China’s glee as Europeans go to Asian lender
What you need to know:
- “As more and more Western countries mull over joining the China-led lending body, the US will feel lonelier if it continues to be a holdout,” it added. “So Washington, what are you waiting for?”
- Chinese Foreign ministry spokesman Hong Lei said today that the AIIB was “an open and inclusive institution” ready to receive further applications, adding: “Its door is always open.”
BEIJING, Wednesday
Chinese State media took a victory lap today gloating over a decision by major European powers to join a Beijing-backed multinational lender that the United States perceives as a threat to the Washington-led World Bank.
“Welcome Germany! Welcome France! Welcome Italy!” a commentary in the official Xinhua news agency said, describing the United States as “petulant and cynical”.
Berlin, Paris and Rome said in a joint statement yesterday that they “want to become founding members of the Asian Infrastructure Investment Bank (AIIB)”, after Britain last week announced ambitions to be the first major Western country to join—drawing a rare rebuke from close ally Washington.
Triple decision
Calling the triple decision a “brave yet rational move”, Xinhua said it contained a stark message for the US.
Washington was “trying to forge an anti-AIIB front” among its allies, the commentary said, but “sour grapes over the AIIB makes America look isolated and hypocritical”.
LONELIER
“As more and more Western countries mull over joining the China-led lending body, the US will feel lonelier if it continues to be a holdout,” it added. “So Washington, what are you waiting for?”
China touts the $50 billion institution as a tool for financing regional development alongside other lenders such as the World Bank and the Japan-led, Manila-based Asian Development Bank.
Beijing’s Finance ministry welcomed the German, French and Italian announcements, saying it would “consult” the bank’s existing prospective founder countries and the trio would join them within a fortnight if their applications were “approved smoothly”.
Chinese Foreign ministry spokesman Hong Lei sai`d today that the AIIB was “an open and inclusive institution” ready to receive further applications, adding: “Its door is always open.”
US Treasury Secretary Jacob Lew did not dress down Berlin, Paris and Rome but questioned whether the AIIB would “adhere to the kind of high standards” of other global institutions in comments before Congress. (AFP)
