The US Is Warming Up to China’s Big New Development Bank

Thursday, April 2, 2015

Washington appears to have softened its stance towards the new Beijing-led Asian Infrastructure Investment Bank, backing down from its earlier resistance and saying it is now ready to welcome the institution.

But a prominent Chinese analyst says that despite the AIIB having been well received by the international community, including several US allies, it is still too early to tell if China has indeed scored a diplomatic victory.

Shortly after a trip to Beijing, US Treasury Secretary Jack Lew said in San Francisco on Tuesday that the United States was “ready to welcome” and would embrace any new international development bank, provided it “complements” existing ones like the World Bank and the International Monetary Fund.

While in Beijing, Lew had said he was encouraged Chinese leaders had “made clear that they aspire to meet high standards and welcome partnership”.

His remarks showed that the US – caught in a dilemma in the face of overwhelming support for the AIIB – was hoping to find ways to remedy its earlier opposition to the bank, analysts said.

The AIIB has drawn at least 52 countries and regions, including some US allies, to apply to be its founding members.

Source: Business Insider (link opens in a new window)

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