No losers in globalized economy: AIIB head

March 26, 2017/ By Philippine News Agency / Manila Bulletin

With the Asian Infrastructure Investment Bank (AIIB) continue to expand membership, AIIB President Jin Liqun has assured that no countries will be left behind under the globalization efforts, including China’s Belt and Road Initiative.

Jin made this assurance during the plenary session of the Boao Forum for Asia Annual Conference 2017 under a theme “Globalization & Free Trade: the Asian Perspectives” being held in this fast growing tropical province of China.

”I would like to make a point that there are no losers in globalized economy. All will have benefits in various degrees,” said Jin, one of the plenary session panelists.

Jin said AIIB has 57 founding members and has just accepted 13 new countries and regions as members while 15 more will soon join the organization.

AIIB, which was initially proposed during the Boao Forum in 2009, is an international financial institution which aims to support building of infrastructures particularly along the One Belt, One Road that Chinese President Xi Jingping initiated in 2013.

The AIIB head said a grand vision is needed to boost connectivity for a shared objective in promoting economic, social and cultural development.

”So that’s the grand objective, grand vision of the 57 founding members of the AIIB. All these countries have shared vision of promoting connectivity, infrastructure investment to prepare the path for shared benefits,” he explained.

Jin made his reaction after fellow panel member, Singapore Senior Emeritus Goh Chok Tong, said that while economic benefits of globalization are cleared, “there are also losers” in the globalized economy.

Goh Chok Tong admitted that globalization cannot be stopped but it will also displace workers with the coming of new technology.

”We need to address the negative aspect of the globalization: those who will be left behind. Create jobs for those will be displaced by training, retraining and reeducation,” he said.

Jin said all the infrastructure projects under AIIB will benefit and “people would stand to gain rather than to lose from these kind of investment.”

Meanwhile, Takashi Shiraishi, president of the National Graduate Institute for Policy Studies (GRIPS) in Japan, said he is hoping that his country will take time to revisit its decision not to join the AIIB.

”The people in Asia are very receptive about the globalization,” Takashi said.

United States trade representative Mike Froman agreed that system of globalization efforts in China and Asia “is working fairly for everybody.” Read more…



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