US opposing China's answer to World Bank
Washington sees the bank as a political tool for China to pull S-E Asian countries closer to its orbit
Beijing
FOR almost a year, China has been pitching an idea to its neighbours in Asia: a big, internationally funded bank that would offer quick financing for badly needed transportation, telecommunications and energy projects in underdeveloped countries across the region.
With the public backing of President Xi Jinping and a pledge from Beijing to contribute much of the US$50 billion in initial capital, the plan could be…
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