Curtis S. Chin: If the West Is Serious About the Asian Infrastructure Investment Bank – WSJ

As China’s media accuses Western media of bias against China’s proposed AIIB, check out this pompous article from Curtis Chin, published in the WSJ. It’s a recommended read.

via Curtis S. Chin: If the West Is Serious About the Asian Infrastructure Investment Bank – WSJ.

The trouble with Mr. Chin and his readership at the WSJ is that they’re making erroneous assumptions. Just because things have been done a particular way under US hegemony for the last fifty years, it does not follow as China takes the economic central stage that the same assumptions are still valid. In my mind, it good to probe the assumptions for bias and weakness – ‘kick the tyres’ a bit.

Although I am not a great fan of the UK’s George Osborne and David Cameron, I really admire them for taking ‘first-mover advantage‘ and making the UK the first major country to support China’s AIIB. I hope that the AIIB will signal a new approach which starts to challenge to orthodoxy of both the World Bank and the IMF. For example, look at the IMF’s different positions favoring austerity.

Thoughts?

 

Six Western economies apply to join AIIB – People’s Daily Online

English: Logo of the People's Daily 中文: 人民日报题字

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?

Thoughts?