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© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.China: New bank to enhance international finance system
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gokai_wo_maneku
If the prime minister of Japan was anyone but Abe, Japan would have been a founding member of this bank. We can look forward to Japan losing out on all the infrastructure work all over Asia. Maybe Chinese are being very clever, making this bank knowing that Japan would not join, thereby securing all the work for their own companies.
nath
Enhance it by making it more CCP friendly. Corruption all around, iow.
JohnY921
"China's proposed infrastructure bank for Asia is intended to complement and not replace existing lenders dominated by the U.S. and Japan, a senior Chinese official said Friday."
That definitely will not be the case. It's just a matter of time before AIIB replaces ADB.
gokai_wo_maneku
Talk show this morning is saying that the US pressured Japan not to join because US wants Japanese money in underfunded IMF and World Bank, which US controls. US still treats Japan like it is a lap dog: Jump when I say jump! Play dead when I say play dead!
Nathaw
gokai_wo_maneku Apr. 18, 2015 - 10:45AM JST
AIIB is not 100% owned by China. Of course they have more voting rights than IMF or world bank. Singapore, Germany, UK. France, Australia and South Korea and other founding members will share the voting rights. If China own the bank 100%, your prediction is right.
So far Japan has not become the member yet. However bank can not force the loan borrowing nation to use Chinese contractor and supplier alone. Construction project should become the multinational competition.
For example, backward nation like Myanmar or Burma want to build the international airport, they can hire Japan airport consultant (JAC) for design. They can hire South Korean building contractor. They can source the reinforced steel from China. They can hire France or Germany engineering firms too.
If Japan can make the airport cheaper and better, Japan will get the contract for airport. Not other nations. It is called as obligation free loan from bank. AIIB is different from OECD which has monopoly of construction projects.