Bretton Woods Committee gave a speech during the panel discussion at one of three parallel sessions with the theme of International Financial Cooperation and the Belt and Road Initiatives. He considers the AIIB to be a “good supplement” to current global financial system.

“It is quite fast that China establishes such a huge global financial institute with 57 member states included just in 7 months, which is a big surprise to western countries,” Marc Uzan said, the AIIB can meet financing demand of not only China itself but those countries along the Belt and Road such as Kazakhstan. The AIIB is to play a very important role in injecting capital into Asian countries’ infrastructure construction.

The goal of the AIIB is very clear, which is quite different with Bretton Woods System in their duties and characteristics. Uzan said, as the yuan is going global and an increasing number of international projects will be settled in RMB, it will be much more convenient with the help of the AIIB. China now can deploy capital in the whole world through the AIIB and multilateral cooperation rather than domestic banks as before.

Also great innovation takes place in governance structure within the AIIB. “Unlike the World Bank and the IMF, as far as I know, there’s no permanent commission.” Uzan thinks it’s very creative and practical to use video conference and make decisions together with other member countries.

The AIIB is not a replacement of Bretton Woods System, but a good supplement to the current global financial system, said Uzan. (Eastday/ Jiang Wenran)