Canada Should Exit CCP Leader Xi’s Imperial Bank

Canada’s Withdrawal from CCP Leader Xi’s Imperial Bank is Necessary

January 30, 2024 TruthUSA

Canada’s Prime Minister in 2017 ignored multiple warnings against committing to China’s Belt and Road Infrastructure Bank, a project that further’s China’s imperial power. The bank, also known as the Asian Infrastructure Investment Bank (AIIB), misleadingly presents itself as just another multilateral development bank but its corporate structure contradicts these claims.

First, the AIIB is majority-owned by credit-challenged borrowers, encouraging them to approve vanity projects that have little economic sense. Additionally, the bank’s structure gives the Chinese regime an effective veto over major decisions, making the borrowers dependent on China’s support. The AIIB, effectively President Xi’s Imperial Bank, benefits China and other impecunious owners, but offers no benefit to Canada. On the contrary, it poses a billion-dollar risk from which Canada has nothing to gain.

Canada has already committed US$200 million to its membership in AIIB, with potential liabilities of another $800 million should the risky projects financed by the bank go south, or should the global economy face another financial crisis.

Even if all the bank’s investments prove viable, Canadian taxpayers would receive no dividends or tangible return from their involvement. The main financial incentive for Canada’s entanglement in AIIB is the contracts the bank hands out to its members’ multinationals. Yet, when Canadian corporations secure these contracts, they are essentially receiving subsidies from Canadian taxpayers via the bank.

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Former Prime Ministers and other leaders saw the AIIB as a sham bank. Trudeau ignored these warnings and signed up, hoping to secure a free-trade deal with China. However, Bob Pickard, the bank’s communications chief, exposed the AIIB as a massive Chinese Communist Party influence operation. As Pickard explained, the AIIB provides no benefit to Canadians, but instead inflicts harm on countries by accumulating unrepayable debts, resulting in perpetual servitude.

Canada should withdraw from AIIB, cutting losses before the potential financial crisis leads creditors to claim the $1 billion taxpayer backstop. Although Finance Minister Chrystia Freeland has suspended Canada’s participation and reviewed the bank’s governance, no withdrawal has occurred. This delay reveals China’s continued hold over the Canadian government and the staying power of President Xi’s Imperial Bank.

Canada’s Finance Minister Chrystia Freeland claims to be considering a pullout—she suspended participation in the AIIB and has been reviewing the bank’s governance since Pickard’s revelations. That she has yet to do so some six months later—even though AIIB helps Russia break the sanctions imposed on it by Canada and the West over the Ukraine War—speaks to China’s continuing hold over the Canadian government, and the staying power of President Xi’s Imperial Bank.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times.

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