Dr. Steinbock is Guest Fellow of Shanghai Institutes for International Studies (SIIS). He also has affiliations with think-tanks focusing on the United States, Europe and India. For more see: http://www.differencegroup.net
As the focus of the West was fixed in Greece and Iran, the 7th BRICS Summit began a massive shift from a dialogue to an economic partnership – one whose full impact will be witnessed in the coming years.
US participation in the AIIB will be very much in the interest of American companies, cities and states, and Washington itself. It would mitigate the perception that the US seeks to "contain" China, or emerging Asia. And it would pave the way to greater stability and prosperity in Asia and the rest of the world.
The most interesting thing about the recent S&ED between China and the U.S. were the undercurrents that illuminate the potential future of the dialogue.
For a quarter of a century, China's economic crash theory has been a lucrative cottage industry in the West. But there is a reason why certain times favor the doomsayers.