English: Logo of the People’s Daily 中文: 人民日报题字 (Photo credit: Wikipedia)
This story remains top news in China’s media. See this article from People’s Daily Online, citing China’s Finance Minister. It’s an important read. Check it out!
via Six Western economies apply to join AIIB – People’s Daily Online.
Again the Chinese media is stressing that the UK was the first major Western country to sign up, against the advice of the US. It recognized that Australia joining the group is a geopolitical shift.
Let me give you a flavor:
The United States considers the AIIB to be a rival to the Western-dominated World Bank, but Lou said the newcomer is not aiming to replace the World Bank, the International Monetary Fund or the Asian Development Bank.
It will be interesting to see if competition from the AIIB provides any challenge to the neoliberal orthodoxy of the IMF?