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Washington and the World Bank have no choice but to co-operate with Beijing on the new China-led development bank. The US has changed its tune after first opposing its allies cozying up to China.
“This is a gigantic concession on the part of the US, that it is not the world’s only superpower,” Jeffrey Albert Tucker, CLO of the Foundation for Economic Education, told RT.
Instead of fighting the new China-led development bank, the US was forced to add its support to the development bank after allies jumped ship to join the $100 billion China-led project that could rival the World Bank.