Follow Britain's lead aboard new China-led bank, says Beijing
Britain's decision to help found China-led financial institution may convince other nations to sign up amid concerns about transparency
China yesterday called on other nations to join the Asian Infrastructure Investment Bank after Britain's decision to be a founding member of the Beijing-led institution despite US concerns.
Deputy finance minister Zhu Guangyao said China welcomed Thursday's announcement by British Chancellor of the Exchequer George Osborne, and invited other nations to take part.
"Britain, as an important developed country, applied to join the AIIB because it saw the great opportunities to profit from the region's growth," Zhu said.
"We take an open attitude towards all countries, including the US, that are interested in joining the bank's operations if they agree to comply with the principles in the memorandum of understanding."
So far, 27 nations have signed on as founding members. Observers said London's decision was expected to boost Beijing's efforts to bring other countries on board and ease concerns about transparency and governance.
Osborne said membership would be a chance "for the UK and Asia to … grow together".
But Washington was dismayed at London. The quoted an unnamed US official as saying the United States was "wary about a trend towards constant accommodation of China … [It's] not the best way to engage a rising power".
"There will be times when we take a different approach [to the United States]," a spokesman for British Prime Minister David Cameron said.
"We think that it's in the UK's national interest."
There have been concerns since the bank's launch last year that Beijing is using it to extend China's geopolitical influence.
US pressure initially prompted Australia to back away from joining, but Canberra said yesterday that it was willing to consider membership. "This is something that will obviously be taken into account by the government over the next few weeks as we continue our dialogue with those behind the bank," Australian Treasurer Joe Hockey said.
Xie Tao , a politics professor at Beijing Foreign Studies University, said poor economic prospects in Europe were pushing Britain to look to Asia. "By joining … perhaps British companies will have more opportunities to be a part of infrastructure projects in the region," Xie said.
Renmin University international relations professor Jin Canrong said China hoped to recruit US partners like South Korea and Australia and Britain's endorsement could help.
Benjamin Herscovitch, from the Australia-based Centre for Independent Studies, said Australia would probably join, but only after Beijing made concessions on governance.
