The Chinese policymakers had many doubts a couple years ago that almost cause one of Beijing's policy success to be halted on a global scale. These were the plans that were made for the development of China's new bank. Beijing faced many doubts facing investing in the Asian Infrastructure Investment Bank. These doubts arise from the notion that the country would not be able to convince other nations to support them. China was however able to overcome this obstacle thanks to a few Middle East governments who made significant cash investments. The course of direction was aided by the help of some very important European nations supporting them as well, regardless of the opposition shown by the U.S.
The prior Chinese vice premier and AIIB president along with other stalwart supporters and a former chief of the China Investment Corp.in combination with overseas assertion was able to make the idea of the Asian bank to become a reality. Despite the financial difficulties that China is currently facing, the success of the establishment of the bank only serves to give Beijing a confidence boost needed to effectively play its role among the national financial institutions. The country was lacking this confidence in the initial stages of this venture due to the belief that there would be no financial backing.
The call on the Southeast Asian nations was discouraging as the governments of the majority of these nations were just not capable of financially backing the venture. They were in full support but did not have the finances to invest in the bank. It was subsequently the Middle East nations that made investments in the bank as they needed infrastructure and had the capability to pay for it. The Middle East nations deal in Oil and they possess foreign money. The implementation of this bank will amplify the influence that the Chinese government has on the financial development on a global stage.
There have already been fifty seven countries that have jumped on the wagon with a fraction of a bout a seventh of these countries being Middle East nations. They include Iran, Israel, Egypt, Jordan, Qatar, Saudi Arabia and the United Emirates. The Chinese government has come under a lot of scrutiny with the question being asked if whether or not China is capable of properly and effectively operate a multilateral financial institute of this magnitude given the fact that the country has no prior experience in this field. It is the belief of many government skeptics that the AIIB will face losses.
Being a current member of the BRICS development bank was a factor that many used to challenge the credibility of China as the operator of this bank. The Chinese nation was to collaborate with the Russians on establishing another such lender. The implications that the Chinese government is unscrupulous would be brought to the forefront if an investment fund of this nature was established at the time suggested. The Russian government was fully with the idea of creating a bank with the Chinese. This was the argument brought by the AIIB proponents along with the fact that other BRICS bank members were competing to be the lead lender.
The AIIB will not only give China a stage to flaunt it financial influence but it allow the nation to receive positive feedbacks on the job being done. The Chinese government of the past was never for the idea of an institution of this magnitude despite the AIIB president's many pitches for one such institute to be erected in Beijing. The change in government since 2013 as seen China fully supporting the direction and ventures, the one belt, one road internal design and strategies for exportation. The Chinese leaders were persuaded to back the proposal of the bank's establishment by the potential forward movement of the ‘one belt, one road' plan by the AIIB. Zeng Peiyan, former vice premier who also leads the CCIEE was responsible of the proposal of the creation of the bank. The CCIEE supporting the proposal and the president of AIIB has had many consultations about the creation of the institute. It is the belief of many that the success of the AIIB is overwhelming and no one could have foreseen such great fortune and the response from so much people. The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank investing in infrastructure in Asia