The Chinese successfully established a new bank, a move openly contested by the United States and President Obama’s administration. In an effort to gain more of an economic stronghold in Asia, China recruited many neighboring nations to join their undertaking. Surprisingly to them and the rest of the world, China receives a last-minute outpouring of support from nations all over the globe. 14 of the 20 countries that joined China’s new bank have advanced economies, including Brazil, Germany and France, fascinatingly enough all outside of Asia.
Not on the list stands the United States. They vehemently opposed this creation of a new bank, citing that China is attempting to undermine the World Bank and the Asian Development Bank. Due to the United States’ control of these two banks, this new bank poses a threat to their influence and power. The United States has struggled to meet the increasing demand for improved infrastructure in Asia. United States’ allies, like Britain, South Korea and Australia all changed their initial way of thinking and joined the bank. China has the ability to make a bank like this one succeed, so these nations could not refuse what seems to be a profitable endeavor.
This foundation of a new bank could stand as a very meaningful enterprise, in that a country succeeded in forming a international coalition without the United States support. In fact China defeated the United States. This could support the argument that China will overtake the United States, as the foremost economic power in the world. If this bank succeeds in implementing much needed infrastructure improvements throughout Asia, it will overturn the notion that the United States must be a player or at least support the move to create a supply of goods.