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Beijing’s new development bank divides western nations

Britain has become the first G7 country to join a new Chinese-led investment bank, marking a historic step towards a multipolar world order, says DW columnist Frank Sieren.

Whether he’s demonstrating political savvy or just has a nose for business, British Chancellor of the Exchequer George Osborne deserves to be congratulated. He risked the wrath of his government’s main ally, the US, when he announced this week Britain’s decision to become a founding member of the Asian Infrastructure Investment Bank (AIIB) in Beijing. It’s a historic decision that attests to Britain’s acceptance of the new multipolar world order and its willingness to accept this and work with it – a first among the industrialized nations of the western world.

At the APEC summit last fall, President Xi Jinping made a major bid for support for the venture he himself initiated and for quite a while, his efforts seemed to be falling on deaf ears, even though he’d earmarked subscribed capital of around $50 billion. – Read more at: