China pushes Asian infrastructure bank

QWA4X3HNF6China pushed ahead with the creation of its proposed $50-billion Asia regional bank by signing a memorandum on October 24 with 21 countries, which did not include South Korea, Australia and Indonesia.

The proposed Asian Infrastructure Investment Bank, first put forward by Chinese President Xi Jinping in October last year, is a key component of China’s efforts to expand its regional influence.

The bank, a potential rival to existing institutions such as the Asian Development Bank, has been opposed by the US, which has asked its allies not to participate, the New York Times reported earlier this month.

The 21 “prospective founding member countries” at the signing ceremony were Bangladesh, Brunei, Cambodia, Kazakhstan, Laos, Malaysia, Mongolia, Myanmar, Nepal, Oman, Pakistan, the Philippines, Sri Lanka, Uzbekistan, Kuwait, Qatar, Singapore, Thailand, Vietnam, China and India.
Xi told delegates from the countries that all Asian nations “understand the importance of seeking strength through unity” and the AIIB would welcome participation by all countries, either from within or outside Asia.

South Korea and Australia had previously attended preparatory talks for the regional bank last month, according to the Chinese Ministry of Finance’s website. US Secretary of State John Kerry requested at a meeting with Australian Prime Minister Tony Abbott in Jakarta this week that Australia not join the bank, the Australian Financial Review reported.

Thai Finance Minister Sommai Phasee signed the memorandum of understanding for the AIIB two days earlier during the Apec Finance Ministers’ Meeting, said Kritsada Jinavijarana, director of the Thai Finance Ministry’s Fiscal Policy Office.



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China pushed ahead with the creation of its proposed $50-billion Asia regional bank by signing a memorandum on October 24 with 21 countries, which did not include South Korea, Australia and Indonesia. The proposed Asian Infrastructure Investment Bank, first put forward by Chinese President Xi Jinping in October last year, is a key component of China's efforts to expand its regional influence. The bank, a potential rival to existing institutions such as the Asian Development Bank, has been opposed by the US, which has asked its allies not to participate, the New York Times reported earlier this month. The 21...

QWA4X3HNF6China pushed ahead with the creation of its proposed $50-billion Asia regional bank by signing a memorandum on October 24 with 21 countries, which did not include South Korea, Australia and Indonesia.

The proposed Asian Infrastructure Investment Bank, first put forward by Chinese President Xi Jinping in October last year, is a key component of China’s efforts to expand its regional influence.

The bank, a potential rival to existing institutions such as the Asian Development Bank, has been opposed by the US, which has asked its allies not to participate, the New York Times reported earlier this month.

The 21 “prospective founding member countries” at the signing ceremony were Bangladesh, Brunei, Cambodia, Kazakhstan, Laos, Malaysia, Mongolia, Myanmar, Nepal, Oman, Pakistan, the Philippines, Sri Lanka, Uzbekistan, Kuwait, Qatar, Singapore, Thailand, Vietnam, China and India.
Xi told delegates from the countries that all Asian nations “understand the importance of seeking strength through unity” and the AIIB would welcome participation by all countries, either from within or outside Asia.

South Korea and Australia had previously attended preparatory talks for the regional bank last month, according to the Chinese Ministry of Finance’s website. US Secretary of State John Kerry requested at a meeting with Australian Prime Minister Tony Abbott in Jakarta this week that Australia not join the bank, the Australian Financial Review reported.

Thai Finance Minister Sommai Phasee signed the memorandum of understanding for the AIIB two days earlier during the Apec Finance Ministers’ Meeting, said Kritsada Jinavijarana, director of the Thai Finance Ministry’s Fiscal Policy Office.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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