The new front in the battle for supremacy in Asia does not involve warships, warplanes or missiles — but that oldest of elixirs, money.
The U.S. has made most of the running for decades in the region, controlling the purse strings through the World Bank and the Japanese-led Asian Development Bank, based in Manila. Now China has upended the postwar financial order, creating the Asian Infrastructure Investment Bank (AIIB) and giving it US$50-billion in seed money.
The move has caused apoplexy in Washington and Tokyo. The worry is Beijing will soon write the rules for international banking, effectively gaining a veto over many development projects in Asia.
The old way of doing things was evident this spring near the Philippine town of General MacArthur, in impoverished eastern Samar.
The post China’s big leap forward with new bank could oust U.S. as prime funder of Asian development projects appeared first on Trunews:.
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