How China is upsetting the old global economic order

China's growing power is keeping Washington nervousWith its huge new infrastructure bank and its ambitions for a globalized renminbi currency, China is leading the upending of a 70-year-old global order built on American economic power. Beijing’s rise was confirmed this week at the Spring meetings of the World Bank and International Monetary Fund in Washington, the two institutions by which the economic vision of the United States has been propagated across the world since their founding in 1944. The US-selected president of the World Bank, Jim Yong Kim, applauded China’s “bold step in the direction of multilateralism” for its new Asia Infrastructure Investment Bank, even as many view it as a rival to the Bank. Kim stressed though that he expects the World Bank and the AIIB will work “very closely” together.

Share this article