A U.S.\u002DChina trade war has morphed into an ideological fight dividing the global economy with international banks in the middle. Read on.
“Governments are going to be hesitant about following suit without a strong reason at this point,” Mark said. “Down the road, it would be interesting to see what happens. But for the moment, I suspect we would not see anything like a mass exodus of governments from the AIIB.”
U.S. Treasury Secretary Janet Yellen made it explicit earlier this week that global institutions such as the International Monetary Fund and World Bank should act as a “counterweight” to China’s growing clout in the developing world. Beijing hit back, with Foreign Ministry spokesman Wang Wenbin saying “they are not called the IMF or the World Bank of the United States.”Article content
A separate former senior staffer at the bank, who also asked not to be identified, said they hadn’t seen CCP members dominate decision making at the organization. The work environment at AIIB was no different from other multinational development banks, said another former AIIB official who now works at a different lender.Article content
India, which has frequently sparred with Beijing since a deadly brawl on their shared Himalayan frontier in 2020, has been the largest beneficiary of the bank, according to Schuknecht. The AIIB has approved 43 projects approved in the country for a total value of US$9.94 billion.
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