China’s $50 Billion Asia Bank Snubs Japan, India
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On the first evening of the Asian Development Bank’s annual meeting in the capital of Kazakhstan this month, delegates from 16 countries skipped the scheduled Romeo and Juliet ballet for dinner at the Great Wall restaurant to talk about forming a totally different lender.
They dined on Peking duck and tofu as China’s Finance Minister Lou Jiwei led discussions about the creation of the new $50 billion Asian Infrastructure Investment Bank, to be mostly funded by China. Left out from the feast, however, were regional rivals Japan and India, as well as the U.S.