For some time now, the establishment of the World Bank and IMF has had a Chinese counterpart: AIIB, which China intends to use to finance a huge infrastructure project to connect Asia and Europa, a New Silk Route. This new international financial institution forces Europe to take a side. The UK decided, against the urgent advice from the United States, to become a member, and also the Netherlands has joined the Chinese initiative. According to China watcher Martin Jacques, this is the beginning of a new Chinese world order.
Original Title: Chinese Wereldorde
While Europe is being tested by a tragic economic crisis, terrorist attacks and refugees at the gates, the founding meeting of the Asian Infrastructure Investment Bank and the New Development Bank has been quite unnoticed. These are two new multilateral financial institutions that challenge the current order of the World Bank and the IMF. Both are led by China and are set up to bring the world-dominated World Bank and IMF to the crown.
After the British became members of the Asian Infrastructure Investment Bank, due to economic opportunities, the Netherlands, France and Germany also followed. The importance of this, initially, British shift of foreign policy is difficult to underestimate. The United States feels this is a direct threat to their sphere of influence. “The biggest diplomatic battle since the Second World War between the US and its main ally,” said journalist and China expert Martin Jacques about the surprising British step. And symptomatic of a new world order. But how does the Chinese influence differ from the American influence? Will Europe become a pawn in the battle between the two influence spheres?
Originally broadcasted by VPRO in 2016.