This refers to Kenneth Rogoff's article "Will China's infra bank work?" (April 11). The author has correctly mentioned the hypocrisy of the US over the governance problem that the Chinese-led Asian Infrastructure Investment Bank (AIIB) might have.
When China was booming, the US always perceived it as a good thing because it felt that a stronger Beijing would take some burden of maintaining global stability away from the US. But now, as China is trying to carve out its own niche, the US seems shaken and quite reluctant to accept this change.
Clearly, institutions such as the International Monetary Fund, World Bank and the Asian Development Bank have been a victim of the political clout of Japan and the US. They have not been able to deliver their promises to the developing countries.
But what is the guarantee that AIIB will not follow in their footsteps? How can we be sure that by setting AIIB, the Chinese actually want to help its developing Asian counterparts and not project itself as a supreme power.
Letters can be mailed, faxed or e-mailed to:
The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
New Delhi 110 002
Fax: (011) 23720201
E-mail: letters@bsmail.in
All letters must have a postal address and telephone number
When China was booming, the US always perceived it as a good thing because it felt that a stronger Beijing would take some burden of maintaining global stability away from the US. But now, as China is trying to carve out its own niche, the US seems shaken and quite reluctant to accept this change.
Clearly, institutions such as the International Monetary Fund, World Bank and the Asian Development Bank have been a victim of the political clout of Japan and the US. They have not been able to deliver their promises to the developing countries.
But what is the guarantee that AIIB will not follow in their footsteps? How can we be sure that by setting AIIB, the Chinese actually want to help its developing Asian counterparts and not project itself as a supreme power.
Ashima Sahni Thiruvananthapuram
Letters can be mailed, faxed or e-mailed to:
The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
New Delhi 110 002
Fax: (011) 23720201
E-mail: letters@bsmail.in
All letters must have a postal address and telephone number