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

By JANE PERLEZ, New York Times, 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.