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ASIAdocument.write(“” + m[today.getMonth()+1]+ ” “+ today.getDate()+”, ” + theYear + ” “);HOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperChina Daily Global PDFChina Daily Global E-paperOpinion / Op-Ed ContributorsEditorialsOp-EdColumnistsContributorsCartoonsSpecialsFrom the PressForum TrendsTalk from streetDebateEditors Pick:Syrian refugeescyberspaceV-Day paradeshrimp scandalTPPUS adopts new ploy to block AIIBBy Liu Hui (China Daily) Updated:2015-04-13 07:47Comments Print Mail Large Medium SmallChinas President Xi Jinping (4th R) meets with the guests at the Asian Infrastructure Investment Bank (AIIB) launch ceremony at the Great Hall of the People in Beijing in this October 24, 2014 file photograph. [Photo/Agencies]After more than 50 countries and regions joined or applied to join the China-proposed Asian Infrastructure Investment Bank by March 31, the United States changed its attitude toward the bank. From publicly criticizing its allies for joining the AIIB, the US is now emphasizing that the bank should follow the “high standards” set by other global or regional financial institutions such as the World Bank, International Monetary Fund and the Asian Development Bank.The US hasnt clarified what it means by “high standards”, but if people take the US-led World Bank as a reference, it would include the objectives of operation, such as the purpose of the organization, investment fields and management structure. So by referring to the World Banks “high standards”, the US is only trying to create another obstacle for the AIIB.As far as its purpose and orientation are concerned, the World Banks initial aim was to help the reconstruction of Europe and Japan after World War II, and support the economic development of African, Asian and Latin American countries. The loans the World Bank offered focused on large-scale infrastructure construction. After the European and Japanese economies recovered, the World Bank focused mainly on the economic development of developing countries. From the 1990s it began offering loans to the Soviet Union, Eastern European countries, and China.In the early postwar period, the US, as one of the two superpowers, played a dominant role in the world economy. Needless to say, the US excluded the Soviet Union and Eastern European countries from its development scheme.When postwar national liberation movements resulted in the nationalization of many countries assets and thus undermined the US-led World Banks “legal” interests, and some countries such as Iraq publicly challenged the US, Washington assumed that large-scale loans for infrastructure construction to developing countries were benefiting its opponents. So in the intervening years, the World Bank changed its aim to “alleviating poverty”. And this policy pushed the new economies with great development potential to the low end of the industrial chain.Previous Page1 2 Next PagePrevious Page1 2 Next Page0Most Viewed Todays Top NewsHousing booms may hurt, not heal, local growthTime to break free of protectionist shacklesAllow space for students to discover themselvesPhilippines arbitration case built on false pretextFunding global public goods for worlds recoveryForum TrendsTips to manage stress when studying abroadWhy are Chinese students heading to the US?Should investment lessons be mandatory?How can doctors and patients regain trust?Are women-only buses discriminatory?Do student evaluations measure teaching effectiveness?What annoys you most while traveling in China?ColumnistsTrumps willingness to talk to the DPRK is the right approachFestival drama peels layers of character who isnt thereFeatured ContributorsTurnball highlights China-Australia FTA as a valuable assetBloody curtain rising to greet US first-ever presidentStar BloggersMy best friend in China: 35th anniversary of China Daily By subeChina Daily is like a friend who stays with me in every mood in my life. If I am happy, I can write a blog and if I am upset, I can enjoy what others have said and let my feelings go away.China Daily, 35 years on: my memories By aixiI first discovered China Daily a few years ago. It was my first visit to China, and I was waiting for my tour guide to arrive.My vision for a smog-free China By eddieturksonI’ve lived in China for quite a considerable time including my graduate school years, travelled and worked in a few cities and still choose my destination taking into consideration the density of smog or PM2.5 particulate matter in the region.SpecialChina Daily, 35 years on: your memoriesPositive energy Leifeng laowai story2016 Happy Chinese New Year…| About China Daily | Advertise on Site | Contact Us | Job Offer | Expat Employment |Copyright 1995 -var oTime = new Date();
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