AIIB president calls for ‘fundamental reforms’ to global institutions
Global institutions require systemic changes to become more inclusive of emerging economies, according to Asian Infrastructure Investment Bank (AIIB) president Jin Liqun. Jin emphasized the need for fundamental reforms to address the lack of binding authority and insufficient representation of developing countries in these institutions. He highlighted these issues during his speech at the Fullerton Forum, organized by the University of Hong Kong’s Centre on Contemporary China and the World, stressing that it is crucial to rectify global governance problems for a more equitable international framework.
The core of the problem, as Jin pointed out, lies in the outdated structures of many international organizations, which were established under the influence of the world's most advanced economies. This historical setup has left emerging economies with limited influence in global political and economic affairs. Jin criticized the current dysfunction of these institutions, which he believes fail to meet expectations due to their inability to adapt to the changing global landscape. The call for reform underscores a growing recognition of the need for a governance system that reflects the realities of an increasingly interconnected world, where emerging markets seek a greater role in decision-making processes.
via SCMP Full Text Feed
Global institutions require systemic changes to become more inclusive of emerging economies, according to Asian Infrastructure Investment Bank (AIIB) president Jin Liqun. Jin emphasized the need for fundamental reforms to address the lack of binding authority and insufficient representation of developing countries in these institutions. He highlighted these issues during his speech at the Fullerton Forum, organized by the University of Hong Kong’s Centre on Contemporary China and the World, stressing that it is crucial to rectify global governance problems for a more equitable international framework.
The core of the problem, as Jin pointed out, lies in the outdated structures of many international organizations, which were established under the influence of the world's most advanced economies. This historical setup has left emerging economies with limited influence in global political and economic affairs. Jin criticized the current dysfunction of these institutions, which he believes fail to meet expectations due to their inability to adapt to the changing global landscape. The call for reform underscores a growing recognition of the need for a governance system that reflects the realities of an increasingly interconnected world, where emerging markets seek a greater role in decision-making processes.
via SCMP Full Text Feed
