Brent Scowcroft Center Senior Fellow Robert Manning writes for the Global Times on China’s efforts to create an Asian Infrastructure Investment Bank (AIIB) and US response:
China’s efforts to create an Asian Infrastructure Investment Bank (AIIB) have sparked a political firestorm with the US. The US has been antagonistic toward the AIIB but has failed to persuade its European and Asian allies not to join. Australia has reconsidered its view and the UK, France, Germany and Italy are joining.
It is usually unwise for the world’s largest debtor, the US, to oppose the initiatives of the world’s largest creditor, China, which holds $4 trillion in foreign reserves. And the AIIB case is no exception.