Will Hickey
9 April 2015
The world’s most populous nation has a sizable sovereign fund and is on track to surpass the United States as the world’s largest economy. “The Chinese development model of technology transfer and infrastructure development, including highways, ports, railways, has brought millions out of poverty and into a middle class existence,” writes Will Hickey, of the School of Government and Public Policy in Indonesia. “Exporting this model, and not just labor-intensive manufactured products to western nations, could prove the next leg up in China’s ascent as a credible emerging superpower.” Asia needs about $800 billion in annual infrastructure funding. China organized the Asian Infrastructure Investment Bank partly because Asian nations’ stature in global finance institutions has not kept pace with their rapid growth. China’s voting share for the International Monetary Fund is about one quarter that of the United States and less than shares held by Germany, France and England. Despite criticisms aired by the United States, many of its allies have signed on for an anticipated building boom in Asia. The official membership roster will be released April 15. – YaleGlobal
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