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Tag Archives: APEC Beijing

The UK is guilty of “constantly accommodating” China, hissed an anonymous White House official in mid-March. The British government had just announced the UK would become a founder member of a new China-led financial institution that one day could rival the World Bank.

Ever since Beijing launched the $50bn Asian Infrastructure Investment Bank last October, US officials have insisted Western countries “could help shape the standards and rules” this institution will adopt “by staying on the outside”. The real reason for Washington’s lack of engagement, of course, actually lay in fears the AIIB will become an instrument of Chinese foreign policy. That, after all, is precisely the role the World Bank has played for the US for the best part of 70 years.
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I’m struggling to identify any agreement of real political or commercial significance that was struck during the 2-day Brisbane G20 summit in mid-November. Yes – a chunky 800-page communiqué was released as the various Heads of Government flew from Australia’s east coast. It consisted, though, of little apart from grand words and vague aspirations, with almost no costings, let alone information on sources of actual finance.

The leaders of the G20 nations – accounting for around four-fifths of the world economy – want an additional 2pc of growth by 2018, we were told. Beyond the simple mention of “investment, trade and competition”, there were few details on how this extra growth would be achieved.

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