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Summarize the main point of the following article with your own comments, and answer the
questions below. (32%)
1.
2.
3. TPP(AIIB)

4.
450

TPP Versus AIIB: Obamas Uphill Battle

Published Tue, Jul 21, 2015 | Tim Maverick, Senior Correspondent
http://www.wallstreetdaily.com/2015/07/21/china-aiib-obama-tpp/
It was a party that the United States urged 57 countries not to attend But they did. These countries
included close European allies of the United Sates, such as Germany and the United Kingdom, and
Asian comrades like Australia and South Korea. Not to mention members of the Middle East, including
Israel and the Saudis. The party in question was held in Beijing for the late-June signing of the Articles
of Agreement, putting in place the framework for the China-led Asian Infrastructure Investment Bank
(AIIB). Instead of joining the AIIB, the Obama Administration offered up another option to
11 countries in Asia: the Trans-Pacific Partnership (TPP). This next generation trade agreement has
one glaring omission, though: China the regions most important trading nation.

But that transgression isnt the most important part of this tiff. The real sticking point is that the TPP
isnt popular among U.S s Asian friends. Allies, such as Australia and Japan, say the TPP intrudes too
much into their internal affairs. Thats a valid point. The TPP requires more than tariff reductions. It gets
into other areas, including intellectual property rights, data protection rules, corporate governance, labor
and environmental standards, and financial regulations. The perception in many parts of Asia is that the
TPP will result in net costs to the regions economies, while only benefiting the United States. A high
hurdle indeed for a partnership.

Chinas Approach
This is when the differences between the Chinese and American approaches to global economics and
geopolitics become very stark. China doesnt bother with other countries internal processes. Its
leadership realizes that, in todays world, theres one main obstacle to increase trade between nations:
poor transportation, power, water, and communications infrastructure, which fouls up global supply
chains. This is the same conclusion reached in a 2013 study by the World Economic Forum. In fact, the
study found that removal of these supply chain barriers could increase the worlds GDP by up to six
times! Somehow the Obama Administration missed the memo on that. But the Chinese did not.
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China has the $50-billion AIIB, the $40-billion Silk Road Fund, and the $100-billion
New Development Bank. And there are the individual Chinese development banks. These banks already
give more loans to Asia and Latin America than U.S.-dominated institutions like the World Bank, the
Asian Development Bank, and the Inter-American Development Bank.

Of course, this isnt completely altruistic. China is hoping that a good chunk of the infrastructure work
will be done by Chinese companies, as the country faces a serious excess capacity problem in heavy
equipment manufacturing and construction.

21st Century Marshall Plan

Still, funds dedicated to infrastructure are sorely needed in the developing world. According to some
estimates, the U.S.-led development banks fall short by $175 billion annually in aid for the poverty-
stricken. And the infrastructure needs are much more massive. The Asian Development Bank itself
estimates that Asia faces an infrastructure funding shortfall of about $8 trillion for 2010 to 2020.
McKinsey & Co. estimates the global infrastructure investment requirement through 2030 to be $57
billion and $67 billion. And thats exactly where China is focusing the AIIB and its other efforts on
infrastructure. Meanwhile, the global perception is that the Obama Administration is more concerned on
imposing its vision of whats right on other nations, instead of actually getting the help where its
needed. For example, the Administration believes any infrastructure project should pass the strictest
environmental standards before proceeding. Tell that to the people without power and roads. That type
of environmental permitting may take a decade or more. Just ask any U.S. company involved in an
infrastructure project. And with the involvement of Europe and developed Asian countries in the AIIB,
its likely that environmental standards wont be ignored.

President Obama seems to be left at the station after the train has left, and the United States global
influence is sure to diminish

Meanwhile, China is proceeding full steam ahead with its version of a 21st century Marshall Plan,
making friends around the world as it goes.

And the chase continues,

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