Multilateralism key to navigating global challenges: AIIB president

Hi everyone. I’m Stephanie LI.Coming up on today’s programAIIB's 10th Annual Meeting of the Board of Governors takes place in Beijing;Chinese premier holds talks with Singaporean PM.Here’s what you need to know about China in the past 24 hours In the face of mounting challenges to global development, Asian Infrastructure Investment Bank (AIIB) president Jin Liqun believes that multilateral cooperation remains the surest route forward."The essence of multilateralism lies in cooperation that benefits all," Jin told Xinhua in an exclusive interview ahead of AIIB's 10th Annual Meeting of the Board of Governors, scheduled for June 24 to 26 in Beijing."As a multilateral institution, AIIB aims to serve as a bridge for both North-South and South-South collaboration," he said.Founded in 2015 with 57 members, AIIB has grown to 110 members worldwide. Over the past decade, it has approved over USD60 billion in financing for 320 projects, mobilizing more than 200 billion dollars in infrastructure investment."Asia cannot thrive in isolation," Jin said, noting that while the bank's primary focus is Asia, its work also supports broader cooperation that contributes to meaningful development outcomes around the world.Jin attributes the bank's progress to its strong commitment from the start to high standards and sound governance."We built AIIB to be lean, clean, and green, and these core values have resonated widely among our members," he said. "From day one, we embedded best practices drawn from other multilateral development banks into our policies and governance framework."The bank is increasingly helping its members embrace the digital era. Last year, AIIB launched InfraTech Portal, a digital platform that shares comprehensive, neutral, and free information on infrastructure technologies.Jin emphasized the growing importance of digital transformation in infrastructure development. "Artificial intelligence holds vast potential and offers developing countries an opportunity to leap ahead in their development,” he said.Looking back at AIIB's first decade, the bank has achieved remarkable milestones. As of the end of May, the bank had issued over USD54 billion equivalent bonds across multiple currencies and has consistently maintained triple-A credit ratings from Moody's, S&P, and Fitch.As the bank enters its second decade and prepares for a leadership transition, Jin called for a renewed commitment to multilateral cooperation and shared development.China has nominated Zou Jiayi, a former vice-minister of finance, as its candidate for the next president of the AIIB. The presidential election will be conducted this week.Chinese Premier Li Qiang will deliver the keynote address at the 16th Annual Meeting of the New Champions, commonly known as Summer Davos, which begins today in Tianjin. Li will also meet with government leaders and business representatives attending the two-day conference hosted by the World Economic Forum. His appearance comes as China seeks to reassure investors that China remains a beacon of calm in a time of geopolitical and trade tensions, and to emphasize its continued commitment to global collaboration, innovation, and quality development. About 1,800 attendees from more than 90 countries are expected at the conference, including the leaders of Ecuador, Singapore, Kyrgyzstan, Senegal, and Vietnam, along with executives from some of China's largest companies.GBA expressNasdaq-listed auto driving company WeRide filed for a public listing in Hong Kong, media reported. In May, the Guangzhou-based company received a USD100 million investment from Uber. The two companies plan to deploy robotaxi fleets in 15 new cities across Europe and the Middle East over the next five years. Hong Kong's railway operator MTR said yesterday that it would extend the two-month trial scheme that allows pet owners to travel with their cats and dogs on light rail trains on weekdays and public holidays to the end of August.Industry and company newsChinese airlines are ramping up efforts to expand their global networks as the summer vacation approaches. Starting from Tuesday, China Eastern Airlines is expected to open a direct flight from Xi'an to Istanbul. Juneyao Air on Monday launched a direct flight service between Shanghai and Vladivostok, while China Southern will open a new direct flight route from Guangzhou to Almaty on Wednesday, a new direct flight route from Guangzhou to Tashkent on June 30, and a new direct flight route from Harbin to Vladivostok on July 1. As of June 16, the number of inbound and outbound air ticket bookings for the first month of the summer travel season exceeded 3.8 million, up about 8 percent year-on-year, according to statistics industry information provider Umetrip.Alibaba-backed bike-sharing company Hellobike has teamed up with Ant Group and CATL to create a new CNY3 billion robotaxi company aimed at accelerating adoption of L4 autonomous driving, where vehicles operate without human intervention.Apple’s China website joined the national electronics subsidy program today, offering up to CNY2,000 discount on Mac laptops and up to CNY500 off iPhones, iPads, and Apple Watches. The deal is limited to Beijing online orders and Apple Stores in Shanghai.China Post launched a new international cargo route yesterday connecting Zhengzhou and Luxembourg, with one weekly flight to start from and plans to increase frequency based on demand. The route surpasses traditional cross-border e-commerce, carrying high-tech and high-value goods, including pharmaceuticals and precision manufacturing parts.BYD, China's leading EV maker, took delivery of its fifth car-carrying ship to meet demand for its vehicles overseas. The 220-meter-long ship has 16 vehicle decks with total capacity of 9,200 vehicles. It is powered by liquified natural gas clean-propulsion technology that reduces harmful emissions.China, the world's largest gold producer and consumer, said it plans to increase production of gold and silver at least 5 percent in the next two years and upgrade the supply chain for the two precious metals. Last year, China produced 380,000 kilograms of gold, according to CEIC Data.Asia-Pacific highlightsChinese Premier Li Qiang and visiting Singaporean Prime Minister Lawrence Wong vowed on Monday during their talks in Beijing that the two countries will enhance bilateral ties, expand third-market cooperation, safeguard the multilateral trading system, and uphold unimpeded global industrial and supply chains. Li said that China stands ready to make full use of its bilateral cooperation mechanism with Singapore, implement their cooperation plan for the joint construction of the Belt and Road Initiative, and expand and strengthen flagship cooperation projects. Wong said that Singapore looks forward to maintaining close high-level exchange and cooperation in various fields with China, deepening friendship and mutual trust, and promoting flagship cooperation projects as well as exploring cooperation potential in emerging fields. Wong’s five-day visit starting on Sunday marks his first official visit to China since he took office as Singaporean PM in May. The 9th China-South Asia Expo has secured 163 deals worth over CNY8.66 billion so far, according to a press conference during the ongoing event held in Kunming, Yunnan Province, on Monday.Saudia Cargo, Saudi Arabia’s national cargo airline, announced on Monday its plans to set up a joint venture with a Hong Kong-based agent to expand its operations into China and the Asia-Pacific region. Named Saudia Cargo Global, the new venture aims to serve as a springboard for the global cargo carrier to tap into the Chinese market by leveraging Hong Kong’s position as a cargo hub in the e-commerce era.