China creates a World Bank of its own, and the US balks
BEIJING: As top leaders met at a lush Bali resort in October 2013, President Xi Jinping of China described his vision for a new multinational, multibillion-dollar bank to finance roads, rails and power grids across Asia. Under Chinese stewardship, the bank would tackle the slow development in poor countries that was holding the region back from becoming the wealth center of the world.
Afterward, the US secretary of state, John Kerry, caught up with Xi in the corridor.
“That’s a great idea,” Kerry said of the bank, according to Chinese and US aides briefed on the encounter.
The enthusiasm didn’t last long, as the Obama administration began a rear-guard battle to minimize the bank’s influence.
USA wants to control the world economy…and views anyone else as an enemy
this is the double standards of USA….USA kare to pyar…Aur koi karke to balaatkaar
China is challenging USa on economic front as well!
This was very badly needed as many countries had been intentionally left out and were not developnig
Indian will have to accept that China is heading towards Global super power
China is centuries ahead of India.. shame on u
China has hell lot of money to throw anywhere it wants.
from construction of artificial islands, to investing African countries, to UK, to South Asian countries to US to Europe everywhere China is investing heavily. And getting return accordingly.
Why China has a hell lot of money,Because China deliberately revolutionize their agriculture sector,Which ultimately reduced its poverty.The farmers got money in their hands which they used to buy products of Chines. In India we are in reverse direction thats why our poverty will never have an end.
In few years the US domination and high handed methods would pass into history
The next world powers will be Russia China and India
that bank is good for India…world bank is unfair, India should support such initiatives but with caution, should remember what China did to stop the funding of trans Arunachal highway which was to be funded by Asian development bank, issuing statement that the territory is disputed…all countries other than China which have joined her initiative should do more and more to make it more transparent and democratic..
we can trust China we Indians should think positively the New world bank will help the poor nations as China eradicated povertyin china
Will boost economic growth of Asian countries..
Can be said as much needed and hence it is too part of cyclic nature.