China, 20 Other Countries Initiate New Asian Bank

BEIJING (AP) -- Twenty-one Asian nations have signed on to a China-driven initiative to create a new development bank for Asia that's aimed at boosting infrastructure investment of all kinds. Beijing sees that as a way to raise its international standing, but Washington opposes the move as an unnecessary and potentially damaging rival to established institutions such as the World Bank....

Topics:  beijing ap     twenty-one asian   china-driven   washington   world   bank   asia   
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