Why China is creating an Asian World Bank?

There is a world of many different
international development banks, but China
I wanted to create your own. he called
will "ADB infrastructure
investment. "

Agreement on the establishment
Abyi signed on October 24th. Among
participants - 21 countries in the region. Administered
Bank will finance projects
Road construction, development
telecommunications infrastructure
and other infrastructure reforms
poor regions of Asia. will head the bank
China, he plans to start work
by the end of next year. Big
Plus - it's an impressive amount of funds,
but the creation of Abyi increase competition,
because in Asia already have a large
lender - the Asian Development Bank.

But why China
It needs to create another bank
Development for Asia?

The official version - in
Asia is a big problem with the financing
infrastructure. In 2010-2020, the ADB. shortcoming
financing amounted to about $ 8 trillion,
and this gap does not
obtained. At the ADB's capital is
a little more than $ 160 billion, the World Bank
- $ 223 billion, but at the same time Abyi begin with.
capital only $ 50 billion, and this is clearly
It will not be enough, though by all means
and go for the future.

Another difference between the new
the bank that he concentrate only
on infrastructure, while funds
ADB and the World Bank were sent to
any projects ranging from environmental
environment and ending gender equality.
Most interesting is that officials and ADB
WB positive attitude to the creation of
bank, or even talk about the possibility
for cooperation.

But the real diplomatic
the battle is yet to come. For example, the United States has
They tried to convince its allies not
join Abyi when Jin Liqun,
who led the Bank, urged the country enter
the bank's capital. As a result, at the opening ceremony
bank no reason to
the representatives of Australia, Indonesia and
South Korea.

It's not clear yet how
It will be managed by the new bank. according to
critics of international standards
can not be achieved if it will work
exclusively under the leadership of China.

Most likely, China
It will use a new bank for
expanding influence in Asia at the expense of America
and Japan. Since China decided to fund
investment bank, then it negatively
evaluates the slow pace of the global
economic governance reforms.
Incidentally, the same motivation underlies
new development bank, created
BRICS countries.

Thus, the BRICS countries have established
Bank and the pool of reserve currencies in an effort to
greater independence. Authorized capital
New Development Bank will be $ 100 billion
and it is designed to support
the economies of the group.

It is obvious that the Chinese
authorities are dissatisfied with the position of the West and
especially - the United States that ignore
the interests of developing countries, despite
the growing economic power. Reform
The IMF can also be deposited on and
for many years, if the United States does not approve of her, but
China, of course, does not want to wait,
so he took matters into his own hands.