BBC June 30 2015
The UK, Germany, Australia and South Korea are among the founding members.
China-led AIIB development bank holds signing ceremony
Japan and the US, which oppose the AIIB, are the most prominent countries not to join.
The US has questioned the governance standards at the new institution, which it sees as spreading Chinese "soft power", and tried to persuade others to stay away.
The AIIB, which was created in October by 21 countries, led by China, will fund Asian energy, transport and infrastructure projects.
Australian Treasurer Joe Hockey was the first to sign the articles of association
Analysis: Carrie Gracie, China editor, BBC News
This is not just a diplomatic win for China, it serves an important economic objective too. China wants to move away from building infrastructure at home. Its engineering giants need somewhere else to build ports, roads and cities.
Answer - lend the region the money to pay Chinese companies to build a 21st Century Asia according to a Beijing master plan and with Chinese influence at its core.
This is China under President Xi Jinping flexing its muscle as a major power, but many observers say the move might not have come so soon if the US had been able to lead the reform of existing global financial institutions to make room for China at the top.
After 30 years of breakneck Chinese growth, the distribution of power in those institutions no longer reflects the reality of the global economic landscape.
One British official told me: "If an alien landed on earth they would be puzzled by its international financial institutions as China is grossly underrepresented." |
