Chinese President Xi Jinping launched a new international development bank seen as a rival to the U.S.-led World Bank at a lavish ceremony on Saturday, as Beijing seeks to change the unwritten rules of global development finance. http://www.reuters.com/article/us-a...SKCN0UU03Y?feedType=RSS&feedName=businessNews
Most all media portray this as a geopolitical question and it's consequences. I'm thinking that the so called Chinese growth miracle was all about trillions of debt and infrastructure that turned out to be a lot of ghost cities. And now that that's played out, and they don't have a lot of confidence in their shift to a consumer economy, why not just export all their capacity to build ghost cities and other boondoggles to other countries. Keep the party going a little longer.