Business / Economy

Accusations against China's new intraregional initiatives goundless

(Xinhua) Updated: 2015-04-02 10:55

BEIJING - Accusations against China's new moves on intraregional economic cooperation are remotely divorced from truth, as the country's latest efforts show nothing but good intentions and provide great opportunities for other countries.

Although China's new moves are only intended to strengthen its own economy by promoting common development and win-win cooperation with other countries, some people still contend that the "Belt and Road" initiative is the Chinese version of the Marshall Plan and the Asian Infrastructure Investment Bank (AIIB) China's first step to establish its own Bretton Woods System.

Such analogy is groundless and only manipulates history to form a plausible narrative serving a political end.

First, China's "Belt and Road" initiative, unlike the politically directed Marshall Plan which partly contributed to the shaping of the Cold War, is no political agenda to intensify any confrontation.

It is driven by China's realization that many developing countries crave for development, and the belief that helping them can benefit China as well.

Just like what Chinese Foreign Minister Wang Yi has said, the initiative is not a solo but a symphony of all relevant parties.

In advancing the initiative, China will act according to the principles of broad consultation, joint contribution and shared benefits. China has also promised to carry out equal consultation and respect the choice of other countries.

Second, as for the AIIB plan, the bank is aimed to become a supplement to the existing World Bank, Asian Development Bank (ADB) and other international financial entities which are not sufficient in the new situation.

There is a yawning infrastructure funding gap in Asia. The ADB pegged the hole at about $8 trillion between 2010 and 2020. And the AIIB is striving to fill that gap.

In fact, the IMF, World Bank and ADB have all welcomed the AIIB initiative and see room for collaboration.

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