{"id":6227,"date":"2015-03-17T10:13:20","date_gmt":"2015-03-17T16:13:20","guid":{"rendered":"https:\/\/myfutureamerica.org\/?p=6227"},"modified":"2015-03-17T10:16:24","modified_gmt":"2015-03-17T16:16:24","slug":"germany-italy-and-france-defy-us-to-join-china-led-development-bank","status":"publish","type":"post","link":"https:\/\/myfutureamerica.org\/?p=6227","title":{"rendered":"Germany, Italy and France Defy US to Join China-Led Development Bank"},"content":{"rendered":"
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A growing economy and trillions in reserves make China the new popular kid on the block<\/h1>\n<\/div>\n
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George Parker<\/a> \"Subscribe<\/a><\/div>\n
(Financial Times<\/a>)<\/div>\n
Anne-Sylvaine Chassany<\/a><\/div>\n

3 hours ago | <\/span><\/span>825<\/span><\/span> <\/span>19<\/a><\/span><\/span><\/p>\n

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Where the money’s at now<\/div>\n<\/div>\n
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SAME AUTHOR<\/div>\n<\/div>\n
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IMF Unveils $17.5 Billion Ukraine ‘Rescue Plan’<\/a><\/span> <\/span>
\nFri, Feb 13 | <\/span><\/span>412<\/span><\/span> <\/span>13<\/a><\/span><\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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This article originally appeared inFinancial Times<\/strong><\/em><\/div>\n
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France, Germany and Italy have all agreed to follow Britain\u2019s lead and join a China-led international development bank, according to European officials, delivering a blow to US efforts to keep leading western countries out of the new institution.<\/p>\n<\/div>\n

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The decision by the three European governments comes after\u00a0Britain announced<\/a>\u00a0last week that it would join the $50bn Asian Infrastructure Investment Bank, a potential rival to the Washington-based World Bank.<\/p>\n

Australia<\/a>, a key US ally in the Asia-Pacific region which had come under pressure from Washington to stay out of the new bank, has also said that it will now rethink that position.<\/p>\n

The European decisions represent a significant setback for the Obama administration, which has argued that western countries could have more influence over the workings of the new bank if they stayed together on the outside and pushed for higher lending standards.<\/p>\n

The AIIB, which was formally launched by Chinese President Xi Jinping last year, is one element of a broader Chinese push to create new financial and economic institutions that will increase its international influence. It has become a central issue in the\u00a0growing contest<\/a>\u00a0between China and the US over who will define the economic and trade rules in Asia over the coming decades.<\/p>\n

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When Britain announced its decision to join the AIIB last week, the Obama administration told the Financial Times that it was part of a broader trend of\u00a0\u201cconstant accommodation\u201d<\/a>\u00a0by London of China. British officials were relatively restrained in their criticism of China over its handling of pro-democracy protests in Hong Kong last year.<\/p>\n

Britain tried to gain \u201cfirst mover advantage\u201d last week by signing up to the fledgling Chinese-led bank before other G7 members. The UK government claimed it had to move quickly because of the impending May 7 general election. The move by George Osborne, the UK chancellor of the exchequer, won\u00a0plaudits in Beijing<\/a>.<\/p>\n

Britain hopes to establish itself as the number one destination for Chinese investment and UK officials were unrepentant. One suggested that the White House criticism of Britain was a case of sour grapes: \u201cThey couldn\u2019t have got congressional approval to join the AIIB, even if they wanted to.\u201d<\/p>\n

The US Treasury said on Monday night that it recognised the need for greater infrastructure investment around the world. However, it said any new institution should \u201cincorporate the high standards that the international community has collectively built\u201d, and that new members of the AIIB should \u201cpush for the adoption of these same high standards\u201d.<\/p>\n

Privately, US and Australian officials have suggested that the British decision to break ranks and join the bank was driven by commercial considerations and that London was blind to the broader geopolitical implications in the Asia-Pacific region.<\/p>\n

South Korean media have reported that Seoul will also now rethink its decision not to join the AIIB. Japan, the US ally in the region that is most worried by China\u2019s growing influence, is not expected to become a member.<\/p>\n<\/div>\n

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Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A growing economy and trillions in reserves make China the new popular kid on the block George Parker (Financial Times) Anne-Sylvaine Chassany 3 hours ago | 825 19 Where the money’s at now SAME AUTHOR IMF Unveils $17.5 Billion Ukraine ‘Rescue Plan’ Fri, Feb 13 | 412 13 This article originally appeared inFinancial Times France, […]<\/p>\n","protected":false},"author":1,"featured_media":6228,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[104,114],"tags":[1172,118],"class_list":["post-6227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-world-2","tag-bank","tag-china"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/myfutureamerica.org\/wp-content\/uploads\/2015\/03\/wall_3234672b.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p2SfUR-1Cr","_links":{"self":[{"href":"https:\/\/myfutureamerica.org\/index.php?rest_route=\/wp\/v2\/posts\/6227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/myfutureamerica.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/myfutureamerica.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/myfutureamerica.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/myfutureamerica.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6227"}],"version-history":[{"count":4,"href":"https:\/\/myfutureamerica.org\/index.php?rest_route=\/wp\/v2\/posts\/6227\/revisions"}],"predecessor-version":[{"id":6232,"href":"https:\/\/myfutureamerica.org\/index.php?rest_route=\/wp\/v2\/posts\/6227\/revisions\/6232"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/myfutureamerica.org\/index.php?rest_route=\/wp\/v2\/media\/6228"}],"wp:attachment":[{"href":"https:\/\/myfutureamerica.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/myfutureamerica.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/myfutureamerica.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}