Xi lures South Korea and Japan to join other U.S. allies at Asian Infrastructure Investment Bank

Special to WorldTribune.com

Beijing’s success in luring a number of key American allies to join the Asia Infrastructure Investment Bank (AIIB) has illustrated yet again Washington’s apparent failure to rein in the Xi Jinping administration’s ambitious plans to gradually displace the United States as the sole arbiter of global norms in areas ranging from finance to security.

South Korean President Park Geun-Hye and China's President Xi Jinping in Switzerland, on March 23. — South Korean President Park Geun-Hye and China’s President Xi Jinping in Switzerland, on March 23.

Britain, France, Germany and Italy have signaled their readiness to join the AIIB as founding members. Australia is the next to take up Beijing’s offers despite vigorous – but belated – lobbying American officials who argue that the AIIB constitutes a challenge to Western institutions such as the International Monetary Fund and the World Bank.

Diplomatic sources in the Chinese capital said that the Chinese Communist Party (CCP) leadership is pulling out all the stops to persuade South Korea – and even long-standing foe Japan – to follow suit.

The China-South Korean relationship has taken a leap forward owing to Xi’s vigorous wooing of new President Park Geun-Hye.

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Xi lures South Korea and Japan to join other U.S. allies at Asian Infrastructure Investment Bank added by World Tribune on March 24, 2015
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