CHINA-INTERNATIONAL ECONOMY
On October 24, 2014, China officially launched the new US$ 50 billion Asia Infrastructure Investment Bank which aims to finally challenge global financial institutions like the World Bank. So far, however, only 20 generally small economies -- except India which is the largest of them -- have joined and will become founding members. Due to US pressure countries like South Korea, Australia Indonesia, which initially showed interest, have not joined. Some of the members are Mongolia, Uzbekistan, Kazakhstan, Sri Lanka, Pakistan, Nepal, Bangladesh, Oman, Kuwait, Qatar and all members of ASEAN except Indonesia. |