US moving to block China’s challenge to World Bank

[Chinese imperialism is moving rapidly, knitting new alliances of trade, investment, security, intel-surveillance, and other challenges to the “traditional” US domination of these world relations.  Finance is one of the most active arenas of this inter-imperialist contention, as this fidgety New York Times article describes, from US perspective.  Significantly, the article, while focusing on the challenge to the US-dominated World Bank, does not go into the parallel challenge (to the US dollar standard) that China is making on the monetary systems of trade, investment, and credit — raising the yuan/renminbi as the significant “alternate” currency/monetary system.  The Wall Street Journal reported, “The U.K. government moved a step closer on Thursday to becoming the first country other than China to issue bonds in China’s yuan.” Revolutionary people everywhere are beginning to note that the contradictions within and between imperialists are sharpening, and becoming more muscular. It won’t do to focus on the US as the only imperialist to oppose.  —  Frontlines ed.]

U.S. Opposing China’s Answer to World Bank

OCT. 9, 2014

BEIJING — For almost a year, China has been pitching an idea to its neighbors in Asia: a big, internationally funded bank that would offer quick financing for badly needed transportation, telecommunications and energy projects in underdeveloped countries across the region.

With the public backing of President Xi Jinping and a pledge from Beijing to contribute much of the $50 billion in initial capital, the plan could be seen as an answer to critics who have long argued that China should take on greater responsibilities as a world power. But the United States, perhaps the most vocal of such critics, especially on issues such as climate change and arms proliferation, has not embraced the Chinese proposal.
Instead, in quiet conversations with China’s potential partners, American officials have lobbied against the development bank with unexpected determination and engaged in a vigorous campaign to persuade important allies to shun the project, according to senior United States officials and representatives of other governments involved.

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Growing US-India ties and their worries about China

(Since World War II, the US has been widely understood as the #1 imperialist power.  The worldwide crisis and growing inter-imperialist contention and rivalry between old and emerging imperialist powers is raising the spectre of new imperialist alignments and blocs challenging US hegemony.  Some leftists say that people’s forces should actively take sides between the new imperial blocs.  Revolutionary forces argue that those who keep their distance from all sorts of imperialists will be in the best position to seize the time when revolutionary opportunities open up.  This article describes one aspect of these new contentions  from the standpoint of  the US imperialists and their Indian surrogate-allies-ed).

China's Navy is Growing and Modernizing

The Times of India

Nayan Chanda, Jun 12, 2010

When Indian and US leaders toasted their great strategic friendship in the ornate, chandelier-hung Thomas Jefferson state reception room, there was much bonhomie and talk of common democratic heritage.
The fact remains that both the countries have been democracies ever since they had established diplomatic relations but they never had as close a relationship as now. It cannot be explained by Hillary Clinton’s love for India or President Barack Obama’s admiration for Mahatma Gandhi. The elephant in the state department’s reception room was China.

Ever since India-US ties deepened under the BJP government, the relations were explained by the code word “natural allies”. Left unsaid were mutual concerns of two democracies about a rising China. What lies behind the love-fest of Prime Minister Manmohan Singh’s White House reception and now S M Krishna’s at the state department is a more acute concern about Beijing. The clinking of champagne glasses in Washington last week took place against the backdrop of a worsening climate between the US and China. Continue reading