European giants side with UK in Chinese World Bank row with US

[Place Of Space]

If Americans want to play zero sum game and they should prepare to accept the taste of the deception too.

How to understand this sentence?

 

[ravi kiran]

It's pure economic project with lot's of money involved so every one will want to join it. Nothing wrong in it.

 

[Kiss_of_the_Dragon]

How to understand this sentence?

Basecally what I tried to say is that if Americans what to play the zero sum game, they should be ready to accept that China can also play this game at US's expense too.

 

[aliaselin]

We can change the name to Eurasia Infrastructure Investment Bank now

 

[JSCh]

Here come another one, expect S.Korea to be next.

Roundup: Australia changes mind on China-proposed Asian infrastructure bank
English.news.cn 2015-03-17 07:56:49
by Xu Haijing

CANBERRA, March 17 (Xinhua) -- Australian leaders have been lining up in the past few days to voice support on Australia's joining of the Asian Infrastructure Investment Bank (AIIB), a conspicuous U-turn from the cabinet's previous stance.

The latest wave of support came after the United Kingdom announced to join the discussion with China on the 50-billion-U.S. dollar development bank.

Treasurer Joe Hockey was the first to say last Friday that Australia will consider joining the AIIB.

"This is something that will obviously be taken into account by the government over the next few weeks as we continue our dialogue with those people behind the bank," Hockey said.

"Quite obviously China has improved the governance structure it is proposing for the Asian Infrastructure Investment Bank," he added.

Prime Minister Tony Abbott then made the same remarks during an interview with Sky News on Sunday.

"Our position all along has been that we are happy to be part of some thing which is a genuine multilateral institution such as the World Bank, such as the Asia Development Bank," Abbott said.

On Monday, Foreign Minister Julie Bishop became the latest to join the choir, saying Australia has "considerable interest" in joining the bank.

"It has always been our intention to discuss this matter with China, to negotiate with China, we've put forward a number of concerns that we had, they have taken them on board and we've been working through those issues with China," Bishop told reporters.

Her words are of more significance as it was Bishop who at a cabinet National Security Committee meeting last year argued against Australia's involvement in the bank, quoting the bank's governance, transparency and accountability as concerns.

The United States, Australia, Japan and South Korea have initially declined to support the bank last year, citing concerns about its governance.

The bank is being promoted by China as a way of financing regional development. However, the United States sees it as an instrument of China to exert influence in the region.

Twenty-one countries including China, India and Singapore signed a Memorandum of Understanding in Beijing in October last year to build the bank.

China's Finance Minister Lou Jiwei said on March 6 that 27 countries had applied to join the bank as founding members.

Australia's refusal to join the AIIB as one of the founding members had got thumbs down across business sector and by many political figures.

Former Australian Prime Minister Paul Keating told Australian Financial Review in November last year that China's effort should be respected.

"The West and the United States said they wish China would conduct in a multilateral structure. But when China proposed one like the AIIB, they rejected," Keating said, "China's effort in working in a multilateral system should be supported not resisted. "

Ian MaCubbin, then National President of the Australia China Business Council (ACBC), told Xinhua in November last year that the bank is a significant proposal, and is one which should be given serious consideration.

"From ACBC's viewpoint, it's important to be part of the organization from the beginning so that if there are opportunities, Australia would try to shape the organization to address the concern, to fulfil its best possible role as a multilateral bank and provide much-needed infrastructure capital in Asia," he said.

Australian Industry Group chief Innes Willox commented on Monday that the government is right to rethink its opposition to joining the AIIB.

As the global economy's centre of gravity shifts from the Atlantic to China, it was essential that Australia was part of the change, he said.

"By reversing its opposition ... the government would be positioning Australia to be an active participant in this changing landscape, not simply a bystander," Willox said in a statement.

Opposition Leader Bill Shorten, Shadow Minister for Foreign Affairs Tanya Plibersek and Shadow Treasurer Chris Bowen teamed up to show support to the joining of the bank, while taking the opportunity to attack Bishop who, as they accused, "totally mishandled" the issue and was now playing catch-up.

The government should have announced its support for the bank months ago, according to the Plibersek and Bowen.

Editor: Xiang Bo

 

[ChineseTiger1986]

Here come another one, expect S.Korea to be next.

Roundup: Australia changes mind on China-proposed Asian infrastructure bank
English.news.cn 2015-03-17 07:56:49
by Xu Haijing

CANBERRA, March 17 (Xinhua) -- Australian leaders have been lining up in the past few days to voice support on Australia's joining of the Asian Infrastructure Investment Bank (AIIB), a conspicuous U-turn from the cabinet's previous stance.

The latest wave of support came after the United Kingdom announced to join the discussion with China on the 50-billion-U.S. dollar development bank.

Treasurer Joe Hockey was the first to say last Friday that Australia will consider joining the AIIB.

"This is something that will obviously be taken into account by the government over the next few weeks as we continue our dialogue with those people behind the bank," Hockey said.

"Quite obviously China has improved the governance structure it is proposing for the Asian Infrastructure Investment Bank," he added.

Prime Minister Tony Abbott then made the same remarks during an interview with Sky News on Sunday.

"Our position all along has been that we are happy to be part of some thing which is a genuine multilateral institution such as the World Bank, such as the Asia Development Bank," Abbott said.

On Monday, Foreign Minister Julie Bishop became the latest to join the choir, saying Australia has "considerable interest" in joining the bank.

"It has always been our intention to discuss this matter with China, to negotiate with China, we've put forward a number of concerns that we had, they have taken them on board and we've been working through those issues with China," Bishop told reporters.

Her words are of more significance as it was Bishop who at a cabinet National Security Committee meeting last year argued against Australia's involvement in the bank, quoting the bank's governance, transparency and accountability as concerns.

The United States, Australia, Japan and South Korea have initially declined to support the bank last year, citing concerns about its governance.

The bank is being promoted by China as a way of financing regional development. However, the United States sees it as an instrument of China to exert influence in the region.

Twenty-one countries including China, India and Singapore signed a Memorandum of Understanding in Beijing in October last year to build the bank.

China's Finance Minister Lou Jiwei said on March 6 that 27 countries had applied to join the bank as founding members.

Australia's refusal to join the AIIB as one of the founding members had got thumbs down across business sector and by many political figures.

Former Australian Prime Minister Paul Keating told Australian Financial Review in November last year that China's effort should be respected.

"The West and the United States said they wish China would conduct in a multilateral structure. But when China proposed one like the AIIB, they rejected," Keating said, "China's effort in working in a multilateral system should be supported not resisted. "

Ian MaCubbin, then National President of the Australia China Business Council (ACBC), told Xinhua in November last year that the bank is a significant proposal, and is one which should be given serious consideration.

"From ACBC's viewpoint, it's important to be part of the organization from the beginning so that if there are opportunities, Australia would try to shape the organization to address the concern, to fulfil its best possible role as a multilateral bank and provide much-needed infrastructure capital in Asia," he said.

Australian Industry Group chief Innes Willox commented on Monday that the government is right to rethink its opposition to joining the AIIB.

As the global economy's centre of gravity shifts from the Atlantic to China, it was essential that Australia was part of the change, he said.

"By reversing its opposition ... the government would be positioning Australia to be an active participant in this changing landscape, not simply a bystander," Willox said in a statement.

Opposition Leader Bill Shorten, Shadow Minister for Foreign Affairs Tanya Plibersek and Shadow Treasurer Chris Bowen teamed up to show support to the joining of the bank, while taking the opportunity to attack Bishop who, as they accused, "totally mishandled" the issue and was now playing catch-up.

The government should have announced its support for the bank months ago, according to the Plibersek and Bowen.

Editor: Xiang Bo

Good, the ADB is practically worthless right now.

 

[opruh]

The smell of money must be too strong for these poor european nations to resist.

 

[SR-91]

Coming soon
What about "ASIA SECURITY COUNCIL"?. and then

ASIA CURRENCY just like EURO

 

[LittleFish]

Coming soon
What about "ASIA SECURITY COUNCIL"?. and then

ASIA CURRENCY just like EURO

Then P5 will be whom?
Asian currency looks not realistic, for Asia is far from forming a free-trade zone, or China-Korea-Japan will make all their high-end products flood up other countries' market. Also, we don't want to lose our RMB's position since we have paid so much cost.

The smell of money must be too strong for these poor european nations to resist.

Everybody loves money than bullets, development than conflict.

It's pure economic project with lot's of money involved so every one will want to join it. Nothing wrong in it.

Economic ties will promote political relationships. US controls EU with Marshall treaty.

 

[Beast]

it's the few jews that lose.

Jews will dump US and stay cosy with China. Jews always join the victor.

 

[ptldM3]

This is all on Obama, he is one of the worst US presidents in a long time. His administration has been involved in one scandal after the other. Secret emails, Bengazi, Obama care and the corrupt backdoor deal with Obamas wife's friend, world wide sponsorships for government overthrows, starting race wars, by-passing congress, government shutdowns, ect.

The aggressive actions against Russia and China does not help win over friends. More countries are dumping the dollar and moving to alternative banks.

 

[sicsheep]

if the dollar losses so does China.
.

Please do elaborate.

 

[Keel]

Good, the ADB is practically worthless right now.

That is why the Japanese has restated its position of not joining AIIB (with a mouthful of sourgrapes) and Germany France Italy all joining at the 11th hour

US losing by pressuring nations not to join Asia bank
Updated: 2015-03-16 06:03

By Chen Weihua(China Daily USA)

For months, the Obama administration has been putting pressure on its allies, such as Australia, Japan and South Korea, not to join the Asia Infrastructure Investment Bank (AIIB), which Washington sees as a potential rival to the World Bank and Asian Development Bank, which are dominated largely by the United States, Japan and other developed nations.

While senior US officials defend the action by citing concerns over the transparency and governance of the new institution, such arguments have garnered little support. Many opinion leaders in the US, such as former US ambassador to China Jon Huntsman, have criticized the White House move as unwise.

However, the Obama administration is clearly not listening. On Friday, the Financial Times of London reported that a senior US official said on Thursday that the United Kingdom decision to join the AIIB was taken after "virtually no consultation with the US" and warned of the UK's "trend toward constant accommodation of China, which is not the best way to engage a rising power".

The FT said British officials refuted the US claims by saying that it was discussed for many weeks at the G7 level.

UK Chancellor George Osborne, in a statement announcing the UK's intention to join the bank, also said that joining the AIIB at the founding stage would create "an unrivalled opportunity for the UK and Asia to invest and grow together".

On Friday, Chinese Foreign Ministry spokesman Hong Lei said that China welcomes the UK decision. He noted that on March 12, the UK submitted to China the confirmation letter of joining the AIIB as a prospective member and officially applied to participate in the AIIB.

Reiterating what some Chinese officials have said publicly but which was ignored by Washington, Hong said AIIB will design its governance structure and operation policy following the principles of openness, inclusiveness, transparency, responsibility and fairness.

"It will learn from the good practices of the existing multilateral development banks, and meanwhile avoid the problems they have encountered to reduce the cost and operate more effectively," he said.

Hong said the AIIB will cooperate with and complement the existing multilateral development banks, better serve its member states and support the infrastructure building and economic development in Asia.

"Everyone is welcome to join us in this undertaking which is beneficial to all," Hong said.

According to Hong, as chairman of the chief negotiators' meeting on the establishment of the AIIB, China is heeding opinions from the prospective members in according with multilateral procedures. "If everything goes well, the UK will officially become a prospective member of the AIIB at the end of March," he said.

In Tokyo on Friday, World Bank President Jim Yong Kim reiterated his support for AIIB after UK's application.

"From the perspective simply of the need for more infrastructure spending, there's no doubt that from our perspective, we welcome the entry of the Asia Infrastructure Investment Bank," he said.

ADB President Takehiko Nakao has said that there were "huge infrastructure financial needs" in Asia and that the establishment of the AIIB is an understandable step. He said that when AIIB is established, ADB will be willing to consider appropriate collaboration."

On Sunday, Reuters quoted Australian Prime Minister Tony Abbott as saying that a decision will be made within weeks on whether the country will seek to join the AIIB.

The Yonhap News Agency of South Korea on Friday quoted an unnamed government official as saying that South Korea will make a final decision later this month on whether to join the AIIB as a founding member, and will inform China of the result.

China's Finance Minister Lou Jiwei told reporters a week ago that the Japanese government has been updated with the result of talks among the bank's current founding members.

"They told us they are considering," Lou was quoted by Xinhua News Agency. "Whether Japan will join, we do not know. It's Japan's own decision."

China's Vice-Finance Minister Zhu Guangyao has said that the bank will be set up this year.

On Oct 24, 21 countries signed a bill in Beijing to formally recognize the establishment of the bank, first initiated by China in 2013. They include China, India, Thailand, Malaysia, Singapore, the Philippines, Pakistan, Bangladesh, Brunei, Cambodia, Kazakhstan, Kuwait, Laos, Myanmar, Mongolia, Nepal, Oman, Qatar, Sri Lanka, Uzbekistan and Vietnam.

Several other countries, such as Indonesia, have since applied. If the UK is included, there will be 28 founding members for the AIIB. And more is likely before the March 31 deadline.

While the US has said repeatedly that countries do not have to choose between China and the US, its pressure on its allies on the AIIB issue has made many question its true intention. In China, many have seen this as more proof of US intention to curtail the rise of China.

Contact the writer at chenweihua@chinadailyusa.com

National Ballet of China

 

[Beast]

Obama is simply a joke.

 

[LittleFish]

Obama is simply a joke.

Bush pushed US to the hole and ran out US's money...