Banking
World Bank welcomes AIIB
Jim Yong Kim, World Bank Group President The World Bank will collaborate with the Asian Infrastructure Investment Bank (AIIB) in solving world poverty, World Bank Group President Jim Yong Kim said on Tuesday. “The fundamental issue for us is, the enemy cannot be other institutions; the enemy has to be the poverty,” Kim said at the Center for Strategic and International Studies in Washington in advance of the World Bank/IMF spring meetings. Kim dismissed the notion that the AIIB would challenge to the US-dominated World Bank, saying it has been clear that “this is not a competition, but cooperation, and we have already cooperated in many joint projects”. The AIIB, which was initiated by Chinese President Xi Jinping, has had around 50 countries applying to be founding members by the March 31 deadline. Included are key US allies such as Great Britain, France, Germany and Italy. Former US Secretary of State Madeleine Albright said previously that the US “miscalculated” in not seeking membership in the AIIB
Jim Yong Kim, World Bank Group President The World Bank will collaborate with the Asian Infrastructure Investment Bank (AIIB) in solving world poverty, World Bank Group President Jim Yong Kim said on Tuesday. “The fundamental issue for us is, the enemy cannot be other institutions; the enemy has to be the poverty,” Kim said at the Center for Strategic and International Studies in Washington in advance of the World Bank/IMF spring meetings. Kim dismissed the notion that the AIIB would challenge to the US-dominated World Bank, saying it has been clear that “this is not a competition, but cooperation, and we have already cooperated in many joint projects”. The AIIB, which was initiated by Chinese President Xi Jinping, has had around 50 countries applying to be founding members by the March 31 deadline. Included are key US allies such as Great Britain, France, Germany and Italy. Former US Secretary of State Madeleine Albright said previously that the US “miscalculated” in not seeking membership in the AIIB
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World Bank welcomes AIIB
Banking
Bow to Beijing a low move by HSBC
HSBC has put money before morality to back China’s new security law: one that’s an assault on the freedoms of Hong Kong’s people.
Luckily for HSBC, it’s headquartered in Britain: a country where you can say what you like about Boris Johnson and his shambolic handling of the pandemic.
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How China’s role in global finance has changed radically
Within the space of just 15 years, China has gone from being the largest net lender to the world to now being a net borrower. The implications for the global economy, and China’s role within that economy, could be significant.
‘If you owe the bank $1 million, you have a problem. But if you owe the bank $1 trillion, then the bank has a problem’. It’s an old gag, but it underscores an important point: the size of your borrowing or lending can have profound implications for your role in the world.
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Could China’s financial repression be good for growth?
China’s financial reform and development over the past four decades could be described as strong in establishing financial institutions and growing financial assets, but weak in liberalising financial markets and improving corporate governance.
When China began economic reform in 1978, it had only one financial institution — the People’s Bank of China. As a centrally planned economy, the state arranged the transfer of funds and there was little demand for financial intermediation.
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