Jin Likun, president of the Asian Infrastructure Investment Bank (AIIB), said that the global body currently lacks binding force and adequate representation for emerging countries, adding that institutional reform is needed to create a more inclusive framework. emphasized that it is necessary.
“The time has come to do everything in our power to solve global governance problems,” said Jin, who served as the Chinese government’s deputy finance minister from 1998 to 2003.
“We’re going to need fundamental reform.”
“The most severe risk is definitely a lack of governance, a complete failure of global governance,” Jin said. He criticized the dysfunction of international institutions that are “not functioning satisfactorily as expected.”
He pointed out that many institutions were established at the time of the country’s founding with the aid of the world’s most advanced economies, leaving developing countries without a voice in political and economic matters, and said pointed out that the structure was outdated.
