China will officially launch a $50bn Asia Infrastructure Investment Bank tomorrow as it steps up its challenge to global financial institutions such as the World Bank that it feels are dominated by the US and its allies.
But only 20 mostly small economies, many of them in effect client states of China, will become founding members of the bank at the ceremony in Beijing after Washington lobbied furiously to stop other countries from signing up.
When it first unveiled its plan to establish the bank last year, Beijing extended a broad invitation and several European states, as well as Australia, Indonesia and South Korea initially showed interest.
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