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Asian Infrastructure Investment Bank
Brits joined the founding party, followed by the other large European countries.
US does not seem to be particularly pleased
In a rare public breach in the special relationship, the White House signalled its unease at Britain’s decision to become a founder member of the Asian Infrastructure Investment Bank (AIIB) by raising concerns about whether the new body would meet the standards of the World Bank.
The $50bn (£33.5bn) bank, which is designed to provide infrastructure funds to the Asia-Pacific region, is viewed with great suspicion by Washington officials, who see it as a rival to the World Bank. They believe Beijing will use the bank to extend its soft power in the region.
The White House statement reads: “This is the UK’s sovereign decision. We hope and expect that the UK will use its voice to push for adoption of high standards.”
George Osborne – who has discussed the decision to become a founder member of the investment bank with his US counterpart, Jack Lew – has been the driving force behind developing closer economic ties between Britain and China. The chancellor has led the way in encouraging Chinese investment in the next generation of civil nuclear power plants in the UK and he ensured that the City of London would become the base for the first clearing house for the yuan outside Asia.
The US administration made clear in no uncertain terms its displeasure about Osborne’s decision to join the AIIB. A US official told the Financial Times: “We are wary about a trend toward constant accommodation of China, which is not the best way to engage a rising power.”
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“The US did reach out to Australia, Koreans and others to consult about questions and concerns, and that’s been interpreted as leaning on allies not to join the bank,” said Goodman.
As the world’s second largest economy, China has grown increasingly frustrated that it does not have more influence at the IMF and World Bank, and sees little prospect of more say regarding the Japanese-backed Asia Development Bank.
I like the words of American counter argument the best.
Europe’s move was met with a warning of caution from the United States. Treasury Secretary Jacob Lew said Washington’s main concern was whether the bank would “adhere to the kind of high standards that the international financial institutions have developed”.
“Will it protect the rights of workers, the environment, will it deal with corruption issues appropriately?
Anyway - Chinese commies seem to be doing better at world domination than their Russian predecessors. No need to conquer anyone, make them join you instead.
US does not seem to be particularly pleased
In a rare public breach in the special relationship, the White House signalled its unease at Britain’s decision to become a founder member of the Asian Infrastructure Investment Bank (AIIB) by raising concerns about whether the new body would meet the standards of the World Bank.
The $50bn (£33.5bn) bank, which is designed to provide infrastructure funds to the Asia-Pacific region, is viewed with great suspicion by Washington officials, who see it as a rival to the World Bank. They believe Beijing will use the bank to extend its soft power in the region.
The White House statement reads: “This is the UK’s sovereign decision. We hope and expect that the UK will use its voice to push for adoption of high standards.”
George Osborne – who has discussed the decision to become a founder member of the investment bank with his US counterpart, Jack Lew – has been the driving force behind developing closer economic ties between Britain and China. The chancellor has led the way in encouraging Chinese investment in the next generation of civil nuclear power plants in the UK and he ensured that the City of London would become the base for the first clearing house for the yuan outside Asia.
The US administration made clear in no uncertain terms its displeasure about Osborne’s decision to join the AIIB. A US official told the Financial Times: “We are wary about a trend toward constant accommodation of China, which is not the best way to engage a rising power.”
.
“The US did reach out to Australia, Koreans and others to consult about questions and concerns, and that’s been interpreted as leaning on allies not to join the bank,” said Goodman.
As the world’s second largest economy, China has grown increasingly frustrated that it does not have more influence at the IMF and World Bank, and sees little prospect of more say regarding the Japanese-backed Asia Development Bank.
I like the words of American counter argument the best.
Europe’s move was met with a warning of caution from the United States. Treasury Secretary Jacob Lew said Washington’s main concern was whether the bank would “adhere to the kind of high standards that the international financial institutions have developed”.
“Will it protect the rights of workers, the environment, will it deal with corruption issues appropriately?
Anyway - Chinese commies seem to be doing better at world domination than their Russian predecessors. No need to conquer anyone, make them join you instead.
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