China-led development bank must adopt core standards: US

Tokyo

THE United States is not opposed in principle to the new China-led Asian Infrastructure Investment Bank (AIIB), but has a number of concerns over the possible adverse impact of some of its policies on regional development, a senior State Department official said in Tokyo on Monday.

Principal deputy assistant Secretary of State for economic and business affairs Kurt Tong, who is in Tokyo for a US-Japan Development Dialogue, said these concerns included the standards which the AIIB will apply to development projects, its impact on borrowing countries' debt sustainability and its procurement policies.