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The 4 th NEAT Conference on East Asian Financial Cooperation, Shanghai China

To set up an Asian Infrastructure Investment Fund (AIIF) for Strengthening EA Financial Cooperation. By Dr. FAN Ying yingfan1709 @ cfau . edu . cn 12 April 2008 China Foreign Affairs University( CFAU ) , Beijing China.

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The 4 th NEAT Conference on East Asian Financial Cooperation, Shanghai China

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  1. To set up an Asian Infrastructure Investment Fund (AIIF) for Strengthening EA Financial Cooperation By Dr. FANYing yingfan1709@cfau.edu.cn 12 April 2008 China Foreign Affairs University(CFAU), Beijing China The 4th NEAT Conference on East Asian Financial Cooperation, Shanghai China

  2. What has China drawn lessons from the snow and ice storms? • As we all know, a country’s communications and transport are its sinews. And China actually has been building so many many roads over the past decades • For all that, country like China, and regions like eastern and southern China (by the way, most of them are developed here in China) still suffered great life and economic losses in 19 provincial regions, leaving 129 people dead and causing $21.3 billion of losses from blizzards happened before this Chinese New Year. • To accelerate the development of infrastructure, including electricity, transportation and telecommunications, to improve the capacity have become the lessons which China should draw in the aftermath of the that disaster(the snow and ice storm really led to widespread traffic jams, structural collapses, blackouts and crop losses here in eastern and southern China). • Actually, the more advanced our society and economy, the more we have to be prepared for and be on guard against such risks. The 4th NEAT Conference on East Asian Financial Cooperation, Shanghai China

  3. The right time to push the idea of AIIF into action • Actually，we have been proposing the establishment of AIIF for a couple of years. Fortunately, this idea is getting more and more attention and support. • At the moment, the U.S. sub-prime mortgage crisis is expanding, the value of the dollar is continuing to fall, and there is greater risk in international economy as well as the international financial markets. • East Asia really needs to do something to turn the challenge into an opportunity. So it is of significance to conduct in-depth discussion on AIIF at NEAT conferences this year. The 4th NEAT Conference on East Asian Financial Cooperation, Shanghai China

  4. Drivers to set up AIIF Pursue collective effort to accelerate the region’s financial and investment cooperation as well • Reduce foreign exchange reserve paper losses and diversify it , not always invest the US government bonds • Better freer flow of factors (goods, capital, people, etc. ) and promote participation in production chains • Enhance connectivity and improve competitiveness in the region • Alleviate poverty and bridge the gap in development levels among EA member countries The 4th NEAT Conference on East Asian Financial Cooperation, Shanghai China

  5. Foreign exchange reserve of main EA member states(Billion US Dollars) Source: http://www.imf.org/external/np/sta/ir/802P816.pdf http://www.safe.gov.cn/http://www.vnagency.com.vn/Home/EN/tabid/119/itemid/229472/Default.aspx The 4th NEAT Conference on East Asian Financial Cooperation, Shanghai China

  6. Source: Third ASEAN State of the Environment Report 2006 P28 The 4th NEAT Conference on East Asian Financial Cooperation, Shanghai China

  7. AIIF: mission • Deepen EA economic integration and cement a cooperative platform in the region since “process-oriented constructivism” is the characteristic of EA cooperation • Increase economic and social cohesion and develop a sense of community and EA identity by boosting economic and social development in LDCs, and help people from those low-income countries to grasp the opportunity to increase income and shake off poverty • Realize common prosperity and affluence with neighboring countries The 4th NEAT Conference on East Asian Financial Cooperation, Shanghai China

  8. AIIF: feasibility • Rich in foreign currency reserves (both China and Japan have exceeded $1,000bn) in EA • Both China and Japan have great performance in supporting communication construction in the region for many decades, although not collectively but individually • Large members in the region are expected to take the lead in AIIF building

  9. Project eligibility • Focus: purely on members’ (10+3) construction of infrastructures, such as roads, railways, navigation facilities, airports, ports, and power and telecommunications facilities • Target: presently at Pan-Asia communication networks The 4th NEAT Conference on East Asian Financial Cooperation, Shanghai China

  10. What do I mean by Pan-Asia communication networks? Railway + Highway + Waterway

  11. Road maps----to establish “Task Force” first • How come? Our Malaysian NEAT colleague, Dr. Mahan's invention last year , which is, I believe a very good concept to start our AIIF. • Real meaning? To my understanding, “Task Force” will focus on the policy solution and implementation, and will enable us to go deeper in our policy research and push regional cooperation further on a few practical points. The 4th NEAT Conference on East Asian Financial Cooperation, Shanghai China

  12. Thank you all!  The 4th NEAT Conference on East Asian Financial Cooperation, Shanghai China

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