Chinese president launches new AIIB development bank as power balance shifts

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Jin Liqun, the first president of the Asian Infrastructure Investment Bank, speaks during the bank’s opening ceremony in Beijing on Jan. 16. (AP Photo)

 

 

BEIJING–Chinese President Xi Jinping launched a new international development bank seen as a rival to the U.S.-led World Bank at a lavish ceremony on Jan. 16, as Beijing seeks to change the unwritten rules of global development finance.

Despite opposition from Washington, U.S. allies including Australia, Britain, German, Italy, the Philippines and South Korea have agreed to join the Asian Infrastructure Investment Bank (AIIB) in recognition of China’s growing economic clout.

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