China Urges AIIB to Boost Cross-Border Project Funding Amid Global Aid Decline

China's finance minister has called on the Asian Infrastructure Investment Bank to enhance support for cross-border projects in developing countries. This appeal comes in light of decreased international development funding and global economic slowdowns affecting emerging markets like Southeast Asia. China stresses greater AIIB involvement and private investment.

China's finance minister emphasized the need for the Asian Infrastructure Investment Bank (AIIB) to bolster funding for cross-border projects in developing nations, addressing a decrease in international development contributions.

With a backdrop of global economic deceleration and shrinking aid, Minister Lan Foan urged the AIIB's 110 member states to amplify support for emerging markets at the annual meeting in Beijing. Despite not citing the United States, Lan's appeal follows the U.S.'s historic dominance in development spending before President Trump's return to office.

China, possessing 26% of AIIB voting rights, sees an increase in Southeast Asian economic ties, essential amid trade conflicts with the U.S. and EU. However, analysts caution against replacing the robust consumption power of Western markets. Lan's call to action includes enhancing private sector engagement for impactful cross-border investment projects.

(With inputs from agencies.)