ASEAN Beat

One In All In, AIIB Gains Momentum

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ASEAN Beat

One In All In, AIIB Gains Momentum

Even with the South China Sea disputes, ASEAN countries insist they are committed to China’s new development bank.

One In All In, AIIB Gains Momentum
Credit: APEC 2013 via Flickr.com

Plans for a China-led Asian Infrastructure Investment Bank (AIIB) have proved divisive. As a potential competitor to the World Bank and the International Monetary Fund (IMF) it has not been welcomed by the United States, which still dominates both institutions.

And for good reason. China is not a democracy and it’s expansionist policies from the South China Sea to Central Asia and Africa have hardly endeared Beijing to its neighbors near and far. It also wants a 49 percent stake in the bank, leaving 30-odd not-so insignificant countries with minority holdings and a minor say.

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