It's just another joint venture, Uncle Sam
- By Lin Shaowen
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E-mail CRI, April 2, 2015
The assumption is - AIIB is a China-led bank; China is seeking dominance of it and is challenging the U.S.'s global leadership, with initial success.
Even some Chinese netizens are upbeat by this "water-shed".
Yes, China as the world's second largest economy is a rising power and is seeking a greater say in world affairs. But is it reasonable? Why not pay attention to what the Chinese government is saying and doing...
Words: win-win cooperation, common development, a community of common destiny, mutual benefit, etc.
Deeds (officially promised): China is not seeking a dominant role in the AIIB, no one-vote veto power (as in the case of the IMF); in favor of cooperation with existing multilateral financial organs, and serves as an alternative, etc.
As President Xi Jinping said in his Boao forum speech, "We will advance complementary and coordinated development between the Asian Infrastructure Investment Bank and such multilateral financial institutions as the Asian Development Bank and the World Bank."
A presidential promise made at a multilateral gathering - no kidding.
Undeniably China is seeking a greater role, yet it has somehow been propelled to do so. Remember the decision made by G-20 leaders in 2010 to give emerging economies a little more say in the IMF? The White House's commitment was blocked by Capitol Hill, partly due to domestic bi-partisan wrangling. Whatever the reason, excuse or concerns, a leading co-player now refuses to co-play under amended rules it once Okayed. What do you expect others to do, when so many countries are suffering from bottlenecks of poor infrastructure hindering development, while the existing financial institutions lack funds? Beijing is only advocating a new joint venture, as an alternative to the ADB and is not seeking the power that enables it to single-handedly veto collective decisions.
That reminded me of a dialogue with my older son more than ten years ago when he was a primary school student. He was given assignments and was in charge of drawing plans for several extracurricular activities. At first, he rejected others' "bad ideas". The first assignment was OK and he was happy for being "wise". But later, others were reluctant to cooperate with him. He had to go alone. I suggested that he discuss with others and accept their proposals so long as they are OK (if not excellent). Others became more enthusiastic as the plan had their input. In conclusion: never be a correct but lonely leader. A fairly good blueprint with joint efforts may end up with better results than an excellent plan drawn by one single person rejecting other ideas. He listened. Eventually he became a happy co-player in school dramas, either as a playwright, co-star, or a supporting role, or even the costume keeper.
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