China moved forward with its own version of the World Bank.

China moved forward with its own version of the World Bank.

The $100 billion Asian Infrastructure Investment Bank would be focused initially on building a new version of the Silk Road from Asia to Europe, and would also be a counterweight to the Japan-dominated Asian Development Bank

Most of the funding for the lender would come from China and be spent on infrastructure projects across the region, including a direct rail link from Beijing to Baghdad.

China’s push for a regional institution that it would control reflects Beijing’s frustration at western dominance of the multilateral bodies. Chinese leaders have demanded a greater say in institutions such as the World Bank, International Monetary Fund and Asian Development Bank for years but changes to reflect China’s increasing economic importance and power have been painfully slow.

http://www.ft.com/intl/cms/s/0/b1012282-fba4-11e3-aa19-00144feab7de.html?siteedition=uk#axzz35cpkix00

 

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