The queue to join the Asian Infrastructure Investment Bank (AIIB) has lengthened with Germany, France and Italy expressing readiness to join the China-led initiative, overriding objections from the United States, which has been accused by Beijing of adopting a “hypocritical” stance.
“Unfortunately, the bank's launch is being obstructed by the United States - not only does the U.S. itself refuse to join the bank, it is doing its best to prevent some of its allies from becoming founder members as well,” says a commentary published in the People’s Daily, the official newspaper of the Chinese Government.
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The financial cracks within the post-war Atlantic Alliance, led by the U.S. became visible after Britain decided to participate in
negotiations for joining the AIIB. London’s move has reverberated from Europe to the Asia-Pacific. While core European Union (EU)members led by Germany, a pivotal industrial heavyweight, are shoring up one geographic flank, Australia has also signaled its intent to join AIIB.
South Korea is also emitting strong signals to join the lender, leaving Japan as the sole U.S ally, which shows no signs of changing its mind so far.
The People’s Daily article accused Washington of hypocrisy by not matching its words with deeds. “In recent years, the United States has been urging China to exercise leadership commensurate with its growing strength and to provide more resources to support international development and other constructive initiatives and global goals.
However, as soon as China tries to assume more responsibility, initiate the establishment of the AIIB, and make a greater
contribution to Asian and international development, the United States sticks a spoke in the wheel. Such conduct goes further than short-sightedness; it is blatantly hypocritical”.
According to the China’s stated perception, instead of being seen a rival, the AIIB will complement the Western-backed World Bank, and the Asian Development Bank (ADB), which can lend only 10 billion dollars per year . This is far short of ADB’s own prediction that development of infrastructure in the Asia-Pacific requires an infusion of 8 trillion dollars following the decade after 2010.
“The AIIB will fill this huge gap in the field of infrastructure investment in the developing Asian countries,” the commentary said.
An article in the Hong Kong based South China Morning Post (SCMP) berated the U.S. for its “diplomatic debacle” following the revolt by the European countries to join the bank. “Its (Washington’s) clumsy arm-twisting of allies was intended to isolate China and prevent it from forming an alternative institution that could challenge the monopoly of global development policy by the US-led World Bank. Now it's Washington that looks isolated,” said that article.
The write up criticised the US for adopting a “moralistic stance” on the AIIB debate, masking “a naked power struggle” with Beijing, which was also reflected in Washington’s decision to exclude China from membership of the Trans-Pacific Partnership—a free trade deal among 12 countries in the Asia-pacific.