Commentary
China’s international development bank, modeled after the World Bank in Washington, allows Beijing to exert influence over the bank’s 110 member states and anyone enticed by the Chinese Communist Party’s (CCP) offerings.
Although the United States opted not to join directly when the Asian Infrastructure Investment Bank (AIIB) was established in 2016, U.S. taxpayer funds are indirectly involved through co-financing with the World Bank and other U.S.-backed loans. This means that Beijing is leveraging American families’ hard-earned income for its own agenda.
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The CCP wields control over the AIIB through its 27 percent share of votes within the institution. Coupled with votes from its allies, this gives the CCP the power to steer the bank’s agenda and advance CCP objectives, such as diminishing the dominance of the U.S. dollar as a global currency. This is why issuing panda bonds in yuan to countries like Egypt is crucial for Beijing. Additionally, Cairo understands that it may jeopardize its access to loans and guarantees from Beijing if it criticizes issues like the Uyghur genocide. Consequently, Cairo remains silent, accepting the funds, while Beijing’s global influence expands despite its human rights transgressions.
While assisting less developed nations worldwide is commendable, it is imperative to explore alternative avenues that do not involve collaboration with entities like the World Bank, AIIB, ADB, or AfDB, which align with the CCP. Given the CCP’s escalating global clout, U.S. and allied taxpayers must exercise caution regarding the utilization of international development aid to prevent it from being exploited against American interests and democratic values. Citizens in Japan, Europe, and the United Kingdom should adopt a similar vigilance.
The United States, its allies, and the international development banks they support should terminate all forms of engagement with Beijing, including any co-financing arrangements with the AIIB. Any allocated or pledged funds to the AIIB should be divested completely from the institution. Recognizing the CCP’s adversarial stance towards democracy, human rights, and Western nations, including major contributors to international development, such as Japan, Europe, and the UK, it is imperative to cease funding institutions that collaborate with the CCP until China embraces democratic principles and respects human rights once again.
Opinions expressed in this article are solely those of the author and do not necessarily reflect the views of The Epoch Times.
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