Chin, Gregory T

Abstract
On 29 June 2015, the leaders of China and representatives of fifty-six nations gathered in Beijing to sign the Memorandum of Understanding for the creation of the Asian Infrastructure Bank (AIIB). According to its Articles of Agreement, the purpose of the bank is: first, to “foster sustainable economic development, create wealth and improve infrastructure connectivity in Asia by investing in infrastructure and other productive sectors”; and, second, “promote regional cooperation and partnership in addressing development challenges by working in close collaboration with other multilateral and bilateral development institutions.” The creation of this new bank is the latest in a wave of new global initiatives that China has promoted, alongside the Group of 20 Leaders Summits (G-20); the internationalization of the renminbi (China’s national currency); the New Development Bank (NDB) of the “BRICS” grouping (Brazil, Russia, India, China, South Africa); and the Silk Road Economic Belt and Twenty-first Century Maritime Silk Road (One Belt & One Road).
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