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UK Caught On the Wrong Side in a U.S./Beijing Dispute Over Chinese Development Bank

Posted March 17, 2015

Under Economic Issues, International Trade Issues

(MercoPress)

The U.S. has expressed concern over the UK’s bid to become a founding member of a Chinese-backed development bank. The UK is the first big Western economy to apply for membership of the Asian Infrastructure Investment Bank (AIIB) despite the fact that U.S. has raised questions over the bank’s commitment to international standards on governance.

“There will be times when we take a different approach,” a spokesperson for Prime Minister David Cameron said about the rare rebuke from the U.S.

The AIIB, which was created in October by 21 countries, led by China, will fund Asian energy, transport and infrastructure projects. The UK insisted it would demand the bank adhere to strict banking and oversight procedures. “We think that it’s in the UK’s national interest,” said PM Cameron’s spokesperson. Click here to read more.