South Korea Announces Intention to Join Chinese Led Asian Infrastructure Investment Bank

This is another example of the rise of China where they are continuing to get nations to join AIIB which is a competitor to the western led World Bank:

korea china flags image

South Korea on Thursday became the latest American ally to announce its intention to join the Asian Infrastructure Investment Bank despite Washington’s qualms about the Chinese-led regional development bank.

The South Korean Ministry of Strategy and Finance said in a statement that Asia needed a new regional source of development money like the Asian Infrastructure Investment Bank because the existing multilateral lenders, like the World Bank and the Asian Development Bank, could not meet the demand for infrastructure investment funds in the region.

The United States has expressed misgivings about the proposed regional lender, which it sees as a threat to the Washington-led World Bank. American officials have also worried that the new bank would lack governance and transparency in enforcing lending, environmental and labor standards.

But in its statement, the South Korean ministry said a founding membership in the regional bank would help expand the country’s influence in the international banking sector. It also said membership would help its companies win deals in large-scale construction, telecommunications, transportation and other development projects in the region.

“Our government, together with its allies, has been urging China to improve its plans for the bank so that its governing structure and safeguards will meet international standards,” the ministry said. “We have seen significant progress in that regard.”  [New York Times via the Marmot’s Hole]

You can read the rest at the link, but this is also another example of how South Korea’s balances their relationship with China and the US. They prioritize economic issues with the Chinese and security issues with the US.

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tbonetylr
tbonetylr
9 years ago

Wait, this will inevitably cause another IMF type banking crash for S. Koreans when they’ll blame the world for their misfortunes.

Tom
Tom
9 years ago

USA increasingly destructing on its own, as China rises economically. Americans are sour grapes, petty, and jealous. All of Europe and Asia are joining this bank. Now the US can’t be the only one controlling the entire purse anymore. They’ve gotten away with manipulating the World Bank for their own benefits for so long. Hypocrites.

Jigoku
Jigoku
9 years ago

When the the oldest colonial power -your Chinese masters Tom- once again take control of Korea, which consists mostly of Koreans like you, you and your ilk will be begging for foreigners to save you… for the tenth time. Hopefully next time no foreign gov’t will sacrifice the blood, or money of it’s citizens for a country full of hypocrites who just aren’t worth the cost. Of course as usual, hypocritical Koreans will blame America and/or Japan, nothing is ever the fault of Koreans.

Maybe this is good though, Koreans can sponge off of the Chinese instead of America and other western countries.

When this occurs, Gyopos safe in other countries will without a doubt demand whatever country they live in to do something about it only to once again hypocritically slag off on those who helped them when the smoke clears.

Just let Korea fall, it’s not worth it, most are a bunch of Tom’s. Most hate the US, but Koreans won’t say that to an American’s face. They act two faced like they say the Japaese do.

The Japanese, even with all their wackiness are better friend’s than Koreans pretend to be anyway.

You know, like they have been pretending to do for decades now.

Tom
Tom
9 years ago

ha ha ha ha.. My my where does this white monkey hatred coming from?

The Japanese and the Chinese are one hundred times better than you whites, so don’t even try to compare yourself to the superior genes. Animal. This is the reason why America owes so much money to Asia, because face it, the dumb violent white man, you basically are a nation of sub prime wall street corrupt country that stole $10 trillions from its own people. Liars and faggots like the white man in Wall Street is the one that’s running your country to the ground. The ignorant poor illiterates that dot your pathetic country full of shooters and mass murderers, who can’t read and write are not the problems. The best thing that could happen to your pathetic country is to have the Mexicans and Muslims to out birth you inferior apes.

John
John
9 years ago

@Tom

Jigoku is probably a pathetic white ESL teacher who has a massive chip on his shoulder, because some Koreans were tough on him and were not subservient to his expectations when he was in Korea.

Japanese are better friends? Yeah, sure they really are. They truly are a faithful loyal dog of Uncle Sam compared to S. Korea. Like that is anything to be proud of. LOL

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