China has been proposing a new World Bank-ish organization to several Asian neighbors, offering even to put up much of the $50 billion to get the thing going. China wants to have a controlling stake in a large financial instrument that can quickly fund infrastructure projects in neighboring countries.
The new bank would, I assume, engage in the same kind of neo-liberal resource extraction–I mean development projects–as the World Bank, except all the tasty resources would flow back to China instead of the western countries (the U.S. and her WWII allies).
Guess who isn’t too crazy about that idea?
If you have any interest in the World Bank, and the burgeoning disdain for it, you can listen to this recent episode of the Majority Report.