Macro-finance Salon (No. 119): Regional cooperation and development challenges in Asia

On April 26, Macro-Finance Salon (No. 119) was held in Renmin University of China. Dr. D.J. Pandian, Vice President of AIIB, made a speech titled “Regional cooperation and development challenges in Asia”. Prior to the salon, Wu Xiaoqiu, Vice President of Renmin University of China, met with Dr. Pandian and his fellow colleagues. Prof. Zhang Chengsi, Associate Dean of School of Finance, Prof. Di Dongsheng, Associate Dean of School of International Studies, and Fang Ke, Manager of Implementation Monitoring Unit of AIIB participated in the meeting. Prof. Wu introduced to the guests the history, philosophy and academic development of RUC. Dr. Pandian expressed his pleasure and honour to be invited, and asked the key to China’s success since reform and opening up. Prof. Wu replied that it was the persistence in emancipating the mind, seeking truth from facts, learning from advanced experience, deepening structural reforms, promoting openness, cultivating outstanding talents, and the unremitting efforts for self-improvement that led us to success. Mr. Wei Benhua, Former Deputy Administrator of SAFE, Former IMF Executive Director for China and Mr. Zhang Zhixiang, Former Director-General of International Department of PBoC, Former IMF Executive Director for China attended the salon. Prof. Di Dongsheng chaired the salon. First of all, Dr. Pandian made a brief introduction on AIIB. AIIB is a multilateral development bank initiated by China, India and other 55 countries with 100 billion USD registered capital. Till March, 2018, it has 97 approved members worldwide. AIIB bears the philosophy of clean and green development and adopts the highest global standards in management, environment protection, social security and other aspects. Since its establishment，AIIB, together with other MDBs, has devoted to enhancing the interconnection of regional infrastructure and promoting regional cooperation and sustainable economic development. He mentioned the three priorities of AIIB. Namely, 1) Sustainable infrastructure: promoting green infrastructure and honouring commitments under Paris Agreement and SDG of UN; 2) Cross-border interconnection: prioritizing cross-border infrastructure construction, including highway, railway, port, airport, pipeline, telecommunication and so on; 3) Mobilizing private assets: cooperating with other MDBs, governments, private enterprises and partners to seek innovative solutions for mobilizing private assets. He also pointed out that despite the accomplishments, AIIB is faced with many challenges, such as the rising nationalism and protectionism, geological constraints, conflicts between national policies, and lack of cross-border regulatory models, but we are confident to find appropriate solutions that satisfy all stakeholders.

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