Chinese FM says Asian investment bank isn’t a competitor to other institutions

World Today

Chinese and South Korean foreign ministers held a bilateral meeting Saturday morning. China’s Wang Yi expressed hope that South Korea would join the China-led Asian Infrastructure Investment Bank (AIIB). His counterpart Yun Byung-se said Seoul was reviewing its options. The deadline for countries to submit their applications is at the end of the month. As interest in joining the initiative grows, so does enthusiasm for the role the new Asian lender can play on the global scene.

CCTV’s Jie Bai filed this report.

Chinese FM says Asian investment bank isn't a competitor to other institutions

Chinese FM says Asian investment bank isn't a competitor to other institutions

Chinese and South Korean foreign ministers held a bilateral meeting Saturday morning. China's Wang Yi expressed hope that South Korea would join the China-led Asian Infrastructure Investment Bank (AIIB). His counterpart Yun Byung-se said Seoul was reviewing its options. The deadline for countries to submit their applications is at the end of the month. As interest in joining the initiative grows, so does enthusiasm for the role the new Asian lender can play on the global scene. CCTV's Jie Bai filed this report.

Highlights:

  •  The AIIB has 27 prospective funding members and potentially more applicants on the way.
  • China’s finance minister has made reassurances that the bank is not a competitor to other institutions.
  • The March 31st application deadline draws closer and more European countries have confirmed their intention to join the bank.
  • Switzerland announced its plan to join the AIIB Friday night, becoming the latest European nation to sign up to the multilateral lender after the U.K., Germany, France, Italy and Luxembourg.
  • The quick expansion has not been welcomed by everyone. The U.S. has voiced concern and caution, citing doubts about the bank’s governance standards.
  • On Friday, the head of the Organisation for Economic Co-Operation and Development said greater participation from western European countries would actually help the bank run in a “very professional and transparent way.”
  • The goal of the AIIB is to finance energy, transport and telecommunications infrastructure projects in Asia, as well as in the environment sector. It is expected to be set up by the end of this year.