The Year of the Ram could be witnessing the first tremors of a tectonic shift in global power structures. Despite US objections, some of its closest allies — Australia, the UK, Germany, France, Italy and South Korea — have signed on to the new Chinese-backed Asian Infrastructure Investment Bank (AIIB). Some 45 countries, including Brazil and Russia, have signed up and more may join soon. Even Taiwan has applied for membership. Japan is still holding back and the US, under intense criticism for staying out, is now pledging cooperation.
China is signalling that while it has imported technology and capital for over 30 years, since the Deng Xiaoping reforms, it is now ready to turn around and export know-how and capital. China’s “One Belt One Road” project focuses on trade, infrastructure and telecommunications. But it also talks about people-to-people connectivity, cultural exchanges as well as learning from other countries’ development experiences. It emphasises peaceful development and cooperation with existing organisations, such as the Saarc, Organisation of Islamic Cooperation and EU, to assuage fears that China is emerging as a global hegemon.
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