Some Western media outlets have compared the AIIB with the US Marshall Plan, which was aimed at the economic revival of Europe after World War II. The comparison was not heard for some time, but it is being used again as the AIIB's opening ceremony approaches.

There are fundamental and obvious differences between the AIIB and the Marshall Plan. The AIIB is a formal international institution comprising 57 members that have vowed to work in a cooperative and democratic way. Also, despite floating and executing the idea of the AIIB, China does not seek dominance over the bank or control over other members. In contrast, the Marshall Plan was dominated by the US, and Western European countries got "help" from it instead of "participating" in it.

Besides, the AIIB will function according to market rules and invest only in programs that have market potential. The AIIB is an open and fair financial institution whereas the Marshall Plan was driven by political interests and imposed strict conditions on the aid-receiving countries.

China has already made it clear that the AIIB will not impose any political conditions on any member. The fact that the Philippines has joined the AIIB in spite of having a maritime dispute with China is the best example of the AIIB's openness and, hence, it is absurd to compare it with the Marshall Plan.

Huang Yiping, a professor of economics at the National School of Development, Peking University