Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

"It's A Huge Story": China Launching "Petroyuan" In Two Months


Recommended Posts

(edited)
  • 03-29-2015

753aa7e7f46d49ecb73551a824e942ca_18.jpgHong Kong's central financial district [REUTERS]

 

ABOUT THE AUTHOR Teymoor Nabili

Teymoor Nabili is a Singapore-based journalist and commentator, and CEO of TheSignal.Asia.

@teymoornabili

It's usual these days that every policy statement coming out of Beijing is minutely scrutinised and commented on by the English language media, so the absence of any alarm bells on and after February 3 came as something of a surprise.

The 13th Meeting of Russia, India and China's foreign ministers should have merited at least passing mention - but not a single major western newspaper covered it.

There was no reporting of the final communique; no editorial comment was made and no reaction sought, from Washington or London.

 
Inside Story: China's financial power play?

Only Hong Kong's South China Morning Postthought it newsworthy that China's foreign minister, along with his Russian and Indian counterparts, was emphasizing a vision that many in the West have long feared - a vision of a new world order.

Conciliatory language

The relevant comment was short, and buried within30 other paragraphs of much more conciliatory language; nonetheless it was punchy:

"Russia, India and China are determined to build a more just, fair and stable international political and economic order."

Now ordinarily, a statement like that would have raised the hackles of the China-baiters if no-one else, but not this time.

Had they simply failed to notice it amid the rest of the diplo-speak? Maybe they had seen it, but chose to dismiss it as overblown rhetoric from minor powers. Or maybe it was just a willful refusal to consider the possibility that something fundamentally transformative is under way.

Whatever the answer, it's in the context of these questions that we should nowanalyse the recent mayhem surrounding the launch of the Asian Infrastructure Investment Bank (AIIB).

And mayhem it has been, at least in political terms.

From the moment that Britain, on March 12, decided that it wanted to be part of the China-led AIIB, a raft of Washington's traditional allies have followed suit, turning eastwards with unseemly haste.

What's happening here is just business, they say, and those western powers who have applied to join have done so to ensure that 'international standards' are maintained, and Beijing's baser impulses are kept in check.

 

France, Italy and Germany jumped aboard the betrayal bandwagon almost immediately after the UK, then Luxembourg, New Zealand and South Korea.

Now that Australia's cabinet has agreed, despite the prime minister's protestations, to join up too, the only significant ally sticking by Washington is Japan, and even it is wavering.

Mass defection

So what's behind this mass-defection from the Washington consensus, and what will the consequences be for the international financial order?

The answer to the first part is straightforward - money. Asianeeds $800 billion a year  in investment to develop its infrastructure, and numerous countries are keen to help them get it.

But, as everyone from the European Commission's vice president to the US treasury secretary have admitted, Washington has been standing in the way of business for years.

US credibility and leadership in the multilateral system, said Jack Lew, has been lacking, and that's allowed Beijing to seize the initiative and offer a viable solution.

As for the long term consequences, well that's been an even trickier political question.

Despite conceding the need for some re-alignments, Washington and its allies draw the line at the suggestion of any long-term change to the status quo.

What's happening here is just business, they say, and those western powers who have applied to join have done so to ensure that "international standards" are maintained, and Beijing's baser impulses are kept in check.

Even China's finance minister prefers a low-key public stance, presenting the AIIB as complementary to rather than competing with existing institutions.

Nagging doubt

But behind these official statements there's a nagging doubt. Many financial analysts are speculating that the new bank may well prove to be genuinely transformative, its adoption an irreversible step towards the multi-polar world envisioned in Beijing.

4655490884fe4abc8538726e1eff736d_19.jpg China's president with guests at the Asian Infrastructure Investment Bank launch in Beijing [REUTERS]

 

Because the fact is this bank is not just a standalone initiative, an independent body among many others, it's a core component of a much broader template, a long-term plan that China began putting in place some time ago.

Already, some of the more than $3 trillion Beijing holds in foreign reserves has been deployed  in international markets; its economic reach now spreads beyond Asia to the Middle East, Africa and as far away as Latin America.

Along the way, the Renminbi has, in a limited way, gained a small foothold as a trading currency, with economic partners happy to settle bilateral deals directly with Beijing without having to go through the dollar. As these relationships mature, the vision is that the RMB will eventually be accepted alongside the dollar and the euro as a fully convertible reserve currency.

By that stage, Shanghai will have established itself as a centre for global finance as powerful as London or New York, and the net result will be that global financial flows, and therefore power, will have shifted some way east.

In the current political environment such speculation is not wholly welcomed; but even those who fear the prospect of a powerful China should at least accept that change of some kind is necessary.

US dominated

The existing global financial architecture, devised 50 years ago when no alternatives existed and all were happy to concede leadership (and benefits) to Washington, is no longer fit for purpose.

Not only are its institutions - the World Bank, the IMF, the ADB et al - thoroughly dominated by the US  (helped, in the case of the Asian Development Bank, by Japan), they impose a coercive and ideologically driven agenda on developing countries that can do more harm than good. Not to mention the fact they simply don't have the capacity to handle emerging Asia's development needs.

What Washington has chosen to ignore, in fear of losing political power, is that a change to global financial structures is a very necessary evolution.

The US would do well to join the rest of the international community in acknowledging this fact, and working to ensure its success.

Everything depends, of course, on whether Beijing chooses to accept these applications for membership by Britain et al, after the March 31 deadline has passed.

Teymoor Nabili is a Singapore-based journalist and commentator, and CEO of TheSignal.Asia.

The views expressed in this article are the author's own and do not necessarily reflect Al Jazeera's editorial policy. 

Source: Al Jazeera

 

http://www.aljazeera.com/indepth/opinion/2015/03/asian-infrastructure-investment-bank-150329074949552.html

Edited by TBomb
  • Upvote 2
Link to comment
Share on other sites

Taiwan to Apply to Join China-backed AIIB Investment Bank

 
  •  
4E284680-25D6-4BFD-A181-15DC6EF906B6_w64
FILE - Taiwan's President Ma Ying-jeou.
 
 
Reuters

March 31, 2015 5:42 AM

TAIPEI—

Taiwan will submit an application to join the Beijing-led Asian Infrastructure Investment Bank (AIIB) on Tuesday (March 31), despite historical animosity and a lack of formal diplomatic relations between the island and China.

In a statement released late on Monday, Taiwan's presidential office said joining the AIIB will help Taiwan in its efforts at regional economic integration and raise the possibility of joining other multinational bodies.   

“I have three points to report regarding the Asian Infrastructure Investment Bank (AIIB). Firstly, to take part in the AIIB with dignity is in line with the general interest of our country. Secondly, today we will deliver our letter of intent to join the AIIB to its preparatory working group through the channels of the two associations (Association for Relations across the Taiwan Straits and the Strait Exchange Foundation), to express our willingness to participate. Thirdly, only by entering as a founding member we can participate in the steps defining the rights and obligations of the members. This is the only way that we can guarantee our own interests,” Premier Mao Chi-kuo told reporters waiting outside his office.

The government's decision to apply was immediately criticized by Taiwan's main opposition Democratic Progressive Party (DPP).

The DPP has historically been much more wary over bargains with China, and formally maintains Taiwan's independence in its party platform.

“Can Ma Ying-jeou decide by himself? Does Ma Ying-jeou want to sell Taiwan?” asked DPP's legislator Chen Ting-fei.

“[This case] must be submitted to the parliament for supervision,” she added.

It was not immediately known whether Beijing would accept Taiwan's application to join the AIIB.

“As for our stance on Taiwan's application to join the AIIB, our position and principles remain the same that it will be an open, inclusive and multilateral organization which we welcome all sides to join. But for Taiwan's application, it should abide by the relevant principles, which are to avoid the problem appearing of 'two Chinas', or 'one China, one Taiwan',” Chinese foreign ministry spokeswoman Hua Chunying said when asked about Taiwan's application.

China views Taiwan as a renegade province and has not ruled out the use of force to bring it under its control. However, since Taiwan's current president Ma Ying-jeou took office in 2008, enmity has declined considerably and the two sides have signed a number of trade and investment deals.

Most countries, including the United States, do not recognize Taiwan due to pressure from China. Taiwan is not a member of the United Nations, the World Bank or the International Monetary Fund.

The AIIB is seen as a significant setback to U.S. efforts to extend its influence in the Asia-Pacific region and balance China's growing financial clout and assertiveness.

China has set a March 31 deadline to become a founding member of the AIIB and over 40 nations have joined or said they intend to, adding clout to an institution seen as enhancing Beijing's regional and global influence.

Link to comment
Share on other sites

Israel applies to join China-backed AIIB investment bank
Source: Reuters - Wed, 1 Apr 2015 11:43 GMT
Author: Reuters


TEL AVIV, April 1 (Reuters) - Prime Minister Benjamin Netanyahu has signed a letter of application for Israel to join the China-led Asian Infrastructure Investment Bank (AIIB), the Israeli Foreign Ministry said on Wednesday.
More than 40 countries, including Australia, South Korea, Britain, France, Germany and Italy, have said they would sign up to the AIIB, with Japan and the United States the two notable absentees.
China set a March 31 deadline to become a founding member of the AIIB, an institution that could enhance Beijing's regional and global influence.
Washington initially tried to dissuade its allies from joining the AIIB, seeing it as a challenge to the World Bank and Asian Development Bank over which the U.S. exerts considerable influence, but changed tack after many signed up for it.
U.S. Treasury Secretary Jack Lew said on Tuesday that Washington would welcome the AIIB as long as it complements existing institutions and adopts high governance standards.
In a statement on its website, the Foreign Ministry said Israel's AIIB membership would open up opportunities to integrate Israeli companies into infrastructure projects it financed.
Israeli companies are increasingly turning to Asia to capture a boom in demand for their technology, as the government urges them to diversify export markets in response to Europe's rising anti-Semitism and potential trade sanctions.
The new bank plans to invest $100 billion in infrastructure projects in Asian countries. Half of that amount has already been budgeted by China. (Reporting by Tova Cohen; Editing by Jeffrey Heller and Tom Heneghan)

Link to comment
Share on other sites

China Li & US Lew Continue AIIB Talks & Cooperation
3/31/2015 0 Comments
US Backs China-Led AIIB Ahead Of Joining Deadline

 

BEIJING: The US today hinted at joining the China-sponsored Asian Infrastructure Investment Bank (AIIB) before the deadline tomorrow saying it is looking forward to cooperating with the new bank which most US allies have joined disregarding its objections.

 

US can cooperate with the bank as it welcomes and supports proposals that are helpful to infrastructure construction, US Treasury Secretary Jacob Lew said.

 

Lew is here for talks with Chinese officials. The cooperation can be carried out through the China-US Strategic and Economic Dialogue (SED), the World Bank and the AIIB, and any other mechanisms accepted by the two countries, Lew said in his talks with Chinese Premier Li Keqiang earlier on, Chinese Vice Minister of Finance Zhu Guangyao quoted him as saying.

 

Lew's "surprise" visit here ahead of the last date for joining the bank has sparked speculation that the US is negotiating with China to join the bank which it opposed earlier stating that it lacked transparency.
~~~
Already India, along with 30 countries including staunch US allies UK, Germany and France have joined the bank making the Barack Obama administration rethink its concerns that it could become a competitor to the US-led World Bank, IMF and ADB, as it is set to start with USD 50 ..
http://economictimes.indiatimes.com/articlesh…/46747901.cms…

Chinese Premier Urges U.S. To Approve IMF Quota Reform
Chinese Premier Li Keqiang ® meets with Treasury Secretary of the United States Jacob Lew in Beijing, capital of China, March 30, 2015. (Xinhua/Huang Jingwen)

 

BEIJING, March 30 (Xinhua) -- Chinese Premier Li Keqiang met with U.S. Treasury Secretary Jacob Lew on Monday, expressing hope that the United States can approve reform to the International Monetary Fund (IMF) that will give China more sway in the organization.

 

Li said when meeting Lew in the Great Hall of the People that China hopes the U.S. side will support the adoption of the RMB in the basket of special drawing rights, an exchange arrangement under the IMF.
Picture

 

The United States holds the largest stake in the IMF and has the sole power of veto on reform of the West-led international financial organization.

 

In a meeting that touched on many other aspects of global economic affairs, Li emphasized that China and the United States should jointly advance liberalization and facilitation of global trade and investment. He petitioned Lew over the United States relaxing limits on exports of high technology to China.

 

Li said negotiations that are about to start over establishing a list of banned practices under the two countries' bilateral investment treaty (BIT) will be their focal point on in the coming months. He said the Chinese government will further open up service and manufacturing industries by slashing the number of foreign investment limits by half.
"China will open its door even wider to the outside world," Li said.

 

"The China market will be even more open, transparent and predictable," he vowed.

 

Lew expressed expectation that the BIT negotiation will make progress. He welcomed China playing a bigger role in the development of infrastructure in Asia and said the United States is ready to cooperate with China on both bilateral and multilateral levels.

 

President Xi Jinping's upcoming state visit to the United States will strongly advance the development of China-U.S. relations, according to Lew.

 

He said the U.S. side expects Xi's visit within this year.

 

Li and Lew agreed that said in the next stage, the two sides should jointly stage the new round of their Strategic and Economic Dialogue (SED) and high-level consultation on people to people exchanges so as to enhance mutual trust, deepen cooperation and conduct even closer communication and coordination on major regional and international issues.

 

Li said a sound China-U.S. relationship conforms with the interests of both sides and is conducive to peace, stability and prosperity in the Asia-Pacific region and the world as a whole. He pointed out that as the largest developing and developed countries in the world, China and the United States are highly complementary in their economies and share broad prospect of cooperation.

 

Lew said China's growth, prosperity and deep involvement in the international system conforms with the interests of the United States.

 

Li and Lew also exchanged views on regional and international issues of common concern.

U.S. Looking Forward To AIIB Cooperation: Jacob Lew
Editor: huaxia

 

BEIJING, March 30 (Xinhua) -- U.S. Treasury Secretary Jacob Lew said on Monday that the United States is looking forward to cooperating with the Asian Infrastructure Investment Bank (AIIB), as it welcomes and supports proposals that are helpful to infrastructure construction.

 

The cooperation can be carried out through liaison between the China-U.S. Strategic and Economic Dialog (SED), the World Bank and the AIIB, and any other mechanisms accepted by the two countries, Lew said in his talks with Chinese Premier Li Keqiang earlier on Monday, according to Chinese Vice Minister of Finance Zhu Guangyao.
Zhu told Xinhua after the hour-long talks that Lew also welcomes China playing a bigger role in international economic affairs.

 

He added that Lew said the United States hopes the AIIB can formulate a quality management structure and that it is ready to discuss this with China.

 

The meeting came ahead of the March 31 deadline for countries to apply to become founding members of the AIIB, which will aim to support infrastructure projects in Asia.

 

Zhu said Lew came to China to prepare for the upcoming SED in June and President Xi Jinping's state visit to the United States in September.

 

"The SED is also a working procedure to ensure the meeting between the two presidents is a success," he said.
"I think the meeting we have today and the meeting we have in the SED will help up move U.S.-China relations forward," Lew told Li.

 

Besides meeting with Li, Lew also held meeting with Chinese Vice Premier Wang Yang and heads of other government departments.

 

"The meeting with Premier Li was very fruitful. Both sides voiced hope for each other's economic success," Zhu said.

 

Facing the instability and uncertainty of world economic recovery, it is very important that China and the United States coordinate on economic policy and maintain economic growth, he noted.

 

Zhu said Li also asked Lew to feed back three points to the U.S. side:

 

-- China will steadily abide by a peaceful way of development.

 

-- China will endeavor to promote regional peace, stability, development and prosperity.

-- China is ready to work with United States to expand their common interests and properly handle disputes. There are broad prospects for cooperation and the relationship between the two.
http://news.xinhuanet.com/english/2015-03/30/c_134110884.htm

  • Upvote 2
Link to comment
Share on other sites

GMT 12:14 2015 Thursday, April 2 : Last Updated
China Development Bank's success diplomat to Beijing under the microscope

 


Beijing:  with a show about fifty countries ready to join its bank development, Beijing has made ​​great diplomatic victory is that he must now prove their good multilateral body management is, however, China's practice of soft Asian power tool.  While the second economic power revealed in the world in October First / October for its project to set up an Asian Bank for investment in infrastructure was difficult to predict the wave of applications for membership received from Western countries. show the new body equipped with a capital of a basic amount of fifty billion dollars, as a counterweight to US control of the World Bank and its dominance with the Japan Bank Asian Development.

But after Britain joined the sudden the project, followed by France, Germany and Italy as well as Australia, expressing its intention to influence the preliminary negotiations, angering Washington, which has not been able to Balamlah.ouma control the deadline for nominations Tuesday, the project won orders from 49 countries expiration and Taiwan to become "co-founders of potential members of" the new body, which is still to be formulated their systems, including 18 of the Organization for Economic Cooperation and Development countries Al34.omen striking absence of the United States and Japan for this mechanism after the cross-country in advance about their concerns about the commitment to governance and Maierha.oukal Damien what researcher at the Paulson Institute in Washington, told AFP mitigating Such worries that "China is convinced that it achieved a diplomatic victory resounding fact that ADB to invest in infrastructure was Satases in any case, Ray (Westerners) that he should help them in the formulation of the way done the inside. "

For his part, said Rajiv Biswas, an economist at IHS said Beijing Institute "want to win at any price, international credibility and get with the ADB to invest in infrastructure to convincing results" and therefore, the Chinese "will be delighted to benefit from the experience of developed countries," .walrhan through this Project tremendous as the Asia dire need of infrastructure in the areas of telecommunications, energy and transport, as the Asian Development Bank, the size necessary at this level of investment of about eight thousand billion dollars between 2010 and 2020.oan the new bank could contribute to bridging deficiencies in investments, it also serves the interests of Private Beijing.

China and operates in parallel to the establishment of a development bank for the countries of BRICS (Brazil, Russia, India, China and South Africa) and the fund aims to finance large-scale projects related to the "silk roads" new, especially in Central Asia and South Asaa.oiry AN Bank experts Z "The Asian Investment Bank in infrastructure will boost clearly initiatives to establish + ways of silk + .. in order to ensure that new markets "for Chinese companies but also to employ Beijing enormous reserves of foreign currencies in Mvid.ovi confront suspicious Asian neighbors see Damien what that" Beijing is betting on an economic lure focused strategy to + rhetoric Pacific and huge portfolio + ".

He said that "these new entities are tools to support one way or another Chinese aspirations" in Almntqh.opkin sure he would result in proving its worth, especially since the Chinese loan proceeds in Africa and Latin America, "varying with the presence of a failed projects or weak results" as well as environmental damage .ouhdhir many Europeans that they would closely monitor the transparency, efficiency and respect for the environment within the ADB to invest in infrastructure standards and require Paris and Berlin "governance" for their participation in Alparwa.oukd leads panting candidates to join the complexity of the task on China, which will have to reconcile the different parties and interests. He said Balding said "The more parties involved, it is difficult to control (the process) will be hoping all members the right to have his speech". According to the media, China abandoned since now its right to impose a veto on the bank's decisions in an effort to reassure Westerners , noting that Beijing has denied mainly be sought to acquire such a concession.

On the other hand, Rajiv said that the presence of the Europeans "reduce the risk of a lack of transparency" The new bank contributes to the "dissemination of good practices adopted in developed countries" .otakida flexible stance on Beijing announced Wednesday that it welcomes the nomination of Taiwan but "under the appropriate designation" looked after the previous day as if waived pursuant to the principle of a united China.

Link to comment
Share on other sites

NEWS ANALYSIS
Stampede to Join China’s Development Bank Stuns Even Its Founder
 
By JANE PERLEZ
APRIL 2, 2015

BEIJING — The sudden rush to join China’s new Asian development bank by this week’s deadline, including last-minute applications by countries hardly considered Beijing’s best friends, astonished even the Chinese.

Few in Beijing had believed that Taiwan, still considered a breakaway territory byChina, would want in. Same for Norway, whose relations with the Chinese have been chilly since its decision five years ago to award the Nobel Peace Prize to a dissident Chinese writer.

But after the deadline, China announced that it had attracted 46 founding members for its Asian Infrastructure Investment Bank. Among the surprises: While China had expected to be joined by its neighbors, the final tally of countries looking to participate included 14 advanced economies of the Group of 20, many of them, like BrazilFrance and Germany, from outside Asia.

“Such wide and warm support was unexpected,” said Jin Canrong, professor of international studies at Renmin University in Beijing.

The last-minute surge to join the bank was considered a major victory for China in a rare public showdown with the United States, which opposed the bank, as the two powers try to outmaneuver each other for influence in Asia. It was also a recognition of economic reality. China has deep pockets, and the institutions backed by the United States have not met the growing demands for roads, railroads and pipelines in Asia.

American officials seem to see the new institution as an effort to undercut the World Bank and the Asian Development Bank, international financial institutions dominated by the United States and Japan. Obama administration officials have also expressed concern that the new bank, under China’s leadership, would ignore lending protections created to ensure, for instance, that vulnerable populations are not pushed from their land in the rush for development.

By this week, Japan, China’s chief rival in Asia, was the only major Asian ally still standing with the Obama administration, while usually staunch allies like South Korea and Australia had pledged to join, reversing earlier decisions.

The avalanche of countries wanting to join was set off in recent weeks by Britain, one of the United States’ most trusted friends, which concluded that China was such a large export and investment market that it could not afford to stay on the sidelines of one of that country’s pet projects.

That the United States’ allies in Europe and Asia flouted Washington’s appeals not to join the bank has brought a sense of triumph to Chinese officials and scholars who say that China has now demonstrated it can construct a broad-based institution without the United States in the lead.

“This has shown China that you don’t always have to work your way with the United States, that you can work your way with the region and many others outside the region,” said Wu Xinbo, the director of the American Studies Center at Fudan University in Shanghai. “As long as people think what you are doing is beneficial and that you are providing for the public good, you don’t need U.S. approval.”

Washington basically undermined itself by failing to allow a bigger voice for China in the World Bank and the International Monetary Fund, said David Daokui Li, a former adviser to the People’s Bank of China who has a Ph.D. in economics from Harvard.

“The Americans got nervous, saying to its allies, ‘You guys can’t join, they are not dependable,’ ” Mr. Li said. “But in the end, all of America’s best allies ended up joining. We should be the ones most surprised, not the Americans.”

Washington had warned some major allies not to join. And President Obama took a hard-line stance against China’s attempts to exert power in the region in his State of the Union address this year, said Bonnie Glaser, senior Asia adviser at the Center for Strategic and International Studies in Washington.

“He said China should not be able to write the rules — the United States should write the rules,” Ms. Glaser said.

Now that the United States has lost the battle, it has softened its position, saying that it will encourage the World Bank and the Asian Development Bank to cooperate with the new bank, provided projects meet certain standards.

Treasury Secretary Jacob J. Lew flew to Beijing this week to deliver that message to Prime Minister Li Keqiang. Yet the shift to a more constructive position was viewed as late, and the repercussions of what many considered poor handling by Washington were on display at the Boao Forum for Asia in southern China last weekend, where President Xi Jinping spoke about his views on Asia to more than 1,000 delegates, many from outside China.

“I was struck by how much praise there was for China from elsewhere, and how the United States seemed to be absent,” Ms. Glaser said.

Now, the onus is on the Chinese organizers to build an institution that meets transparency, lending and environmental standards, and that fits the demands of many kinds of members with different agendas.

The interim head of the bank, Jin Liqun, who has worked at the World Bank and the Asian Development Bank, is “an experienced, savvy guy,” said Nicholas R. Lardy, senior fellow at the Peterson Institute for International Economics in Washington. “He’s hiring an able staff of about 40 people, half from China’s Finance Ministry, half recruited internationally. He says he wants to hire the best staff he can get.”

 

  • Upvote 2
Link to comment
Share on other sites

Aims to establish a mechanism for financing and establishing a new platform for cooperation UAE founding member of the Asian Investment Bank

Font Size new_decfont.gif|new_incfont.gif

 

match-center-date-right1.gif Image 1 of 2   535572.jpeg
Sultan Al Jaber
Posted: Monday, April 6, 2015

Abu Dhabi (WAM)

UAE officially joined as a founding member, to the Asian Investment Bank in infrastructure, which established Chinese President Xi Jinping, announced in October 2013 during the summit of Asia-Pacific Economic Cooperation «father» executives heads hosted by Indonesia.

Thus, the United Arab Emirates to join the 34-nation founding member of the bank, which aims foundation initiative to establish a mechanism for financing and establishing a new platform for regional and international cooperation to support infrastructure projects in developing Asian countries, with a focus on energy, electricity, transportation and communications projects as well as infrastructure and agriculture in rural and supply areas water and sanitation, environmental protection and urban development projects, logistics and other productive sectors.

 

adverttop.png
 
advertbottom.png

And implementation of the directives leadership, HE Dr. Sultan bin Ahmed Sultan Al Jaber, Minister of State in communion with the Chinese side on arrangements and procedures for accession of the State as a founding member of the bank.

 

Jaber said «This step patchwork possible without the vision of the wise leadership and belief in the importance of supporting development projects, and in the light of the strategic relations between the UAE and the Peoples Republic of China and common interest in development efforts and the development of infrastructure in developing countries, it was agreed to this partnership, which lays down the stilts of an international platform play an active role in the field of development. »

He added that in light of the convergence of the Bank's objectives with the possibilities and capabilities of the Abu Dhabi Fund for Development, directed the leadership that the Fund is to represent the state in the Council of Governors of the Bank and coordination with the management and follow-ups by the projects.

He pointed out that as a founding member to join «ADB to invest in infrastructure» contributes to strengthening the economic role is important for the UAE, especially in light of the considerable expertise possessed by the support and development projects, which qualifies them to provide additional distinctive value of the new bank.

He expressed confidence that the bank will play an important role in development efforts, particularly in light of the large number of development projects and infrastructure that should be implemented to keep up with the growing economic and population growth in Asia.

 

adverttop.png
 
advertbottom.png

For his part, said Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development, The accession of the UAE to the ADB to invest in infrastructure as a founding member and gaining a permanent seat on the Board of Governors, follows a translation of the directives of the wise leadership of the state that believes in the importance of international coordination and cooperation to further support the development efforts of finance development projects in Asia and thus contributing to the promotion of development in these countries and promote regional economic cooperation.

 

He added that the bank's concerns will be focused mainly on financing infrastructure projects that achieve development in Asian countries to cover this big gap in financing operations in light of the lack of investment in infrastructure in Asian countries.

He pointed out that the UAE has a long history spanning more than 40 years in development assistance and contribute to the construction of infrastructure projects of high quality in many countries, according to the highest internationally recognized standards.

The Abu Dhabi Fund for Development of a national institution of the Government of Abu Dhabi was established during 1971 in order to support developing countries through the provision of soft loans to finance development projects in these countries, in addition to investments and long-term direct contributions in developing countries.

Recall that the closure of the accession countries are founding members to the bank end of last March.

Link to comment
Share on other sites

(edited)

Iran approved to join China-backed infrastructure bank

April 7, 2015 15:27












 


Iran-approved-to-join-China-backed-infra


SHANGHAI: Iran has been approved as a founding member of the Beijing-backed Asian Infrastructure Bank (AIIB), China’s finance ministry said Tuesday, just days after Tehran sealed a historic framework agreement on its nuclear programme.


Tehran’s application was backed by other founding members on Friday, China’s Ministry of Finance said in a statement on its website. The United Arab Emirates’ bid was also approved.


More than 50 countries, plus Taiwan, have now applied to join the bank in a diplomatic coup for Beijing after Washington initially opposed its allies becoming members.


The United States and its Asian ally Japan have not sought to join.


But US Treasury Secretary Jacob Lew said last week that Washington was “ready to welcome” the bank, though he added it should complement existing multilateral institutions such as the World Bank and International Monetary Fund.


Iran’s approval — its application had not been previously announced — comes immediately after the nuclear deal that China helped to broker.


Under the outline nuclear deal, the United States and the European Union are to lift all nuclear-related sanctions on Iran once the UN atomic agency has verified that Tehran has stuck to its terms.


The proposed limits will see Iran’s stocks of highly enriched uranium cut by 98 percent for 15 years, while its unfinished Arak reactor will not produce weapons-grade plutonium.


There are concerns over transparency of the AIIB, which will fund infrastructure in Asia, as well as Beijing using it to push its own geopolitical and economic interests as a rising power.


Under President Xi Jinping, China is pushing to build on the ancient Silk Road trade routes on land and sea, through its “One Belt, One Road” initiative expected to be partly funded by the AIIB. -AFP










Edited by Butifldrm
  • Upvote 1
Link to comment
Share on other sites




Fukuda urges Japan to join China-backed infrastructure bank



 




April 07, 2015

By KEIKO YOSHIOKA/ Staff Writer




Former Prime Minister Yasuo Fukuda is urging Japan to join a China-led development bank, saying it would be a "bully" if it chooses to snub the effort to fund infrastructure projects across Asia.


"As a developed nation, we have no reason to reject the bank project," Fukuda said of the Asian Infrastructure Investment Bank (AIIB) on April 6 during a lecture in Tokyo. "Denying it would be like bullying the developing nations. We will have to agree to it for the most part."


Fukuda added that the possibiliy of the AIIB becoming an arbitrary project of China is diminishing.


The former prime minister met with Chinese President Xi Jinping in late March on Hainan island, China. According to Fukuda, Xi told him that the AIIB intends to maintain harmony with the World Bank, the International Monetary Fund and the Asian Development Bank. The institution would also utilize a think tank the Japanese government established in Indonesia, along with other nations.


With other Asian nations welcoming the establishment of the new financial institution, Fukuda said, "Japan should actively pursue taking part in the project."


The deadline for requesting membership in the AIIB is set for late June. Japan skipped an initial March 31 deadline to join as a "founding member," citing concerns such as the institution's governance. The United States also declined to join the AIIB, and Japan's participation could possibly anger its powerful ally.


Fukuda urged that progress be made on the political level to move forward.


"While maintaining its stance as a nation, Japan should utilize the new utility and support its cause," he said.


http://ajw.asahi.com/article/behind_news/politics/AJ201504070071





Link to comment
Share on other sites

GMT 17:28 2015 Althelaúa April 7 : Latest Update

 

 

The World Bank would do "everything" to cooperate with the Investment Bank

Washington: World Bank President stressed Jim Yong Kim on Tuesday that his institution would do "everything" to cooperate with the new institutions in the field of development of the new private investment bank in infrastructure, which was established at the initiative of China.
 
Kim said in a speech in Washington Tuesday a week of the spring meetings of the World Bank and the International Monetary Fund in the US capital before, "We are witnessing the emergence of an active new large development with investment bank in the infrastructure established by China with more than 50 member countries."
 
He added: "I will do everything in order to find innovative ways of working" with this institution and the new development bank established by the BRICs (Brazil, Russia, India, China and South Africa).
 
He said Kim that the investment bank in the infrastructure and the Bank of New Development "possess the ability to become powers new major development in poor and emerging countries," and described them as "potential Mutainin allies" and said he intended to follow next week in Washington, talks with "Chinese officials, especially on this cooperation likely. "
 
The president of the World Bank said developing countries need for investment in infrastructure is estimated at between a thousand and 1,500 billion dollars for the construction of roads, bridges, airports and stations to produce energy or water desalination plants.
 
He added: "By 2030 we will need probably 40% of the extra energy with the face of a shortage of fresh water by 40%."
 
He said Kim reiterated the goals of the World Bank, who plans to completely eradicate the phenomenon of poverty on the planet by 2030.
 
"We are the first generation in human history who can finish out of extreme poverty," while nearly a billion people on less than $ 1.25 a day to live.
 
He said that in the year 1990 when the world population reached 5.2 billion was 36% of whom live in extreme poverty. But "Today, out of 7.3 billion people live about 12% in extreme poverty. In 25 years the number of people living on less than $ 1.25 a day than two billion people to one billion.
 
After that occur during a telephone conference is likely to raise interest rates in the United States this year and its impact on capital flows into emerging countries movements, World Bank President called on these countries to "house in order".
 
"It is certain that interest rates will rise again at some point." And reduce US interest rates could lead investors to abandon emerging markets to take advantage of the most profitable dollar which raises a sudden financial difficulties for these countries.
 
Kim suggested the emerging countries "benefit, for example, from low to cancel allocated for fuel subsidies, which constitute a significant burden on the budgets of oil prices."
Link to comment
Share on other sites

News time: Emirates to join the Asian Investment Bank strengthens its development objectives

 

 

Posted: Wednesday, April 8th, 2015

WAM

Abu Dhabi (WAM)

Bulletin «News Hour» confirmed that the announcement Emirates accession officially a founding member of the Asian Bank for investment in infrastructure, which announced its founding President Xi Jinping during the month of October 2013, was consistent with the state's strategy with the support of international efforts in the development and economic partnership and engagement actor in the achievement of humanity and the Millennium Development Goals.

Under the title «support the UAE to the efforts of the international development» bulletin said that not a secret that the world is now facing a huge economic and development challenges, is no longer any country regardless of their capacity and capabilities can handle it on their own, and this reinforces the importance of having eligible for funding international financial institutions necessary to meet these challenges and address them so as not to worsen and excreted with negative repercussions.

 

adverttop.png

 

advertbottom.png

The bulletin added that for this, the Asian investment bank in infrastructure could be an important international framework in this regard, especially the founding initiative aims to establish a mechanism for financing and establishing a new platform for regional and international cooperation, to support infrastructure projects in developing Asian countries, with a focus on energy projects and electricity, transportation and communications, in addition to infrastructure and agriculture in rural areas, and providing water and sanitation and environmental protection, and projects of urban development, logistics and other productive sectors .. saying it issues in the interest of supporting international development efforts.

 

Bulletin issued by the Emirates Center for Strategic Studies and Research showed that the UAE's accession to the Bank is inseparable from its vital role in achieving the Millennium Development proclaimed by the UNDP United Nations goals, and through for having a thought and approach to development is open to the whole world and full willingness to lend a hand help and build bridges of cooperation and coordination with the states, which are flawed in one aspect of development, without exception, and not saved any effort or funding or any form of support and assistance in the implementation of development projects around the world, and in many cases bear Emirates hardships create these projects and follow-up on their own including hospitals, schools, housing, roads, bridges and other social and humanitarian care centers to check on it achieve their development objectives.

 

adverttop.png

 

advertbottom.png

She stressed that it is known that the UAE has become one of the leading countries of the world in support of the issues of international development in general, and in particular that this trend is one of the constants in the leadership's strategy towards the countries of the world, especially the poorer ones constant and the principle of its foreign policy, believing in the importance of international solidarity in helping brotherly and friendly countries that face different development challenges, and this has continued through the past years, efforts to provide various types of financial aid to a number of countries through development programs and infrastructure projects.

 

She said «time news» The Emirates considerable experience in financing development projects in a number of developing countries, especially that it has a range of leading in this regard, institutions such as the Abu Dhabi Development, which aims to support developing countries through the provision of soft loans to finance development projects in those countries.

Link to comment
Share on other sites

THANK YOU DV MEMBERS FOR POSTING THIS!!  

 

I know some folks will read this and get concerned about the impact this has on the US and the dollar, but I invite you to expand your thinking.  It is due time for many of us to see these types of events taking place and ask ourselves, "how can I participate and benefit."  I want in on this and will definitely be watching this topic going forward.  

 

Please note, you will not become wealthy playing the money game as it is set out for you.  Working a 8-5:30 job, paying taxes and bills, and hoping to have some left over to gain wealth by wont work.  We have to look outside of the established confines at opportunities on a global level and determine how we can get in and out.  

 

just my 2c

  • Upvote 1
Link to comment
Share on other sites



Japan tiptoes closer to joining China’s AIIB

Author: Asia Unhedged April 9, 2015 1 Comment



Japanese media are reporting movement on Japan’s possible membership in China’s Asian Infrastructure Investment Bank (AIIB).


Kyodo said Friday that the AIIB will be on the agenda of the April 28 Japan-U.S. summit in Washington, D.C. between President Obama and Prime Minister Shinzo Abe.


Asahi said Thursday that Tokyo and Beijing will discuss the question of  Japan’s possible membership in AIIB during upcoming bilateral talks at finance minister level. They will be the first such talks between the two countries in three years.


The discussions are said to be scheduled for June and will likely be held in Beijing. The talks were previously held in 2006. But they were shelved after Japan offended China by buying disputed islands in the East China Sea from private owners and converting them to state property in September 2012.


Asahi, quoting Japanese government sources, says China had put a priority on gaining Japan’s membership in the AIIB “since last autumn.”


Japanese officials say the share of total capital to be contributed to the AIIB’s fund is expected to be based on a member country’s nominal GDP. Under this formula, Japan could contribute from $1.5 billion to $3 billion to the institution.


Former Japanese Prime Minister Yasuo Fukuda also said on Tuesday that Japan would be a “bully” if it chose to snub the Chinese-led effort to fund infrastructure projects across Asia.


http://atimes.com/2015/04/japan-tiptoes-closer-to-joining-chinas-aiib/


  • Upvote 1
Link to comment
Share on other sites

 

11-04-2015 11:22 AM

 

Free -


Welcomed the Bank and the IMF two international dominated by the United States, the establishment of the Asian investment bank, led by China, in a move described by observers as the adoption of the unbridled force of the new bank, which plans to start its activities by the end of this year. 
Washington fears that the Asian new bank turns into a strong competitor threatens the hegemony the global financial system, but they are subjected to is actually after the Chinese initiative turned create a new global bank, the fact can not be the United States ignored. He said World Bank President Jim Yong Kim, "we are witnessing the emergence of Asian Investment Bank, who led China's new and important development institution is, and asked more than 50 countries to join him, and now has an appropriate environment and labor standards of purchase. " He added, "Asian Investment Bank and the Bank of the new development which was established by the BRICs, will be a huge new force for economic development in poor countries and emerging markets." Said Christine Lagarde Director of the International Monetary Fund, for its part, "The ADB to invest in infrastructure, a great initiative," adding that it should be for America to ratify the quota reforms at the International Monetary Fund to maintain its leadership of the world. Lagarde urged the need to prevent new typical growth turned into a The new reality, and called for investment in infrastructure and trade reform and warned that the typical economic growth may become the "new reality" which could leave millions without jobs and increases the risks to global financial stability. It urged Lagarde on the need to prevent new typical growth turned into a new reality, She called for investment in infrastructure and trade reform. She continued, "Given the continuing influence the great recession on people, the growth is not good enough, while there is still a need to accommodative monetary policies, especially in the euro area and Japan," also warned Lagarde of the potential negative impact of rising sharp in the US dollar over the past six months with the willingness of the Federal Reserve to raise interest rates, while other central banks remain unable to take this step. She said that some of the companies in emerging markets are particularly susceptible to damage because they are dealing with a high dollar and low prices of goods primary and higher borrowing costs.

Link to comment
Share on other sites

(edited)
New China-Led Bank Pledges to Fend Off Graft

By JANE PERLEZ

APRIL 11, 2015

 

SINGAPORE — China’s new development bank will strive to be corruption free, maintain environmentally sound policies and work with a streamlined bureaucracy, the interim head of the institution, Jin Liqun, said on Saturday.“We are committed to building a lean, clean and green bank,” Mr. Jin told the Singapore Forum, a gathering of Asian business and political leaders.The bank, known as the Asian Infrastructure Investment Bank, will be run by a “core group of professionals,” and the top management will be appointed according to ability, not political connections, he said. There will be “zero tolerance” of corruption, he said.Mr. Jin, who did much of the negotiating that attracted 46 countries, including Britain, Germany, Australia and South Korea, as founding members of the new bank, went out of his way to persuade his audience that China will not dominate it. “Leadership is not a privilege,” he said, “it’s an obligation.”The bank, first proposed by President Xi Jinping of China in 2013 and expected to have starting capital of $100 billion, is intended as a way to build badly needed railways, roads and pipelines in underdeveloped areas of Asia.

Photo
CHINABANK-master180.jpg
 
Jin Liqun is the interim leader of the Asian investment bank.CreditRolex Dela Pena/European Pressphoto AgencyThe United States declined to become a member, and as China invited countries to sign up, the Obama administration advised its allies not to join on the grounds that the new institution would undermine the World Bank, led by the United States, and the Asian Development Bank, dominated by Japan.After some of Washington’s closest friends, including Britain and Australia, ignored that advice, the administration amended its opposition, saying it would encourage the World Bank and the Asian Development Bank to cooperate with the new institution provided its projects meet certain standards of transparency and governance. Fourteen of the advanced economies in the Group of 20 industrialized nations have become founding members.The bank is expected to start operations at the end of the year, and as it gears up, some founding members, including Australia, say they will press China hard to ensure that it adopts transparent rules.How the new institution will withstand pressure from interest groups in China, particularly large state-owned enterprises that are expected to push for contracts to work on the infrastructure projects, is a major question for officials from some of the founding countries.Mr. Jin sought to allay those concerns at the gathering here, stressing that the new bank, with so many major countries as members, was a multilateral institution. “China is just a leading member,” he said.China, based on its gross domestic product, will be the biggest shareholder, but as new members join, China’s shares will diminish, he said. The bank will have its headquarters in Beijing, in the city’s financial district.Still, a former minister of trade for Indonesia, Mari Pangestu, whose country is a member of the bank, asked Mr. Jin on Saturday how the bank would meet demands for environmental and social standards, given what she called the “mixed” results of China’s investments in developing countries.The new bank will ensure that people displaced by new infrastructure projects will be taken care of, Mr. Jin replied. Local communities and countries interested in projects financed by the bank will have the opportunity to be involved from the projects’ early stages and have a say through their “full life cycle,” he said.Implicit in Mr. Jin’s pledge to make a “lean, clean and green” bank was a contrast with the World Bank and the Asian Development Bank, which were founded as part of the international economic architecture after World War II, dominated by the United States.Critics have assailed both banks as large bureaucracies whose staff members are often appointed on the political whims of member states.Despite the problems in the existing institutions, there is still a lot to learn from them, Mr. Jin said.A former vice minister of finance in Beijing who held a senior position at the Asian Development Bank in Manila, he said that the World Bank had already begun to help the infrastructure bank, sending experts to consult on environmental and other standards.And the United States, he said, is “always welcome to come into the kitchen” and help make the new institution.

http://www.nytimes.com/2015/04/12/world/asia/new-china-led-bank-pledges-to-fend-off-graft.html?_r=0

Edited by Butifldrm
Link to comment
Share on other sites

China reveal details of the largest Asian investment bank

Arab New

April 15, 2015

 

The Chinese government announced on Wednesday, the arrival of a number of Member States in the Asian Bank for investment in infrastructure, which finally launched, to 57 countries are founding members, including countries outside the Asian continent and the countries known to cool relations with China.

It was membership of all countries that have expressed interest in joining the Bank, including the permanent members of the UN Security Council, with the exception of the United States and 14 European countries and 21 members in the state to accept the Organization for Economic Cooperation and Development (OECD) .

Rejected Taiwan's application to join the bank, because Beijing considers part of its territory, and that Japan has not expressed interest in this project.

And ended on Wednesday, to approve the nominations process to join the founding members of the ADB to invest in infrastructure.

The news agency "AFP" for China's Ministry of Finance as saying that the last seven states concerned, are Sweden, Poland, Portugal, Iceland, Israel, South Africa and Azerbaijan.

Experts believed that the Western countries, including Britain, France and Germany, considered that it is better to participate in the negotiations, so I joined the new bank exciting Washington's displeasure. This is the US-allied countries to join the Bank of China's diplomatic victory .

The accession of these countries, despite the great campaign by the Obama administration against the Chinese project, which accused him in advance that aims to undermine the international standards development.

Xi said Iaopin, Chinese Vice Minister of Finance, who is leading the establishment of the bank negotiations: "Despite the completion of the selection of the founding members of the bank, it will continue to accept new members in the future," according to "AFP".

The founding members will be held two preparatory meetings in Beijing and Singapore to sign the bank by the end of June next Special Articles of Agreement, according to Shi Iaopin.

 


Read more: http://dinarvets.com/forums/index.php?/topic/200832-china-reveal-details-of-the-largest-asian-investment-bank/#ixzz3XQI2Hz6q

Link to comment
Share on other sites

57 nations approved as founder members of China-led AIIB
 

Poland and Portugal are among the latest batch of countries to get approval for membership

 
PUBLISHED : Wednesday, 15 April, 2015, 3:13pm
UPDATED : Thursday, 16 April, 2015, 9:25am

 

The China-led Asian Infrastructure Investment Bank (AIIB) has officially approved 57 nations as prospective founding members, with Sweden, Israel, South Africa, Azerbaijan, Iceland, Portugal and Poland the latest to be included.

The AIIB is the first Asian-based international bank to be independent from the Western-dominated Bretton Woods institutions, the International Monetary Fund (IMF) and the World Bank.

Countries accepted as AIIB founding members include China, India, Malaysia, Indonesia, Singapore, Saudi Arabia, Brunei, Myanmar, the Philippines, Pakistan, Britain, Australia, Brazil, France, Germany and Spain.

However, long-time rival Taiwan was left off the list of founding members despite expressing a desire to join, the Ministry of Finance said yesterday.

Founding members have priority over nations that sign up later because they will have the right to set the rules for the bank.

Unconfirmed reports said North Korea's application was rejected. Taiwan said it would try to join the institution as a regular member.

The United States and Japan, two of the world's biggest economies, did not apply to join.

Chinese state media said the prospective founding nations had started talks on the AIIB's draft rules, which will be finalised and signed in meetings starting next month.

ea32527c52f9cb949ae0ec1ed3bf4408.jpg?ito

The Ministry of Finance said last night that the bank's charter would be signed by the end of June and the bank's first president would be appointed on merit once the AIIB had been formally established.

The AIIB would learn from the experience of other multilateral financial institutions to minimise operating costs and maximise efficiency, the ministry said.

Since President Xi Jinping launched the bank initiative in late 2013, the administration of US President Barack Obama has voiced misgivings about the bank's transparency, governance and potential conflicts with existing institutions, particularly the Manila-based Asian Development Bank.

The AIIB is seen as a potential competitor to global financial institutions such as the US-led IMF and World Bank. But IMF chief Christine Lagarde said last month that the IMF and the World Bank would be "delighted" to cooperate with the AIIB.

Beijing has repeatedly said the AIIB would complement existing international institutions.

In October, 21 countries signed an agreement to establish the AIIB, which will be based in Beijing with a mission to finance infrastructure projects in the Asia-Pacific region.

The bank plans to rapidly increase its initial subscribed capital of US$50 billion to US$100 billion. Member states' voting rights are likely to be based on gross domestic product. The bank is expected to be set up by the end of this year.

 

Final list of 57 founding members of the AIIB
  • Australia
  • Austria
  • Azerbaijan
  • Bangladesh
  • Brazil
  • Brunei
  • Cambodia
  • China
  • Denmark
  • Egypt
  • Finland
  • France
  • Georgia
  • Germany
  • Iceland
  • India
  • Indonesia
  • Iran
  • Israel
  • Italy
  • Jordan
  • Kazakhstan
  • Kuwait
  • Kyrgyzstan
  • Lao
  • Luxembourg
  • Malaysia
  • Maldives
  • Malta
  • Mongolia
  • Myanmar
  • Nepal
  • Netherlands
  • New Zealand
  • Norway
  • Oman
  • Pakistan
  • Philippines
  • Poland
  • Portugal
  • Qatar
  • Republic of Korea
  • Russia
  • Saudi Arabia
  • Singapore
  • South Africa
  • Spain
  • Sri Lanka
  • Sweden
  • Switzerland
  • Tajikistan
  • Thailand
  • Turkey
  • UAE
  • United Kingdom
  • Uzbekistan
  • Vietnam

Additional reporting by Kyodo

 
This article appeared in the South China Morning Post print edition as China-led bank welcomes first 57 as AIIB founders

http://www.scmp.com/news/china/diplomacy-defence/article/1766970/sweden-israel-poland-and-south-africa-last-join-aiib

  • Upvote 2
Link to comment
Share on other sites

 
Abdul Hussein Mundhiri - 04/19/2015 - 20:32 | Hits: 17

China is seeking, along with a large group of advanced industrial countries to the establishment of an investment bank specializing funded infrastructure projects in Asian countries in the energy, transport and communications, water and other areas

 The authorized capital of $ 100 billion and an initial paid $ 50 billion, and the title inferred that the activity of this bank may be restricted only in Asia, but the post so many divergent countries in the distance and nearby in economic trends shows that the activity of this bank will be intercontinental because the broad desire of the 35 countries in the world to participate founded and take advantage of banking experience Foundation for countries in the areas of development, mainly on the performance of banks governance behavior ". It is these countries that announced their participation in the incorporation of more than 20 Asian countries and Brazil important and a number of European countries researcher for safe-haven investments in East Asia, including Britain, Germany, France, Italy, Luxembourg, Switzerland and others, and made Egypt from the continent of Africa to join this banking ancient addition to China, which occupies the second place as the largest economy in the world combined, after the United States, has been carrying the establishment of this bank has political connotations in addition to economic targets that China seeks and with participants to achieve through this bank, it may be the target hidden and Ratacis this bank is free from the influence of the US presence in the Asian Development Bank, which is controlled by the United States, Japan and away gradually from the World Bank, which is dominated by the United States and also controls the decisions, and that the establishment procedures continue despite the sudden criticism by the United States to this bank and accusing him that he will work in a non-rational and Aasahm in improving the environment, then the developed countries united to work on their own away from America and its authoritarian and exclusivity decisions, and even if they backed away from criticism of this bank and its allies Alatlisseen and requested to participate in the incorporation, the share will be weak and low rate of capital ".obsbb this US criticism keen China at the invitation of America's allies Europeans for two important reasons firstly to make it clear to America that they are no longer alone controls the global economy and will not stay with her Western allies associate the fate of economies their countries out, and the second reason that the European banks have a long-standing and extensive experience in the performance of development files and reconstruction since World War II ended, and this experience will be present in the new ADB, which is an important factor for the success of his experience, in addition to important political goals know America between Storha. " From the analytical point of view it is expected to succeed to the bank, which will serve a development economy for real No-financed by the state of financial geometries debt and devised by the United States and cost the global economy a lot of losses, crises and brought woe to the governments and peoples that have linked economies by and currencies Bdoularha treacherous files, either we Iraq did we receive so far no invitation from China to participate in the establishment of this bank, but if invited, we accept to participate immediately for several reasons. First, the bank will succeed the togetherness of Eastern and Western experiences of capitalism and communism fruit of success and Tamoalath for our projects on favorable terms, and we get back and we will win the second super experience in how to the work of investment banks, which we need him now in the reconstruction phase of our country, especially since the state go far to build a mixed development bank managed approach a market economy, but if Nstana China, we can offer application to join as did Egypt.
                                                 

Link to comment
Share on other sites

GMT 8:38 2015 Monday April 20GMT 8:45 2015 Monday, April 20 : Last Updated

China is leading the old international financial system change

Agencies

 
 0 0 Blogger0 0
 
 

 Washington: China is leading through its project to establish «Investment Bank in infrastructure», a giant investment bank in Asia, and ambitions associated with its currency, countries that want to get rid of the global financial system dominated by Alamirkaon.oaolt spring meetings in Washington of the International Monetary Fund and the World Bank, The heirs of the Bretton Woods agreements in 1944 which was attended by finance ministers and central bank governors, great attention to this Chinese move.

Said World Bank President Jim Yong Kim on Thursday that he wants «congratulate China on the big step toward pluralism» posed by the creation of infrastructure financing bank, expressing hope «dealing closely with him». Contrary to what was hoped for Washington, which has custody and Japan are on this project, the next institution that received welcome a large number of countries. So far, 57 states declared their interest in him. This is inconsistent with the decline in project «Brix Bank» which was launched with great fanfare in the summer of 2014 by the major emerging countries and has Vqt.ohma political project is clearly incompatible with the two organizations of the International Monetary Fund, which lends to the crisis, the World Bank, which provides development assistance, and share Americans and Europeans have their management for a long time.
 
See Christophe d'Este researcher at the French Research Centre for International Economics that the Chinese offer a more pragmatism and allows each one to find its place. He added that foreign countries «definitely looking for new outlets in the area of ​​public works, energy, as well as for banks, and bank investment infrastructure in hopes of Altamol markets». He was quoted as saying: «This requires financial services, and this is probably the reason that led Britain to join the project». But the enthusiasm of the British, who were one of the first founding members of this bank, angered France, Germany and Italy, which would have preferred a common step. He said participants in the meetings of Washington, said British Finance Minister George Osborne faced sharp criticism from other European officials because of the move.
 
He believed that China d'Este looking for «port industry» are overly in their capacity taking into account the «diplomatic interest is to weaken US influence.» He added that «in spite of the disadvantages of the system (Bretton Woods), China find it useful.» He went on to say: «it has the means to influence and even change». And will remain so as long as the dollar remains the first global currency. However, the monetary power of the United States does not prevent them from feeling anxious. He said US Treasury Secretary Jack Liu: «Even if the new institutions show, I want to emphasize that the International Monetary Fund and the Foundation remains the reference to enhance the stability of the global economy.»
 
Said John Stiglitz, Nobel Economics, said the anti-project investment bank in the Chinese infrastructure «reflects US concerns on the international influence». Commends the administration of US President Barack Obama constantly work of the International Monetary Fund, but Congress put impedes reform in 2010, to give greater weight to emerging countries inside. She emphasized the Fund director Kirsten Lagarde is ready to work in order to convince US lawmakers do. The emerging countries, which met in the framework of the 24 group in a statement published by the Washington meetings that the US attitude is a «obstacle to the credibility of the International Monetary Fund and the legitimacy and effectiveness». 
 
In the meantime supposed reform, China locked in another campaign mode operation in a row the dollar and the euro and the pound sterling and the yen in special drawing rights, which form the core of the international reserve currency to the IMF. Said Christophe d'Este that SDR is equivalent in gold and the dollar, adding that the role of China's accession marginal but it would be a «symbolic recognition». The World Bank should be subject to reforms, but also «would seem unimportant», in the words of Scott Morris and Madeleine Glev of comprehensive development center (immediately after the Global Development's) Center. In an article published in the March / March, indicates that experts had been hoping to «Altnakad between Bank steeped in the old ideas and financial changes in developing countries.» The best example of this is that Africa has its bank for development and several countries where are able to raise funds in the market, which affects the balance of power with Washington institutions.

 


Read more: http://dinarvets.com/forums/index.php?/topic/201072-china-is-leading-the-old-international-financial-system-change/#ixzz3XqOJ2Dzr

Link to comment
Share on other sites

19440.jpg?width=400&height=300&crop=auto

Asian Investment Bank

 

Author: ASJ, BS, HA 
Editor: BS, HA 21/4/2015 two eighteen p.m. number of readings: 139 

 

Long-Presse / Baghdad 

Declared the Iraqi National Business Council, on Tuesday, all presented a proposal to the Prime Minister Haider al-Abadi to join the Asian Investment Bank, the promise of joining the "big step" toward development, while pointing out that the bank would help Iraq in infrastructure services.  

The head of the National Business Council Karim Mohammed al-Shammari said in a statement received (long-Presse) a copy of it, that "Iraq's accession to the Asian Investment Bank is a major step towards development," noting that "many countries have joined, including Britain, Germany and France in addition to Arab countries, including the United Arab Emirates United Arab as well as Iran as well as Egypt's request to join. "

Shammari said that "the Iraqi National Business Council, which includes a group of Iraqi businessmen from various disciplines in the private sector submitted a proposal to the Prime Minister Haider al-Abadi to join this bank, which is largely in solving the problems of Iraq and the many that was established for which this project."

Shammari pointed out that the "Asian Investment Bank could help Iraq in bridging the large gap in the various infrastructure services, as well as electricity, energy, environment and others."

China was announced in 2013, during the summit of Asia-Pacific Economic Cooperation, "father" of the chief executives in Indonesia for the establishment of the "Asian Investment Bank", but pointed out that the aim is to establish a mechanism for financing and establishing a new platform for regional and international cooperation to support infrastructure projects in the Asian developing countries with a focus on energy, electricity and transportation projects as well as infrastructure, agriculture and rural water supply and sanitation, environmental protection and urban development projects, logistics and be led by Bank of China.


Read more: http://dinarvets.com/forums/index.php?/topic/201160-business-council-submit-a-proposal-for-ebadi-to-join-the-asian-investment-bank/#ixzz3XxlwPoAS

Link to comment
Share on other sites

Bank of Asia means financing promote interdependence between China and ASEAN

 

 

         

4/30/2015 0:00 

  Kuala Lumpur - Xinhua 

said economist Malaysian Obtaining membership ADB investment in infrastructure provides a new way funding for infrastructure development in Malaysia, which in turn will enhance interdependence between China and ASEAN and economic growth of the region at the end. 

He said Soehaama Elias Chief Economist Bank ( Mybak) Malaysian in an interview with news agency (Xinhua) Malaysia continues to develop its infrastructure such as roads, highways and airports, but "weak" or "bottleneck" observed in the country's infrastructure point is the iron rail, which has become somewhat infrastructure does not have sufficient investments until recently. 

He said Soehaama "The total value of the infrastructure of the railway project under currently generated total 160 billion Regent Malaysian (about 44.14 billion US dollars) for the period from 2013 to 2020." 

But in the current level of economic development of the country, the country is no longer anymore, "qualified" or able to finance infrastructure projects and access to soft loans from major advanced economies and international organizations programs such as the World Bank, as was the case in the past, so the economist said. 

 And then, the Asian Investment Bank is in infrastructure now a source of financing new for the development of infrastructure in Melisea.oohar Soehaama that one must also look at the broader context of the Economic Community of the upcoming ASEAN which will be formally established later this year, "he said, adding that the focus is expected on infrastructure development focus railway in Malaysia in line in particular with the "belt and the road" initiative. 

He said that the transport and logistics will form a stimulus key to growth and will facilitate the effective functioning of the market and production base unified and common ASEAN in light of the expected flow of business activities increase through trade and investment. 

He said Soehaama Malaysia can play a strategic role in making ASEAN a key part of the "belt and the road" put forward by China and the founding of the Asian Bank for investment in infrastructure by taking advantage of the membership of Malaysia in ASEAN by taking Chinese interests in the partnership with ASEAN into account the initiative. 

Moreover, the expert suggested The Asian Economic Investment Bank is considering the establishment of infrastructure, "a special branch of the ASEAN countries" in Kuala Lumpur to become the hub for the coordination and implementation of its operations with ASEAN.

Link to comment
Share on other sites

  • yota691 changed the title to "It's A Huge Story": China Launching "Petroyuan" In Two Months

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.