Why the U.S. should back China’s new ‘World Bank’ for Asia


Fortune

In a recent op-ed in The Financial Times, Larry Summers criticized the U.S. for not backing the creation of a new China-led international bank that would finance major infrastructure projects across the Asia Pacific region; the former U.S. secretary of treasury decried it a “failure of strategy and tactics” and called for “a comprehensive review of the U.S. approach to global economics.”

Summers’ pointed words followed those of another Clinton Administration alumnus. Madeleine Albright, America’s former top diplomat, who late last month said the United States had “screwed up” in its unsuccessful efforts to dissuade other countries from supporting the Asian Infrastructure Investment Bank.

Both Summers’ and Albright’s remarks came as diplomats and business executives from Asia and Europe have embraced the bank. Great Britain, Germany, France, Italy, South Korea and Australia, are among more than 40 nations who have brushed aside the White House’s concerns over the…

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