AIIB to shift of power from West to East: Dutch expert

The popularity of China-proposed Asian Infrastructure Investment Bank (AIIB) has signaled that Asia in general and China in particular are leading the world into another and relevant direction, a Dutch expert has said.

Rien T Segers, a Dutch expert on the political economy of East Asia, believes the world is undergoing a transition from “the financial, economic and political dominance of the United States towards the dominance of a number of Asian countries, led by China.”

“The rich and old economies have no other choices but going for a development which is a reflection of cooperative influence of Asian countries in the West and vice versa”, he added.

Segers believed a second wave of “Asianization” is now coming and it is much more comprehensive and deeper than the first wave, which was led by Japan in the 1970s and 1980s, because of its large scale.

During the first wave of “Asianization,” Japan had about 120 million inhabitants. “The second wave will be more influential, because of the potential economic power of China and other Asian economies, such as the Republic of Korea, Singapore, Taiwan and Japan”, Segers said.

The fact that a dozen European countries are joining in the AIIB will have a “tremendous influence” on the second wave of “Asianization,” according to the professor.

More than 40 countries have so far shown interest to become members of the AIIB. Among them, European countries, including the UK, France, Germany, Italy, Spain and the Netherlands, have all stated that they want to become the founding members of the new bank.

Full article: AIIB to shift of power from West to East: Dutch expert (Want China Times)

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