China topples India's bid to grab ADB post
Chinese lobbyists have overpowered India’s attempts to install its candidate as vice-president in ADB. Business Week In Pics | Weekend Platter | Challenges for India
By Shantanu Nandan Sharma, ET Bureau |
NEW DELHI: It���s a battle of Chindia. Chinese lobbyists have overpowered India���s attempts to install its candidate as vice-president in Asian Development Bank (ADB) after a gap of four decades.
Though India lobbied hard for the coveted post and kept ready a panel of three names, including former finance secretary and current Hyundai India���s president Ashok Kumar Jha, China refused to leave any room for India to manoeuvre. Sources told SundayET that India had a good chance to occupy the post after Liqun Jin from China retired as ADB���s vice-president (operations) on July 31.
In fact, lobbying at ADB���s headquarters in Manila was so intense that the formal announcement of ADB appointing a Chinese for the post once again, came only after 14 days of Liqun���s retirement. The ADB���s board of directors finally approved the appointment of Zhao Xiaoyu, currently the deputy governor (CFO) of the Export-Import Bank of China, as vice-president (operations).
���A fortnight back, India had a fairly good chance of securing the ADB���s vice-president���s post. Former finance secretary Ashok Kumar Jha would have been the front-runner for the post. But the Chinese authority refused to relent and did not let an Indian occupy the post,��� sources in North Block said.
Whereas the president of ADB always hails from Japan, there are currently four vice-presidents, including one from China. An ADB official agreed that the bank considered the possibility of an Indian becoming a vice-president as the ADB now changed rules to allow a major borrower country to nominate someone as V-P.
A member of Prime Minister���s Economic Advisory Council (EAC) and former ADB chief economist Satish C Jha said India had failed to install its men in key positions of international organisations.
���India has not been forceful enough to have its men on important international posts. On the other hand, China has always been quite aggressive. The vice-president���s post in ADB is quite influential. India should have got that post considering even a small country like Laos managed that earlier,��� he said.
Though India lobbied hard for the coveted post and kept ready a panel of three names, including former finance secretary and current Hyundai India���s president Ashok Kumar Jha, China refused to leave any room for India to manoeuvre. Sources told SundayET that India had a good chance to occupy the post after Liqun Jin from China retired as ADB���s vice-president (operations) on July 31.
In fact, lobbying at ADB���s headquarters in Manila was so intense that the formal announcement of ADB appointing a Chinese for the post once again, came only after 14 days of Liqun���s retirement. The ADB���s board of directors finally approved the appointment of Zhao Xiaoyu, currently the deputy governor (CFO) of the Export-Import Bank of China, as vice-president (operations).
���A fortnight back, India had a fairly good chance of securing the ADB���s vice-president���s post. Former finance secretary Ashok Kumar Jha would have been the front-runner for the post. But the Chinese authority refused to relent and did not let an Indian occupy the post,��� sources in North Block said.
Whereas the president of ADB always hails from Japan, there are currently four vice-presidents, including one from China. An ADB official agreed that the bank considered the possibility of an Indian becoming a vice-president as the ADB now changed rules to allow a major borrower country to nominate someone as V-P.
ADVERTISEMENT
A member of Prime Minister���s Economic Advisory Council (EAC) and former ADB chief economist Satish C Jha said India had failed to install its men in key positions of international organisations.
���India has not been forceful enough to have its men on important international posts. On the other hand, China has always been quite aggressive. The vice-president���s post in ADB is quite influential. India should have got that post considering even a small country like Laos managed that earlier,��� he said.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
