AIIB open and inclusive

From October 2013 when the concept of Asian Infrastructure Investment Bank was first advocated by China to October 2014 when a memorandum was signed and then to this year's April 15 deadline for membership applications, the bank has received increasing endorsements and faced declining resistance.

The main reason for the AIIB's popularity is that more and more countries have come to realize that it is compatible with their development requirements. On the one hand, established international financial institutions are failing to meet expanding world demand for infrastructure construction, given that many of them are reluctant to offer financing for such projects. The flight of international capital from Asia that can be expected after the United States ends its quantitative easing will further accentuate funding pressures on Asian infrastructure construction.

On the other hand, the AIIB will be a beneficial supplement to the extant international financial institutions, given that the World Bank and Asian Development Bank are not focused on infrastructure construction. The AIIB's innovative operating model, such as its possible introduction of private funds and sectors, will also help lower costs and raise efficiency.