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BEIJING, Nov. 8 -- The yet to be established AsianInfrastructure Investment Bank (AIIB), designed to fundinfrastructure projects in underdeveloped Asian countries, isexpected to propel sustainable development in one of the world'smost promising regions.

Twenty-first Asian countries have inked a Memorandum ofUnderstanding on establishing the multilateral lender headquarteredin Beijing with an expected initial subscribed capital of 50billion U.S. dollars. The establishment will be high on the agendaof the ongoing events of the Asia-Pacific Economic Cooperation(APEC) forum.

Some have rushed to interpret the aim of the China-proposed moveas to challenge such West-backed institutions as World Bank andAsian Development Bank in channeling capital to poor Asiancountries.

In fact, the AIIB, focusing mainly on infrastructureconstruction, will be a very useful complement rather than rivalryto existing donor banks whose priorities are more on povertyreduction.

The AIIB is an attempt to fill a tremendous investment gap ininfrastructure. The Asia Development Bank estimated in 2009 thatAsia needs about 8 trillion dollars in investment by 2020 toimprove the region's battered infrastructure to keep theireconomies humming.

It is a sensible next step for Asian economies to highlightinfrastructure development which promotes regionalinter-connectivity and mutual access and strengthens theself-development capacity. It actually has become a key factor incontinuing steady and fast economic growth in the region.

For the world as a whole, infrastructure construction in Asiacan expand investment demand and promote the now rather tepidglobal economic recovery.

Not to mention that the well-being of the Asia-Pacific regioncould be intertwined with the well-being of almost all economies onthis planet, the AIIB will help optimize global economic governanceand financial structure.

As the Asia-Pacific region accounts for 40 percent of theworld's total population, 60 percent of the global economy andabout half of the global trade, the roles of the AIIB willdefinitely be significant.

The AIIB is expected to cooperate with existing developmentbanks. For many large-scale projects, co-financing by institutionsof various kinds and representing various interests is always abetter choice.

The AIIB is also likely to stimulate some healthy competitionand encourage more rapid reform of the old institutions and thelagged global economic governance that has been in existence sinceWorld War II.

Global financial institutions, dominated by developed economieshave so far failed to evolve with the global economy where theweight of emerging economies in the global GDP is increasingsteadily. The powerful financial institutions have recognized thefacts, but have done little to change the status quo.

It is high time that the developed countries which have beenbenefiting from the growth of the developing world and itsexpanding market, allow their developing counterparts to have a sayin the global economic governance. Eventually, a fairer, morereasonable and orderly system will benefit all.

Shaking off suspicion to welcome an organization like the AIIBmight be a good start. Enditem