China, AIIB - Current Affairs Questions and Answers

ANSWER: Mumbai

Explanation:
India will host third Annual Meeting of the Board of Governors of Asian Infrastructure Investment Bank (AIIB) in Mumbai, Maharashtra in June 2018.

In this regard, Union Government and AIIB Secretariat have signed MoU to delineate duties and responsibilities of major stakeholders who would be involved in organizing the aforesaid Annual Meeting.

The theme of the annual meeting is "Mobilizing Finance for Infrastructure: Innovation and Collaboration".

Asian Infrastructure Investment Bank (AIIB)

• The AIIB is multilateral financial institution proposed by China.
• Its purpose is to provide finance to infrastructure development and regional connectivity projects in the Asia-Pacific region.
• Its goals are to boost economic development in Asia-Pacific region, provide infrastructure, and promote regional cooperation and partnership.
• It was founded in October, 2014 and became operational in January 2016. It is headquartered in Beijing.
• Currently, it has 56 member states. It is seen as rival to World Bank and Asian Development Bank (ADB).
• The capital of AIIB is $100 billion, with almost $30 billion invested by China. India is one of the founding members of AIIB and 2nd largest shareholder in AIIB followed by Russia.
• The voting shares are based on size of each member country's economy and not contribution to the bank's authorised capital.

ANSWER: Shanghai

Explanation:
China started trial operations of world's biggest automated container terminal at Yangshan Deep Water Port in Shanghai, the country's commercial hub.

The terminal is located at south of Donghai Bridge, phase 4 of Yangshan Port and covers 2.23 million square metres and has a 2,350-metre shoreline.

The automated management system is also used at port to maintain safety and efficiency.

Key Facts

• The project uses automated handling equipment designed and manufactured in China. The machinery used in loading and unloading, including bridge crane, automated guided vehicle (AGV) and rail-mounted gantry crane, are all made in China by Shanghai Zhenhua Heavy Industries Company.
• Initially, automated terminal will have capacity to handle 4 million TEUs (twenty-foot equivalent units) and later it will be expanded to 6.3 million TEUs at later stage.
• The automated terminal not only increases the port's handling efficiency, but also reduces carbon emissions by up to 10%.

ANSWER: Disabled

Explanation:
The High Level Inter-Governmental Mid-Point review meeting of Asia and Pacific Decade for Persons with Disabilities, 2013-2022 was held in Beijing, China.

A number of countries in the Asia-Pacific region had participated in it. Indian delegation was led by Union Minister of Social Justice & Empowerment Thaawarchand Gehlot.

The meeting was organised by United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) in cooperation with China Disabled Persons' Federation (CDPF).

Its main objective was to review progress made by member States during Decade at mid-point in 2017 with regard to Incheon Strategy to make right real for persons with disabilities in Asia and Pacific.

It also discussed future policy action for building disabilities-inclusive societies in region, bearing in mind synergies between 2030 Agenda for Sustainable Development and Incheon Strategy.

It also finalised declaration to address gaps and challenges in empowerment and inclusion of persons with disabilities.

The Incheon Strategy provides Asian and Pacific region and world with first set of regionally agreed disability-inclusive development goals. It has been developed over more than two years of consultations with governments and civil society stakeholders.

ANSWER: London

Explanation:
The PRC or People's Republic of China launched its first freight train to London (UK) with the aim to improve trade ties and strengthen connectivity with Britain and Western Europe.

The train departed from Yiwu West Railway station in eastern Zhejiang province of China. It will travel for 18 days over 12,000 km before reaching London.

The train will also pass through Kazakhstan, Russia, Belarus, Poland, Germany, Belgium and France, before reaching London.

It is carrying goods produced in Yiwu. London is the 15th city in European region added to China-Europe freight train services.

Success of the train will give impetus to China's One Belt and One Road Initiative, an infrastructure and trade network connecting Asia with Africa and EU along ancient trade routes.

One Belt and One Road Initiative: Know More

• Also known as the Silk Road Economic Belt
• Called the Belt and Road, One Belt, One Road (OBOR) or Belt and Road Initiative
• It is a 21^st Century Maritime Silk Road.
• The initiative is a development strategy and framework put in place by Chinese leader XI Jingping
• It focuses on connectivity and cooperation between China and Eurasia.
• Comprises two components namely Silk Road Economic Belt (land based) and Maritime Silk Road (ocean going).
• It was unveiled in Sept and Oct 2013 (SREB and MSR respectively).

ANSWER: ADB

Explanation:
China-sponsored Asian Infrastructure Investment Bank (AIIB) has chosen a Pakistan based highway construction program among the first batch of projects it will finance.

• The Asian Development Bank has also joined as a co-financer.
• In effect, the two banks have agreed to support one of the projects in the $46 billion China Pakistan Economic Corridor (CPEC), which is the first program under the Silk Road plan introduced by Chinese president Xi Jinping.

ANSWER: Huachuan No. 1

Explanation:
This dock called Huachan No.1 enables the navy to return damaged ships to fighting capability in short time and was designed for being taken into combat zones. Dock can handle cruisers, submarines and destroyers but not aircraft carriers. This low cost technology is extremely innovative.

ANSWER: Haryana

Explanation:
Haryana is expecting a spike in foreign investments from China following 8 MoUs being signed with top companies to establish a USD 10 billion industrial park and smart cities in the state during CM Khattar’s trip to get more investors. MoU was signed with which top Chinese companies Wanda Group, China Land Development Company Private Limited, and ZTE Corporation.

ANSWER: Dinesh Sharma

Explanation:
The election of India to board of directors of the AIIB expected to provide significant role for it as it is the forum that approves the loans for projects. It is a 12-member board.

ANSWER: Dinesh Sharma

Explanation:
India is one of the founding members of the Asian Infrastructure Investment Bank has been elected to the board of directors of China sponsored AIIB expected to commence loan approvals towards the close of the year. Dinesh Sharma Additional Secretary of Ministry of Finance has been elected to the 12 member board for which a secret ballot has been held. Authorised capital of USD 100 billion and subscribed capital of USD 50 billion will yield investment of various sectors such as urban construction and energy as well as transportation.

ANSWER: President Xi Jingping

Explanation:
China based Asian Infrastructure Investment Bank in which India and 56 other nations have joined as founding members was formally launched by President Xi Jingping. Dinesh Sharma leads the Indian delegation for which the US based ADB has identified potential co-financing projects with AIIB in areas such as transport, urban and water, renewable energy etc.