Illustration: Liu Xidan/GT

Since its establishment, the Asian Infrastructure Investment Bank (AIIB) has faced skepticism and political interference from some Western countries. Yet, over the past decade, it has become a successful model of international cooperation. Despite ongoing interference, the AIIB remains committed to openness, inclusiveness and win-win cooperation, actively addressing challenges and continuously growing and expanding.

The AIIB plans to set up its first European office in London this year as the US government takes a tough stance on China, US media outlet POLITICO reported on Monday, citing two people familiar with the plans. The move could be highly controversial, as the UK is likely facing pressure from the US to curb its trade with China, POLITICO said.

William Matthews, a senior research fellow at Chatham House, said that he doubted the US will take kindly to the establishment of an AIIB hub in London, given the pressure it has already put on the UK to align with the US against China on trade issues, according to the report.

The concerns raised by British experts regarding further cooperation between the AIIB and the UK show that political interference in the bank's development still looms large. The involved parties should work to minimize the impact of such unreasonable interference and base their decisions on their own economic interests and the broader global economic context.

The AIIB was established in 2015 and began operations in 2016. With the focus of providing financing for infrastructure development emerging from rapid economic growth in developing countries in Asia and beyond, the bank has achieved great success and become a successful model of international cooperation.

The AIIB has approved 318 projects with total financing of more than $60 billion, leveraging more than $200 billion in capital for infrastructure construction, benefiting 38 member countries both within and outside of Asia, according to the Xinhua News Agency.

As the AIIB increasingly demonstrates its positive impact on the global economy, particularly in the infrastructure development of emerging market economies, attempts by some Western countries to discredit and attack it for geopolitical reasons have become increasingly ineffective. Their political interference in this potential legitimate cooperation is also increasingly untenable.

Although the UK faced criticism from the US when it joined the AIIB as a co-founding member, other countries, including Germany, the Netherlands, Austria, South Korea, Australia, and New Zealand, all became founding members. The number of members has grown from 57 founding members to the current 110, covering 81 percent of the world's population and 65 percent of global GDP.

This clearly demonstrates that the narrative of "China's influence" concocted by some Western politicians to smear the bank does not obstruct its emergence at a crucial stage of economic development in emerging economies, nor does it hinder the bank's continued robust expansion.

The prospects for infrastructure development in developing countries in Asia and beyond are highly favorable, presenting vast opportunities for international financial institutions like the AIIB. As these countries seek to bridge infrastructure gaps, drive sustainable growth, and foster economic integration, the AIIB's role as a financier will continue to be critical in shaping the future of infrastructure in Asia and beyond. Establishing the AIIB's first European office in London will benefit both the city and the UK in several ways. London's status as a global financial hub will be strengthened, reinforcing its position as a key banking and investment center that attracts international business. Hosting the AIIB's European hub will enhance London's role as a bridge between East and West, facilitating cross-border investment and solidifying its pivotal role in global financial cooperation.

For the UK, its robust financial sector offers the AIIB access to substantial capital, vital for funding infrastructure projects in emerging Asian markets. Hosting the AIIB's office aligns with its global financial strategy, enhancing trade and investment ties with Asia. 

While a decision by the UK or other countries to cooperate with the AIIB is mainly driven by economic factors, interference from certain politicians and nations continues to escalate. Nevertheless, decisions that prioritize national autonomy and genuinely serve both domestic economic interests and broader global benefits will ultimately prove to be the right course of action.

The author is a reporter with the Global Times. bizopinion@globaltimes.com.cn