China’s big leap forward with new bank could oust U.S. as prime funder of Asian development projects - from TRUNEWS

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.

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