1. Text: | Print|

      Development bank will help fight poverty

      2014-07-11 10:20 China Daily Web Editor: Qin Dexing
      1

      The BRICS countries, Brazil, Russia, India, China and South Africa, are expected to pursue a development bank during a summit in Brazil next week. This is in addition to the idea of an Asian Infrastructure Investment Bank that is being mooted by countries in the region.

      World Bank President Jim Yong Kim, who visited China this week, welcomed the initiatives for the two new multilateral lending institutions. He said on Tuesday they would not be a threat to his institution but instead help it fight poverty and spur economic growth.

      Kim has emphasized repeatedly since taking office two years ago that fighting poverty is a top priority for the World Bank, but additional capacity will make the global cause all the more effective. Emerging countries, such as China, which has lifted hundreds of millions of people out of poverty in the past decades but still faces huge challenge in this area, know just how much remains to be done in this area.

      However, US State Department's response seems to be quite ambivalent. Spokeswoman Jen Psaki, while acknowledging the need for additional development to support infrastructure projects, said on Tuesday, the new institution should clearly incorporate high standards of governance, environmental and social safeguards, procurement, and debt sustainability that have been established over decades of experience at multilateral development banks.

      Unlike Kim, Psaki, in her pointed words, was clearly viewing the two proposed new institutions as rivals to the World Bank and Asian Development Bank, in which the US holds the largest share.

      It is true that the proposed BRICS bank could be interpreted to some extent as a reflection of frustration by emerging countries that they are not equally represented in international financial institutions. Throughout the decades, there has been an American at the head of the World Bank and a European at the head of the International Monetary Fund.

      In this regard, the new institutions are sending a signal from the rising rest to the United States with its global dominance that things need to change and evolve to adapt to the new reality. But they are also meant to improve the current global system to make it better and fairer, not to overturn it.

      Kim should be commended when he refuted the concerns that the proposed new institutions will compete with the existing multilateral lenders by saying that "our competition is poverty. Our enemy is lack of economic growth. Another enemy is growth that is not inclusive".

      Indeed, if there is competition, it is friendly competition to address these common global challenges.

      Despite the positive role the US has played in many areas over the years, its superpower dominance has many inherent flaws.

      For one, as I went on Tuesday to the Cuban Interests Section in Washington to get my press visa, I was told to pay only in cash because since February this year, no US-based banks will handle the accounts for the Cuban diplomatic missions based in the US, under the draconian US embargo against Cuba.

      The ridiculous US sanctions on the Caribbean nation since 1960 have inflicted enormous damage on the island's economy and brought suffering to its people. Just last October, the United Nations General Assembly adopted a resolution for the 22nd consecutive year, calling for an end to the economic, commercial and financial blockade imposed by the US. The vote was passed with 188 in favor, three abstentions and two against, the US and Israel.

      The US likes to talk about freedom of trade and navigation all the time, yet here is a gross violation of that by the world's sole superpower.

      So if democracy is what the US preaches, the new multilateral lending institutions will not only help developing nations in their fight against poverty and for economic growth, it will also help democratize the global governance system that has been dominated by the US for far too long.

      Comments (0)
      Most popular in 24h
        Archived Content
      Media partners:

      Copyright ©1999-2018 Chinanews.com. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.

      主站蜘蛛池模板: 免费无码国产V片在线观看| 亚洲天堂2017无码中文| 青青草国产免费国产是公开| 韩国日本好看电影免费看| 一本色道久久88亚洲精品综合| 成年黄网站色大免费全看| 亚洲日韩中文字幕天堂不卡| 99久久99久久精品免费观看| 久久久久亚洲av无码尤物| 精品免费tv久久久久久久| 亚洲AV无码专区国产乱码电影 | 最新仑乱免费视频| 亚洲乱码在线观看| 91在线视频免费播放| 国产午夜亚洲精品| 国产在线19禁免费观看| 无套内谢孕妇毛片免费看看| 亚洲精品无码久久久| 中文无码日韩欧免费视频| 亚洲AV成人无码久久精品老人| 亚洲精品视频在线观看免费| 最新亚洲卡一卡二卡三新区| 国产中文字幕免费观看| 日本一区二区在线免费观看| 亚洲综合无码精品一区二区三区| 野花香高清视频在线观看免费| 亚洲专区先锋影音| 成人免费a级毛片无码网站入口 | 人妻无码一区二区三区免费| 亚洲理论片在线中文字幕| 黄瓜视频影院在线观看免费| 亚洲a∨国产av综合av下载| 亚洲国产精品自产在线播放| 免费久久人人爽人人爽av| 亚洲精品在线免费观看视频| 男女啪啪永久免费观看网站| a级毛片免费网站| 亚洲精品美女在线观看| 国产免费卡一卡三卡乱码| a级毛片黄免费a级毛片| 亚洲成_人网站图片|