CRI听力:AIIB to Complement Not Replace World Bank

Vice Finance Minister Zhu Guangyao is representing China at the meetings, which are happening this weekend in Washington and involve the IMF and the World Bank.

While making a speech at Washington DC- based think tank the Atlantic Council, he urged the US Congress to approve reforms to the IMF that would give more voting power to emerging economies like China, Brazil, and India.

"We strongly urge US congress quickly approve 2010 code reform agenda, that's five years, too long time, too much delay, that damages reputation of IMF, damages reputation of G20, also damages the image of US."

Zhu gave his speech following a meeting of the Group of 20 leading world economies. He says the current international financial system, known as the Brettong Woods system, is the method of agencies like the IMF and the World Bank, noting that China has become a very important member of the two financial institutions.

"We can be proud to say China is actively participating in the current international financial system. Also we made big contribution to current international financial system."

The Vice Finance Minister then updated attendees at the Atlantic Council event on the latest development regarding China's proposed Asian Infrastructure Investment Bank.

Of the 57 countries that have signed up as founding members, Zhu says 16 of the world's 20 largest economies are represented. And he says the bank will help to fill an estimated $8 trillion US dollar gap needed to fund inftrastructure projects in Asia over the next decade.

Unlike the IMF and World Bank, Zhu stresses that the AIIB is intended to be a vehicle for economic development, and would not compete with the other two lenders in other areas of need.

"The relationship between AIIB with World Bank, ADB is complementary role, rather than replace. So more generally to say, China role in current international financial system is constructive and we play the contributed function."

Zhu adds that China wants to improve current international financial system and enhance the capacity of it, rather than change the current system or overthrow it completely. He has revealed that the AIIB's founding members will meet later this month to discuss the bank's mandate, and hopes the negotiations will conclude within two to three months.

For CRI, I'm Xie Cheng.