Comment on China, 20 other countries initiate new Asian bank

By CHRISTOPHER BODEEN, Associated Press, San Francisco Chronicle: World
Fri, 10/24/2014 - 3:08am

China, 20 other countries initiate new Asian bank

The U.S. is concerned that the new bank will introduce laxer standards for lending when it comes to environmental and labor protection, transparency of the project bidding process, and human rights. Washington worries that could undercut existing institutions like the World Bank, the International Monetary Fund and the Asian Development Bank that have sought to impose standards to promote good governance, fair labor practices and a clean environment. [...] Washington is also concerned about any move by China to shift attention away from institutions that it and its allies dominate. [...] the bank is expected to bring solid economic benefits to China, whose companies already benefit massively from policy loans offered abroad by the country's state banks. By its multinational nature, it could also pressure China's banks to shape up their operations and help defray some of the resentment that has built up toward Beijing among borrowers who feel burned by the terms of their loans from Chinese state banks. If you would like to get rich, build roads first, and I believe that is a very vivid description of the very importance of infrastructure to economic development, Chinese President Xi Jinping told participants after the signing ceremony.

 

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