The Asian Infrastructure Investment Bank, which officially opened on Saturday, is designed to revamp aging infrastructure in emerging Asian economies. The Chinese-led bank starts with 57 member states and a capital stock of $100 billion.
The Philippines has turned to China-backed Asia Infrastructure Investment Bank to fund new projects. It's another signal of President Duterte's pivot to Beijing.
As a big exporter of goods, Germany is dependent on efficient infrastructure. Therefore, it's little surprise that China's new Silk Road project is also seen as important in Berlin. But too many questions remain open.
China, the world's second largest economy, has officially launched a development bank that could complement or rival the US-backed World Bank. Regardless, it highlights China's growing economic clout.
China is holding a summit this weekend to showcase President Xi Jinping's ambitious plan to revive ancient Silk Road trade routes by pouring money into rail, maritime and road projects across Asia, Europe and Africa.
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