Text: | Print|

Joining AIIB is Britain's interest despite U.S. criticism

2015-03-16 09:51 Xinhua Web Editor: Gu Liping

Britain's bid for the China-backed Asian Infrastructure Investment Bank (AIIB) made completely sense for Britain, as there was a huge opportunity for Britain to expand infrastructure investment in Asia, an expert told Xinhua recently.

"There is a huge savings pool in Asia, but the financial sector is still underdeveloped. The demands of transferring savings to investment is a big opportunity. I think it makes completely sense for Britain to join AIIB," said Gerard Lyons, chief economic advisor for the mayor of London.

Besides, Britain's superiority in geography and transportation logistics could help it to play an important role in major global financial items, Lyons added.

Criticism of the United States over Britain' application came as a surprise, he said, "But I think the fact of China is the leading player is not the key issue, and it's important for Britain to have a global view about what it needs to do."

Talking about the relationship between the Asian Development Bank (ADB) and the AIIB, he pointed out that it should be a coexistence relationship.

"The existence of the ADB or the World Bank does not mean that other institutions could not grow," Lyons concluded.

Britain on Thursday announced the hope to become the first major Western country to join the Beijing-headquartered AIIB.

Britain's announcement, however, received a frosty reception from Washington, which raised concerns about whether the AIIB would have sufficiently high standards on governance, and environmental and social safeguards.

The bank was launched in Beijing in 2014 to boost investment in such sectors as transportation, energy and telecommunication.

Comments (0)
Most popular in 24h
  Archived Content
Media partners:

Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.