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.
An annual BRICS summit in China has kicked off with the emerging market bloc in need of direction. The five members are divided as they face political and economic troubles.
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.
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.
When the leaders of the world's most important and influential emerging economies meet, it's certain to grab global spotlight. But divisions and distrust among them make it hard to agree on common goals and interests.
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