In These New Times

A new paradigm for a post-imperial world

China, 20 other countries initiate new Asian bank

Posted by seumasach on October 30, 2014

Newsday

24th October, 2014

BEIJING – (AP) — Twenty-one Asian nations have signed on to a China-driven initiative to create a new development bank for Asia that’s aimed at boosting infrastructure investment of all kinds. Beijing sees that as a way to raise its international standing, but Washington opposes the move as an unnecessary and potentially damaging rival to established institutions such as the World Bank.

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