China is leading a new initiative to compete against the IMF and the World Bank which seem to have outgrown their original creation 71 years ago. The Asian Infrastructure Investment Bank - a minnow in finance compared with the World Bank - has had 47 countries applying to join, including major global economies, and will target financial help for infrastructure.

<i>Criticism of the International Monetary Fund and the World Bank is slowly subsiding, not because they have improved, but because a large part of the world believes there is a better alternative - the Asian Infrastructure Investment Bank. It was launched by the Chinese in October 2013 and is attracting worldwide support...

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Professor Enrico Colombatto
It seems very few countries can afford to be left out of the huge economic area which the Chinese are aspiring to help and possibly control
read more about it in the report
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