Millennium Post

Ditched by its allies, USA may join China-led bank

The US on Monday hinted at joining the China-sponsored Asian Infrastructure Investment Bank (AIIB) before the deadline on Tuesday 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 $50 billion investment.

Zhu told state-run Xinhua news agency after the hour-long talks that Lew also welcomes China playing a bigger role in international economic affairs.
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