As China continues to grow and prosper, its global importance increases. To support the development of infrastructure across the continent of Asia whilst also increasing China’s role in the region and global influence, China has taken the lead in the creation of the Asia Infrastructure Investment Bank.
The development bank has $50 billion to invest into projects with a view to doubling that figure to more than $100 billion. 57 countries from around the world, including 20 countries from outside of Asia have signed up to the bank as prospective founding members. Economies such as Australia, the United Kingdom, Germany, Brazil and India have all signed up to provide funding and take part in the AIIB.
The bank is an important step for the construction of infrastructure across the continent that will allow for the growth of trade between the Asian economies and also with other regional powers such as the USA. It will also benefit China by increasing its influence around the world whilst expanding the use of the Yuan, allowing it to challenge the US Dollar as the world’s hegemonic currency.
To find out more about how the rise Asia Infrastructure Investment Bank will benefit not only China but the global shipping industry, read the full report here.