AIIB sets a stellar new example for international multilateral cooperation

 

Photo: AIIB

 
The 10th Annual Meeting of the Asian Infrastructure Investment Bank (AIIB) Board of Governors was held in Beijing from Tuesday to Thursday. Looking back over the past decade, the AIIB has, amid growing global development challenges, have focused on connectivity, advanced open cooperation, and upheld multilateralism, thus effectively advancing sustainable development at both regional and global levels. Looking ahead, the AIIB will take this meeting as an opportunity to clarify the next strategic focus of development, further build consensus on cooperation, and inject the power of development, openness and cooperation into a world of changes and chaos.

When the AIIB was launched, President Xi Jinping called for making it "a new type of professional, efficient, and clean multilateral development bank." Over the past decade, the AIIB has maintained international, rule-based, and high-standard operations, embarked on a path with high starting point, high-quality development, and high-level cooperation, and pioneered a new model for global financial governance. 

The number of AIIB members grew from 57 to 110, covering 81 percent of the world's population and 65 percent of global GDP. It has approved over 300 projects with a total approved financing exceeding $60 billion, and has mobilized over $200 billion in capital, benefiting 38 members in Asia and beyond. It has consistently maintained the highest AAA credit rating from the three major international rating agencies, and has issued bonds in 20 currencies, raising over $54 billion in financing. 

The AIIB's remarkable achievements can be largely attributed to its unwavering commitment to multilateralism, operating in accordance with international rules, and upholding high standards. Robert Zoellick, former president of the World Bank, once noted that the AIIB has set a good example in the world in terms of governance, transparency, international standards and cooperation.

According to its latest partnership report, as of the end of 2024, the AIIB had co-financed 131 of its more than 300 projects with other multilateral development banks, demonstrating the AIIB's open-minded approach in pooling development synergy and its significant leading and promoting role in strengthening international multilateral cooperation. It has renewed memoranda of understanding with the World Bank, the Asian Development Bank, and the Islamic Development Bank. It actively participates in relevant mechanisms of the G20, contributing the "AIIB approach" to global financial governance. It attends the ASEAN Summit to expand cooperation dimensions with regional organizations and jointly build a regional connectivity network. Faced with the urgent need to close the global infrastructure construction gap, the AIIB adheres to the principle of extensive consultation, joint contribution, and shared benefits, playing a crucial role in mobilizing development resources and reducing the risks of redundant investments.

Currently, as the world economy is facing growth challenges, and the international economic and trade landscape is undergoing major changes, the AIIB, with projects as its carrier and development as its orientation, continuously responds to the urgent needs of its members, especially developing member countries, injecting momentum into their common development. 

In Egypt, the Alexandria Abu Qir Metro Line Project has alleviated urban congestion, reduced carbon emissions, and benefited the travel of hundreds of thousands of people. In Uzbekistan, the Bukhara Region Water Supply and Sanitation Phase II Project has improved the water supply system and optimized public health services. In the Maldives, the Solar Power Generation and Battery Energy Storage Project has facilitated the green transformation of the energy structure. Each tangible and perceptible project that the AIIB is involved in reflects the solid steps taken in deepening and solidifying multilateral development cooperation. As Sri Mulyani Indrawati, governor of the AIIB and Indonesian Minister of Finance, noted, over the past 10 years, the AIIB has accumulated sufficient expertise and experience, and it is not just an emerging bank but has also become a driving force for global development.

As a founding member, key shareholder, headquarters host country and development partner of the AIIB, China has consistently supported its development and expansion. China has collaborated with the AIIB to implement a batch of high-quality projects and proactively shared China's development experiences with developing members. It has made donations to the AIIB's Project Preparation Special Fund and Concessional Financing Fund, providing support within its capacity to low-income members. With the aim to promote the AIIB's new development under the new circumstances, China advocates that the AIIB should provide greater support to members in enhancing their development capabilities, expand international dialogue, exchanges, and collaboration on a broader scale, and better leverage its role as a new-type multilateral platform.

At a critical juncture for deepening global development cooperation, the AIIB, standing at a new starting point, should make even greater achievements. China is willing to work with all parties to jointly support the AIIB in achieving continuous new development, and making new and greater contributions to promoting infrastructure connectivity and sustainable development and to advancing the building of a community with a shared future for mankind.

This article was originally published on the third page of the People's Daily on June 28, 2025.

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Hypocrisy in nuclear order

 

 

ON June 25, the Iranian Parliament voted to cut ties with the International Atomic Energy Agency (IAEA). This unprecedented move followed a military strike on Iran’s nuclear facilities, an act widely attributed to Israel and the United States.

 The decision signals a deep rupture in the already fragile global nuclear order. What makes this moment so alarming is not just the geopolitical tension it fuels but also the glaring double standards it exposes.

 For years, Iran has been a party to the Treaty on the Nonproliferation of Nuclear Weapons or NPT.

 In line with its legal obligations, it has allowed IAEA inspectors into its nuclear facilities and consistently stated at the United Nations and elsewhere that its nuclear programme is for peaceful purposes.

 Iranian leaders, including Supreme Leader Ayatollah Ali Khamenei, have repeatedly declared nuclear weapons as haram (forbidden) under Islamic principles because they cause indiscriminate destruction.

 And yet, despite signing the NPT and cooperating with global watchdogs, Iran continues to face harsh sanctions, diplomatic isolation and now physical sabotage due to its nuclear programme.

 Meanwhile, Israel, long believed to possess a nuclear arsenal, has never signed the NPT. Its nuclear programme remains beyond scrutiny, its facilities are not inspected and it faces no international sanctions or IAEA investigations.

 This nuclear opacity is tolerated, if not tacitly encouraged, by Western powers that claim to uphold non-proliferation principles.

Let’s ask the hard question: Which of these two countries poses a greater risk to international peace and security?

 Iran has not initiated a war in modern history. Israel has launched military operations across its region, from Lebanon and Syria to Gaza and Iraq.

 Iran’s nuclear programme is monitored; Israel’s is not. Yet, it is Iran that is painted as the threat.

 If Iran eventually withdraws from the NPT and begins developing nuclear weapons, the blame will not lie with it alone. It must be shared by those who weaponised the non-proliferation regime to target some states while shielding others.

 This hypocrisy corrodes the integrity of international law. The NPT is built on three pillars – non-proliferation, disarmament, and the right to peaceful use of nuclear energy.

 Yet, nuclear-armed states have not disarmed, and non-nuclear states like Iran are punished even when they comply.

 There is a way forward, one that demands honesty and universal responsibility. The Treaty on the Prohibition of Nuclear Weapons (TPNW), adopted by the UN in 2017, offers a path towards a world free of nuclear weapons. But none of the major nuclear powers have joined it. Instead, they cling to arsenals that they deny others.

 Nuclear weapons are not tools of peace; they are instruments of mass death. As long as some states are allowed to keep them, the world will continue to move closer to catastrophe.

 If we are serious about peace, then no country should be above the law. And the only sustainable global security is one without nuclear weapons, not one built on nuclear privilege.

 BY PROF DR MOHAMMAD NAQIB EISHAN JAN Ahmad Ibrahim Kulliyyah of Laws International Islamic University Malaysia

 

Gathering of 10 defense ministers in Qingdao highlights appeal of 'non-aligned SCO'

 

Defense ministers from all 10 member countries of the Shanghai Cooperation Organization (SCO) gather for a group photo ahead of the Defense Ministers' Meeting of the SCO member states in Qingdao, East China's Shandong Province on June 26, 2025. Photo: cnsphoto

From Wednesday to Thursday, the meeting of Ministers of Defense of the Shanghai Cooperation Organization (SCO) Member States was held in Qingdao, East China's Shandong Province, drawing extensive international attention. This is because the meeting not only served as a "warm-up event" for the Tianjin SCO Summit this year, but also achieved the "full attendance" of all 10 defense ministers. Amid a complex and turbulent regional and international landscape, the SCO provided member states with a spacious roundtable - highlighting its value in building consensus, narrowing divisions and promoting solidarity.

With Belarus attending the defense ministers' meeting as an SCO member for the first time, Iran's defense minister visiting China just after the Iran-Israel ceasefire as well as India's defense minister visiting China for the first time in five years and "appearing together" with Pakistan's defense minister for the first time after the India-Pakistan conflict - the trust shown by these defense leaders in the SCO underscores the precious coordination and cohesion of this multilateral security organization amid global turbulence. Today's international environment is marked by an acute shortage of public security goods, a glaring security deficit and weakened authority of international organizations - making finding a calm table for dialogue not an easy task. However, the SCO has provided a valuable platform for member states to "seek common ground while resolving difference" and an occasion to forge multilateral consensus. It has not only effectively acted as a "glue" between member states, but has also become a "ballast stone" for regional peace.

Notably, the SCO defense ministers' meeting in Qingdao was held almost simultaneously with the NATO summit in The Hague. On Wednesday, Pakistan's Defense Minister Khawaja Muhammad Asif said that unlike NATO, the SCO can "further the peace in this region." China's Defense Minister Dong Jun emphasized that at a time when the international situation is intertwined with changes and turmoil, it is particularly important for the SCO to play the role of a "stabilizing anchor."

While NATO seeks to prove its "value to exist" by searching for so-called "imaginary enemies" worldwide, the SCO's philosophy of "not being an alliance directed against other states and regions" and "adhering to the principle of openness" offers a new approach to global security governance. The "Shanghai Spirit" based on mutual trust, mutual benefit, equality, consultation, respect for diverse civilizations and pursuit of common development has lit up the path toward the construction of an equitable and orderly multipolar world order. 

Now in its 25th year, the SCO has expanded from its original six founding members into a "big family" of 10 member states, two observer states, and 14 dialogue partners - stretching from the East European plains to the Indian Ocean and the Pacific Rim, and encompassing nearly half of the world's population.

The SCO has become a mature platform for regional security cooperation, with continuously growing influence, cohesion and appeal. Over the past 25 years, this "giant ship of security" has been riding the waves against terrorism, separatism and extremism, making outstanding contributions to regional security. The economic and trade dividends and people-to-people exchanges emerging from security cooperation have also been remarkable, significantly bringing the peoples of the member states closer together in all aspects.

At last July's SCO Summit in Astana, President Xi Jinping proposed five suggestions to jointly build a more promising home of the SCO, sending out the "SCO voice" of solidarity and mutual trust as well as common prosperity and revitalization. As the rotating chair of the SCO for 2024-2025, China remains a pillar of the organization. It champions the Five Principles of Peaceful Coexistence, and has put forward a vision of common, comprehensive, cooperative and sustainable security. It opposes the outdated "beggar-thy-neighbor" strategies and zero-sum mindset, and reaffirms that the security concerns of every nation - big or small - deserve respect. These principles have resonated both within the SCO and globally. From joint counterterrorism drills to intelligence sharing, from economic cooperation to cultural exchanges, the SCO addresses challenges through multilevel collaboration, offering "SCO solutions" to global security issues. It exemplifies the right way for different civilizations to engage with each other, and is helping forge a new type of international relations based on mutual respect, fairness, justice, and win-win cooperation. 

From enhancing strategic communication to advancing pragmatic cooperation, the SCO defense ministers' meeting in Qingdao showcased the organization's growth and commitments in the past 25 years. Facts have proven that the SCO is a vital force in maintaining regional peace and stability, and an important platform for building a community with a shared future for mankind. This year, within the SCO framework, China will host more than 100 meetings and events - polishing the "SCO Spirit" with "Chinese actions," and further deepening SCO practical cooperation in various areas. The world looks forward to the SCO paving a new security path for the future of a multipolar world and economic globalization.  - Global Times editorial

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New bank tax backlash, Financial access at risk: Fomca

 

Govt urged to revise service tax on industry to not burden public

While basic banking services are exempt from the 8% service tax starting July 1, trade and consumer groups are unhappy that it has been imposed on other fee-based transactions. They warn of added burden on firms and customers.

Ahead of the implementation of service tax on financial services on July 1, groups have voiced concerns, saying that this is likely to drive up costs for businesses and the regular people.

Federation of Malaysian Consumers Associations (Fomca) vice-president Datuk Indrani Thuraisingham said ordinary Malaysians would be the most impacted by the 8% service tax on fee-based financial services.

Indrani said the small charges may seem as a trivial amount but it is a huge sum when multiplied by the millions of transactions.

“When Malaysian banks are riding on massive profits and control trillions in assets, why should struggling consumers be asked to chip in more.

“This is taxing basic financial access, not luxury,” said Indrani.

Indrani called on Bank Negara Malaysia and the Finance Ministry to immediately review this new ruling.

“The principle of consumer fairness must be upheld,” said Indrani, adding that banks should absorb part of this tax, especially on low value and high-volume services.

Indrani also said consumer groups should be given the space to scrutinise every fee schedule so that banks should be held accountable and thereby prevent opportunistic fee hikes disguised as tax adjustments.

“If this goes ahead unchecked, the government can expect deeper financial exclusion, rising household debt and widening inequality,” she said.

Fomca secretary-general Saravanan Thambirajah said the announcement by Putrajaya raises concerns for everyday consumers on how this would affect their financial service experience.

“In real terms, this tax means that consumers will see higher charges for many common services offered by banks.

“Even services used by small businesses and self-employed individuals such as overdraft facilities, bank guarantees and remittance services are likely to be affected,” said Saravanan.

Saravanan also said there is a concern that this move would set a precedent for banks to gradually increase fees under the guise of tax compliance.

“Once consumers grow accustomed to higher charges, more subtle fee revisions should be introduced over time,” said Saravanan.

SME Association of Malaysia national president Chin Chee Seong said as the 8% service tax rate predominantly affects commission-based financial services, SMES are likely to see an increase in cost of doing business.

Chin said businesses are already bracing for the SST on commercial rental and leasing services, barring which rental costs have already increased by 20%-30% from a year ago.

“On top of that, they will also be dealing with the mandatory 2% Employees Provident Fund contribution for foreign workers and the restructuring of electricity tariff.

“The cost of doing business is getting higher and higher. It will definitely affect our cashflow. It doesn’t look good for the industry and the economy,” Chin said.

“If all of these are coming together, how are we going to plan our next few months especially as we have passed the midterm. It is going to be tougher for us to do business,” Chin added.

Chin said there has to be more clarity on certain aspects of the tax system for instance on the RM500,000 threshold on taxable financial services.

“Items such as luxurious items, (imported) fruits, I think that is clear cut and they can go ahead. But when it comes to financial services such as leasing and rental, I think that should be deferred first,” he said.

“The government should understand that we are not against their policies but these policies must be more considerate of the difficulties of doing business. The cost of doing business is high while consumer spending is low,” Chin said.

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Go easy on durian, say experts ; Time ripe to grow durian dynasty

 

(From left) Mohammad Taufik Saidon, Muhamad Hafiz Azizan and Mohd Iszuan Ismail from Alor Setar enjoying the King of Fruits at Anjung Indah in Balik Pulau, Penang. — ZHAFARAN NASIB/The Star

IT IS durian season again, but over-indulging in the King of Fruits can pose a serious risk to our health.

Universiti Sains Malaysia (USM) family medicine specialist Dr Mastura Mohd Sopian said those with diabetes, heart disease, kidney problems or high blood pressure should not binge eat.

“To enjoy the nutritional benefits of durian safely, limit intake to no more than two medium-sized pieces per day, or about 80g,” she said.

Eating too much durian could have a negative impact on blood sugar levels, she noted.

“Bingeing on durian may cause discomfort and disrupt normal metabolic functions.

“For those with chronic conditions, durian should only be consumed in small amounts, occasionally or not at all,” she added.

Dr Mastura said certain foods should be avoided when eating durian, which contains carbohydrates, vitamins and minerals.

“These include spicy dishes, caffeine, carbonated drinks, sweet fruits, desserts, soft drinks and sugar-sweetened beverages.

“Consuming these alongside durian can cause digestive discomfort and increase health risks,” she said.

“Durian also has a ‘heaty’ effect, though reactions may vary among individuals,” said Dr Mastura.

Penang Health Department nutritionist Zuhaida Harun said that like any other fruit, durian should be eaten according to the recommended serving size.

“One serving of durian is two to three pieces.

“It is high in calories and natural sugar.

“For people with diabetes, it can cause a dangerous spike in blood sugar,” she said.

Zuhaida said high consumption of durian could significantly increase a person’s overall calorie intake.

“Sometimes, bingeing can also lead to other health issues such as bloating, indigestion or feeling overheated,” she said, adding that moderation applied to all foods.

Penang health committee chairman Daniel Gooi reminded the public to practise moderation when enjoying durian, especially during the current peak season, to avoid potential health risks.

“Overindulgence, particularly in hot weather, can lead to discomfort such as a sore throat, dehydration or digestive problems,” he said.

“Drink plenty of water and exercise self-control to fully appreciate the fruit without experiencing adverse effects,” Gooi advised.

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Time ripe to grow durian dynasty

Smells like success: Durians on display at a stall in SS2, Petaling Jaya. — ART CHEN/The Star

PETALING JAYA: In the world of durians, Malaysia’s Musang King may reign supreme but a new wave of contenders is emerging.

From the creamy Black Thorn and Red Prawn to the sweet Hajah Hasmah, the government is championing lesser-known premium varieties to capture growing international demand.

Other established types like Sultan and Tekka are also seeing interest, offering the fruit at a more accessible price and broadening Malaysia’s footprint in the global durian market.

Agriculture Department director-­general Datuk Nor Sam Alwi said Musang King and Bukit Merah are the main varieties recommended for export due to their rich, creamy texture and strong flavour but efforts are under way to highlight other premium types such as Black Thorn, Red Prawn and Hajah Hasmah.

“These varieties are being evaluated for future certification and export readiness, based on their potential in terms of taste, texture, shelf life and suitability for long-distance shipping,” she told The Star.

Nor Sam said that Chinese nationals, in particular, are willing to pay premium prices for these varieties.

As such, she said the department is working towards registe­ring durian varieties grown in Malaysia, conduct agronomic assessments and ensure compliance with the phytosanitary requirements of importing countri

“This includes pest disinfestation methods such as vapour heat treatment, traceability systems and farm export certification schemes,” she said.

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These efforts, she said, were in line with the department’s goal of diversifying Malaysia’s durian varieties in the global market, strengthening the competitiveness of the national durian industry and maximising its export value.

The Malaysian Agricultural Research and Development Institute (Mardi) has found that there is a growing appetite for a wider range of flavours among durian enthusiasts.

“Consumers are becoming more adventurous. They are seeking out unique taste profiles. We are also seeing renewed interest in older, established clones such as D24 and Tekka, which are more affordable and offer classic durian characteristics,” it said in a statement.

Mardi said regional favourites and specific kampung durians with distinctive traits are gaining popularity, too.

On the export front, Mardi said it is focusing on developing new hybrids for domestic and global markets.

Its MDUR series (a hybrid durian clone developed by Mardi), in particular, has shown promise.

“One of the main highlights is MDUR 88 (D190), a hybrid of D10 and D24.

“It is golden yellow, slightly sticky and creamy with a flavour that many compare favourably to Musang King.”

In view of its quality, Mardi said the Agriculture and Food Security Ministry is promoting MDUR 88 for export.

“MDUR 88 has recently been rebranded as ‘MARDI Super 88’ (MS88),” it said.

Mardi is also working on other hybrids, such as MDUR 78 (D188) and MDUR 79 (D189), which offer improved yields and greater resistance to diseases like root borers and stem canker.

The institute also highlighted its broader breeding initiatives, noting that its second hybridisation programme, launched in the late 1980s, involved crosses between 10 different varieties.

Several promising hybrids from this programme are now in the final stages of assessment and are expected to be introduced under the 13th Malaysia Plan.

Mardi’s third set of hybrids is undergoing evaluation and assessment.

The institute is optimistic about the potential of these new hybrids.

“While Musang King and Black Thorn continue to set the benchmark in terms of market presence and price, we believe that our own developed hybrids, particularly MDUR 88, have the characteristics and quality to compete in the international market,” it said.

Federal Agricultural Marketing Authority (Fama) director-general Abdul Rashid Bahri said that in addition to Musang King, premium varieties including D24, Black Thorn, IOI and D9 have been sent for assessments to ensure they meet phytosanitary and quality compliance for targeted export markets like China.

“Fama is also working to expand market access beyond China and Hong Kong to countries such as the United Kingdom, Canada, the United Arab Emirates, Australia and the Netherlands,” he said.

Abdul Rashid said that strategic initiatives include participation in trade fairs, digital marketplace partnerships, in-store promotions and collaborative awareness programmes with the Malaysian embassies.

“To strengthen Malaysia’s competitive edge and credibility in premium markets, the ministry is also enhancing the national branding of agricultural produce through Malaysia’s Best, a certification that assures quality and safety for both domestic and international standards,” he said.

In 2023, Malaysia exported 54,374 tonnes of durians, valued at RM1.51bil, with China accounting for more than 45.7% of the total export.

Abdul Rashid said the volume is expected to increase following China’s approval for fresh durian imports.

“Fama will continue to work with industry stakeholders to monitor market trends, optimise logistics, and scale up capacity to meet growing international demand,” he said.

Malaysia’s durian cultivation area has been steadily expanding in recent years, with data from the Agriculture Department showing an increase from 70,286ha in 2019 to a projected 92,129ha in 2024.

Durian production followed suit, rising from 390,635 tonnes in 2020 to a projected 568,852 tonnes this year, despite some fluctuations due to weather and cost challenges.

The increase has been driven largely by global demand especially for premium varieties.

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