March 25, 2015

Beijing ecstatic as major U.S. allies back China's new development bank

Led by Great Britain, major European nations including France, Italy and Germany have defied U.S. opposition to join the Chinese-dominated Asian Infrastructure Investment Bank or AIIB. The action is seen by many in Washington as perfidy. China is the founding nation for the AIIB which will directly challenge the IMF and World Bank    (FULL STORY)
German Finance Minister Wolfgang Schäuble, right, and China's Vice Premier Ma Kai in Berlin on March 17. Schäuble said Germany would be a founding member of the new Asian Infrastructure Investment Bank. Reuters
Xi lures South Korea and Japan to join other U.S. allies at the AIIB
Beijing’s success in luring a number of key American allies to join the Asia Infrastructure Investment Bank (AIIB) has illustrated yet again Washington’s apparent failure to rein in the Xi Jinping administration’s ambitious plans to gradually displace the United States as the sole arbiter of global norms in areas ranging from finance to security. Britain, France, Germany and Italy have signaled their readiness to join the AIIB as founding members. Australia is the next to take up Beijing’s offers.


South Korean President Park Geun-Hye and China's President Xi Jinping in Switzerland, on March 23.
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