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Keywords of China's major-country diplomacy: China-sponsored international financial bodies

Xinhua | Updated: 2017-09-13 09:34

Editor's Note: China is rolling out a major documentary series on its diplomatic principles, practices and achievements over the past five years. The English-language version of the program will soon be available on TV and online. To help the audience better understand Chinese diplomacy, Xinhua is releasing a variety of reports that include anecdotes, quotable quotes, facts and figures.

The following is a selection of keywords related to China's foreign policy and their explanations:

AIIB

The Beijing-based Asian Infrastructure Investment Bank (AIIB) was officially established in December 2015 and opened for business in January 2016. It prioritizes investment in energy, power generation, transportation, rural infrastructure, environmental protection and logistics in Asia.

Among its 80 members, China is the bank's largest shareholder with 27.5 percent of voting rights.

As of July this year, the AIIB has approved a total of $2.8 billion in loans for 17 projects.

On July 18, S&P Global Ratings announced it had assigned AIIB "its highest possible rating and a stable outlook," following top-notch credit ratings from Moody's on June 29 and Fitch on July 13.

SILK ROAD FUND

Designed to finance the Belt and Road Initiative together with the AIIB, the Silk Road Fund was established in Beijing on Dec 29, 2014, following Chinese President Xi Jinping's announcement on Nov 8 that China would contribute $40 billion for this purpose.

The fund, jointly backed by China's foreign exchange reserves, China Investment Corp., Export-Import Bank of China and China Development Bank, will support infrastructure and resource development and industrial cooperation in countries along the Silk Road.

The Belt and Road Initiative, proposed by Xi in 2013, comprises the Silk Road Economic Belt and the 21st Century Maritime Silk Road, which aims to build trade and infrastructure networks connecting Asia with Europe and Africa on and beyond the ancient Silk Road routes.

BRICS NDB

The Shanghai-based New Development Bank was founded by BRICS, which is made up of Brazil, Russia, India, China and South Africa, during the bloc's sixth summit in Fortaleza of Brazil in July 2014 and formally opened in July 2015, with an initial authorized capital of 100 billion dollars.

It was created with the objective of financing infrastructure and sustainable development projects in BRICS countries, as well as other emerging economies and developing countries.

The bank approved its first series of loans worth $811 million in April 2016.

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