S. Korea, Australia, Indonesia absent as China launches regional bank
Oct. 24, 2014
South Korea, Australia and Indonesia on Friday did not join the launch of a regional bank led by China to fund infrastructure projects in Asia, amid Washington's concerns over the new regional lender as it competes with established multilateral lenders such as the Asian Development Bank (ADB). China is pushing to set up the Asia Infrastructure Investment Bank (AIIB) as a counterbalance to the ADB and the World Bank, dominated by the United States, Japan and Western economic powers, as it seeks t