Canada Should Exit CCP Leader Xi’s Imperial Bank

Prime Minister Justin Trudeau in 2017 ignored multiple warnings and committed Canada to membership in Xi Jinping’s pet project—an infrastructure bank that finances Beijing’s Belt and Road Initiative and furthers China’s bid to become an imperial power. The bank, known as the Asian Infrastructure Investment Bank (AIIB), pretends to be benign—just another multilateral development bank, such as the World Bank and the Asian Development Bank—but its corporate structure belies such “business-as-usual” claims. For one thing, the AIIB is majority-owned by credit-challenged borrowers, giving the borrowers an incentive to approve loans for vanity projects that make little or no economic sense. This governance structure is a high-finance version of an insane asylum run by its inmates. For another, the bank’s structure gives the Chinese regime an effective veto over major decisions, making the borrowers—Middle East countries like Turkey and Iran as well as east-Asian countries like the Philippines—dependent on Xi’s largesse....