More than 40 countries sign on to AIIB, despite US concerns

Global Business

March 31 marks the deadline for founding membership in the Asian Infrastructure Investment Bank. So far 45 countries and regions have joined the bank as founding members, including several major Western powers. CCTV’s Tang Bo reported this story from Beijing.

More than 40 countries sign on to AIIB, despite U.S. concerns

More than 40 countries sign on to AIIB, despite U.S. concerns

March 31 marks the deadline for founding membership in the Asian Infrastructure Investment Bank. So far 45 countries and regions have joined the bank as founding members, including several major Western powers. CCTV's Tang Bo reported this story from Beijing.

Highlights:

    • It’s estimated that the region requires more than $800 billion annually to develop infrastructure, and many countries are keen to help them finance those projects.
    • AIIB draws worldwide attention with a clear objective of infrastructure investment and does not make one country dominant in the decision making process.

US and Japan cautious on new China-led bank

On a visit to Beijing this week, Jack Lew, the U.S. Treasury Secretary, said he was concerned the new China-led bank would loosen high lending standards for development put in place decades ago by Western institutions

Lew urged leaders from the dozens of countries that have already signed up to the bank, including key U.S. allies Britain, France, Germany, and Italy to think twice before joining. That appeal, so far, has proved ineffective. CCTV’s Roee Ruttenberg filed this report from Washington.

U.S. and Japan cautious on new China-led bank

U.S. and Japan cautious on new China-led bank

On a visit to Beijing this week, Jack Lew, the U.S. Treasury Secretary, said he was concerned the new China-led bank would loosen high lending standards for development put in place decades ago by Western institutions Lew urged leaders from the dozens of countries that have already signed up to the bank, including key U.S. allies Britain, France, Germany, and Italy to think twice before joining. That appeal, so far, has proved ineffective. CCTV's Roee Ruttenburg reported this story from Washington D.C.


Panel discussion on AIIB

To further break down the AIIB CCTV spoke to Chen Jiahe in Beijing. He’s the Chief Strategist for Cinda Securities and John Perkins from Seattle. He an activist and author of the bestselling books Hoodwinked; Confessions of an Economic Hitman.

Panel discussion on AIIB

Panel discussion on AIIB

To further break down the AIIB CCTV spoke to Chen Jiahe in Beijing. He's the Chief Strategist for Cinda Securities and John Perkins from Seattle. He an activist and author of the bestselling books Hoodwinked; Confessions of an Economic Hitman.


10 things you need to know about the AIIB:

    • The Asian Infrastructure Investment Bank (AIIB), first proposed in 2013 by China President Xi Jinping, is expected to be set up by the end of 2015.
    • The headquarters will be in Beijing.
    • The purpose of the AIIB is to provide financing for infrastructure projects in the Asian region.
    • Authorized capital of the development bank is projected to be $100 billion —  50 percent provided by China.
    • More than 40 countries and regions are seeking to join the AIIB. It’s unclear whether China will accept Taiwan’s membership, as it considers the self-governing island part of its territory.
    • Japan is opting not to sign up for now, but is keeping open the possibility of joining at a later date.
    • Britain was the first western country to sign up, followed by Germany, France and Italy.
    • In the U.S., the Obama Administration said it’s worried the bank will not meet governance standards and has urged allies not to join.
    • The bank viewed as a significant step for Chinese international influence.
    • March 31 is the deadline for joining the bank as a founding member.

GDP of the AIIB

The combined economy of the AIIB countries and regions — including those who have expressed that they tend to apply, such as Spain — is $42.9 trillion. Hover over the map to see how that breaks down.


Curtis Chin, Former Ambassador to the Asian Development Bank on the commitment of the AIIB project


Here’s a bit more from CCTV Correspondent Roee Ruttenberg’s chat with Former Ambassador to the Asian Development Bank, Curtis Chin.