China-led AIIB to help resolve Asia’s infrastructure needs

Global Business

China-led AIIB to help resolve Asia's infrastructure needs tn

Most of the world’s biggest economies are buying into the AIIB now, but its founders struggled for years to make it a reality. Here’s a closer look at its beginnings and what it aims to achieve in the next few years.

CCTV America’s Paul Barber reports.

China-led AIIB to help resolve Asia\'s infrastructure needs

China-led AIIB to help resolve Asia\'s infrastructure needs

Most of the world’s biggest economies are buying into the AIIB now, but its founders struggled for years to make it a reality. Here’s a closer look at its beginnings and what it aims to achieve in the next few years.

Chinese President Xi Jinping first raised the idea of the AIIB about three years ago. He saw the international development bank as a way to boost cooperation within Asia.

Xi also wanted to address the region’s massive infrastructure spending hole. It was his hope the bank would fund much needed projects including energy, transportation, water, telecommunications, rural infrastructure and the environment.

The AIIB does have its critics. Some allege it’s a way for China to expand its global influence with rival groups like the World Bank.

Beijing has denied those claims, and said the bank is willing to work with other development lenders.


Perry Wong on the implications of AIIB

CCTV America’s Rachelle Akuffo spoke to Perry Wong, managing director of research at the Milken Institute.

Perry Wong on implications of AIIB

Perry Wong on implications of AIIB

CCTV America’s Rachelle Akuffo spoke to Perry Wong, managing director of research at the Milken Institute.