With 77 countries already signed onto the AIIB, China expects bank to grow to 85 by end of year
In just a few short years, China’s Asian Infrastructure and Investment Bank (AIIB) has grown at lightening speed, already having 77 nations sign onto the Asian equivalent of the West’s IMF. ¬†And in a recent Conference on development in Jiangsu Province, the President of the AIIB suggested that this number will increase to 85 countries signed on board by the end of the year.
This new growth in the development bank also coincides with the immensely successful Belt and Road Forum that took place recently in which many nations, minus the United States, pledged their support of a trans-continental trade route that goes from Korea all the way to London.
The China-backed Asian Infrastructure Investment Bank expects to grow its membership to 85 by the end of this year, bank president Jin Liqun said on Saturday.
China won broad support for the establishment of AIIB, with 57 founding members, Jin said at the Jiangsu Development Summit in Nanjing, East China’s Jiangsu province.
“By the end of this year, a total of 85 countries and regions will become AIIB’s members,” Jin said.
Jin said that the Belt and Road Initiative and the AIIB are both great initiatives. – China Daily
It is an interesting dichotomy when you look at how both China and the United States are implementing economic policy here in the early part of the 21st century. ¬†This is because in the East, the drive is to create open and free trade zones which allow nations to use their own sovereign currencies to function in trade while in the West, the U.S. and Europe continue to function under the antiquated models of economic sanctions and military intervention to force their wills upon the rest of the world.
Thus it should not be surprising at how quickly China is growing in partnership with the rest of the world as the United States continues to become more isolated by former trade partners who no longer want to function under dollar hegemony. ¬†And if the AIIB’s President is correct in his prediction of getting 85 countries signed on board by the end of 2017, it will mean that China is just 10 or more countries away from achieving a critical mass of 50% of the world approving of their global banking initiative, and placing them squarely as a threat to the West’s domination over the global financial system.
Kenneth Schortgen Jr¬†is¬†a writer for The Daily Economist, Secretsofthefed.com,¬†Roguemoney.net, and Viral Liberty, and hosts¬†the popular youtube podcast on Mondays, Wednesdays and Fridays.¬†Ken can also¬†be heard Wednesday afternoons giving an weekly economic report on the¬†Angel Clark radio show.