With the establishment of the Asian Infrastructure Investment Bank (AIIB), China has started to reorganize the world’s financial system. Asian countries are no longer solely dependent on the IMF and the World Bank and able to have a major influence on world’s financial markets, DWN reported.
Due to its rapidly growing economy, China considers itself not sufficiently represented in the world financial system and constantly vows for its reform. The United States in turn sees major risks arising from the creation of the financial institution as it fears losing control over financial markets and has therefore tried to prevent the foundation of the AIIB.
The idea of the bank’s establishment has been met with a great interest worldwide. The Gulf States as well as major European countries announced their support for the project — to Beijing’s surprise and contrary to the demands of the United States, DWN wrote.
Full article: China to Rearrange World Financial System – German Media (Sputnik News)