Beginning of AIIB epoch benefits all

For years, the G7 nations have pledged substantial governance reforms in international multilateral institutions, such as the International Monetary Fund, the World Bank and the Asian Development Bank. But the promises have been left unfulfilled, not least because these organizations are dominated by American, European and Japanese interests, as reflected by their voting quotas, investment allocations and the nationalities of their leaders.

In this context, the China-proposed Asian Infrastructure Investment Bank represents the needs of emerging economies which have been failed by the international multilateral institutions that were created and remain frozen in the mid-1940s.

In the fall of 2013, Chinese leaders proposed the establishment of the AIIB. In June 2014, they proposed doubling the registered capital of the bank from $50 billion to $100 billion, with nearly 30 percent of that coming from Beijing and the rest from the other founding members. Overall, some 75 percent of the AIIB's capital and voting rights are likely to be Asian.