China isn’t very good at foreign policy; that is the only way to make sense of the apparent decision by a number of large Chinese banks to boycott the annual meeting of the World Bank and the IMF scheduled for Tokyo next week.

As the WSJ tells us, the decision comes as a result of the latest flare in the long running Japan-China territorial dispute over what Japan calls the Senkaku Islands in the East China Sea. High profile banks with strong links to China’s government and its galaxy of state-owned enterprises have pulled out of both the Tokyo conference and another banking event scheduled for Osaka.

Read Here – American Interest