China-led development bank not looking to challenge established order says AIIB chief

AIIB's president-designate Jin Liqun says the bank's main aim is to realise Asia's developmental needs, not challenge the established financial order.
AIIB's president-designate Jin Liqun says the bank's main aim is to realise Asia's developmental needs, not challenge the established financial order.PHOTO: REUTERS

SINGAPORE - The Asian Infrastructure Investment Bank's (AIIB) main aim is to realise Asia's massive development needs, rather than challenge the established financial order, said president-designate Jin Liqun on Saturday.

"It has never been about challenging existing institutions," he said, referring to international lenders such as the United States-led International Monetary Fund and the Japan-led Asian Development Bank.

"The AIIB has been given a fresh slate to design a new platform for the new century. ... It will be a good and reliable fund, not a competitor."

Speaking on the second day of The Singapore Summit at the Marina Bay Sands Expo and Convention Centre, Mr Jin was addressing concerns that China may be using the AIIB to assert its own version of the World Bank and challenge other similar institutions.

During the dialogue, he also spoke about the organisation's plans for its first batch of projects and that the bank remains open to US.

tsjwoo@sph.com.sg