- Editor
- 3/30/2015 4:25:00 / agency Xinhua
China’s efforts to help create the Asian Infrastructure Investment (EBIT) symbolize the new financial muscle of the region and China itself, a Spanish expert said today <. / p>
The EBIT is a useful complement the global financial order tool because it provides mechanisms for the transfer of the global weight of the economies of the region to other areas, said Xulio Ríos, director of the Observatory of Chinese Politics.
The bank is a great opportunity for European companies, which helps explain why the governments of Switzerland, United Kingdom, Germany, France, Italy and Luxembourg withstood initial US pressure to boycott the initiative and instead expressed their willingness to be members of the bank, according to Rivers.
The establishment of EBIT could help reduce US influence in Asia, Rios said adding that the firm control of United States at the International Monetary Fund and the Asian Development Bank will not be enough to curb China.
Rivers believes that voting systems in some international financial organizations have become obsolete and added that the reforms remain viable because of opposition from the United States.
The next step aimed at further liberalization of the yuan and its exchange rate, according to the Spanish expert.
The EBIT represents a major challenge to the presence of Japan and the US in the region, as well as an imminent institutional renewal internationally.
The bank may become an important geostrategic tool, linked to other projects such as the development initiatives of the Economic Belt of the Silk Road and the Maritime Silk Road of XXI Century, Rivers said, adding that such projects will decide the rise of new economic realities that do not depend on the West said. F
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