AIIB's attractiveness underscores needs for development

BEIJING -- The Asian Infrastructure Investment Bank (AIIB) has been more attractive recently as some Western countries showed strong interest in joining the China-proposed initiative.

The growing attractiveness of the new international financial body has undoubtedly demonstrated participants' imperative needs for development and strong willingness to cooperate.

After Germany, France and Italy confirmed on Tuesday their respective intentions to become AIIB founding members in the wake of Britain's application last week, Luxembourg has also submitted its candidacy.

In addition, Australia, which initially rejected China's offer last year, is reported to have the intention to join the bank with an investment of A$3 billion ($2.3 billion) in the project.

The eurozone's largest economies and Australia have chosen to give a "vote of confidence" to the bank despite outside pressure, which indicated that the AIIB serves the interests and meet the demands of all the participants.

As the future of the world's economy will be centered in Asia, huge potential in its infrastructure construction will bring tremendous business opportunities to the world. By joining the bank, the countries have actually booked their shares in Asia's booming investment.

According to statistics, by 2020 around $8 trillion of investment will be needed in the fast-growing Asia-Pacific region to improve its infrastructure. However, it is obvious that the World Bank and the Asian Development Bank (ADB) could not comfortably cover the shortfall.

The AIIB, with an expected initial subscribed capital of $50 billion, is complementary to the World Bank and the ADB. Only if all these institutions work together shall they reap more benefits.

It is of little help to worry about the AIIB's possibility to erode multilateral institutions and to re-create world power structures as the bank is nothing but a nice complement to the system of global governance.

The AIIB, featuring common cooperation and win-win results, is an open platform for inclusive development. That is another main reason for the European countries and Australia to embrace the initiative.

The development of the AIIB and Asian economy is an irresistible trend in current situation. Therefore, it is advisable for Western countries to take advantage of the opportunity to promote self-development and to jointly usher in a new era of world development.

Better late than never. It is high time for those who are still hovering outside the new-born international financial body to get on the boat, so that they could share their valuable experience and make joint contributions to Asia's economic growth and to the sustainable development of world economy at large.