Following the UK’s application to the China-backed Asian Infrastructure Investment Bank (AIIB), several other European countries have expressed their desire to join, leaving Washington officials looking foolish.
Last week, Shanghaiist covered what is being hailed in the Chinese media as Britain’s “turncoat” act of applying to join the China-led AIIB, breaking ranks with the United States and its allies.
Xinhua News, in a rather gloating tone, today reports that a handful of G7 countries, including France, Germany and Italy, decided they would also be joining the bank after all, opening up a decisive crack in the anti-AIIB front forged by the US.
Joining the chorus of jubilant Chinese media outfits, The People’s Daily said that “more and more Western countries are expressing interest to join the bank,” and added that China’s strong development was “the source of confidence” for these countries.
The US sees the bank as a Chinese ploy to undermine its leadership in the global banking system and has urged allies in the Asia-Pacific region to stay out. However, following the recent move by the European powers, Australia and South Korea are said to be reconsidering whether or not to apply.
Writing in The Australian, columnist Greg Sheridan summed up the recent turn of events: “The consensus is that the Obama White House is insular, isolated and inward-looking, focused on the President’s personal image and ineffective in foreign policy.”
Previously on Shanghaiist:
Hillary Clinton discusses China after accepting Chatham House Prize
Chinese internet users are surprisingly forgiving of America’s political clusterfuck
Donald Trump: China is an ”absolute abuser of the United States”
By Dominic Jackson