And going back to the China-led investment bank,... Washington′s concerns may be growing... as many Western countries have... and continue to line up to join China′s initiative.
Connie Kim reports.
Concern is growing in Washington as a number of countries are lining up to join the China-led Asian Infrastructure Investment Bank.
Following Britain′s decision to join the AIIB last week, France, Germany and Italy announced that they will also take part in the new institution.
With the decision, a total of 31 nations have now agreed to join, building muscle from the initial 21 nations that signed up from the beginning.
Initially, Australia and South Korea had decided to take a "wait-and-see" approach, but with big European nations jumping on board, Australia now says it′s carefully reviewing its options.
Meanwhile, Seoul is expected to announce its plans within its end-of-March deadline.
Washington is worried Beijing′s new bank could negatively affect U.S.-based institutions.
Watchers say the AIIB, which was launched last year by China,... is a counterbalance to the U.S.-led World Bank and the Japan-led Asian Development Bank.
Not surprisingly, Japan also opposes the AIIB.
Tokyo is one of the biggest shareholders in the ADB, meaning it is permitted to make key decisions.
China, meanwhile, holds about a five-percent share in the ADB.
Chinese President Xi Jinping had said the new bank will improve global financial governance.
Beijing is expected to push to expand its existence in the financial arena, reflecting China′s rising global economic influence.
The world′s second-largest economy also plans to create a New Development Bank that could stand alongside traditional institutions such as the World Bank, and the International Monetary Fund.
Connie Kim, Arirang News.