US official pushes for IMF reform, praises AIIB
Updated: 2016-10-19 09:23
By Chen Weihua in Washington (chinadaily.com.cn)
|
|||||||||
"Emerging markets comprise an increasing share of the global economy, and we should incentivize them to embrace greater responsibility to contribute to global economic prosperity through cooperative policies,"
Sheets dismissed the saying that the US saw institutions such as the China-led Asian Infrastructure Investment Bank (AIIB) as a threat to US influence in the international financial system.
"But we have been clear that the United States stands ready to welcome new institutions into the international architecture, provided that they share the international community's strong commitment to sound governance principles and high social and environmental standards," he said.
The US government has drawn sharp criticism from both home and abroad early this year for its efforts to dissuade its allies, such as United Kingdom, Australia and South Korea, from joining the AIIB. The efforts, which failed, have been attributed by former US Treasury Secretary Larry Summers as the fact that the Congress would not grant the money needed for US to join AIIB.
Sheets acknowledged on Tuesday that there is huge infrastructure need in Asia. "As the AIIB takes constructive step to address that. That's good for global growth," he said.
He said that the documents that have been prepared for AIIB seem broadly in line with international standards. He also described as "encouraging signs" that the first round of AIIB projects has been either co-financed with other developing banks or have been in consultations with them.
The AIIB board meeting in late June approved $509 million in investments for four projects, including three projects co-financed with the World Bank, the Asian Development Bank, the United Kingdom Department for International Development and the European Bank for Reconstruction and Development.
The projects are to improve power grid in Bangladesh, slum renovation in Indonesia and highway construction in Tajikistan and Pakistan.
- World in photos: Oct 10 - 16
- Fairing fragments of Shenzhou XI found in Shaanxi
- Feast for the eyes: Photo Beijing 2016
- China's Shenzhou spaceship: A proud family
- Journeys toward prosperity
- Female investors rise to top of venture capital companies
- Peng Shuai claims title of women's singles at WTA Tianjin Open
- Birthday celebration held for panda cubs at Toronto Zoo
Most Viewed
Editor's Picks
Anti-graft campaign targets poverty relief |
Cherry blossom signal arrival of spring |
In pictures: Destroying fake and shoddy products |
China's southernmost city to plant 500,000 trees |
Cavers make rare finds in Guangxi expedition |
Cutting hair for Longtaitou Festival |
Today's Top News
'Zero Hunger Run' held in Rome
Trump outlines anti-terror plan, proposing extreme vetting for immigrants
Phelps puts spotlight on cupping
US launches airstrikes against IS targets in Libya's Sirte
Ministry slams US-Korean THAAD deployment
Two police officers shot at protest in Dallas
Abe's blame game reveals his policies failing to get results
Ending wildlife trafficking must be policy priority in Asia
US Weekly
Geared to go |
The place to be |