China: New bank to enhance international finance system

April 17, 2015 10:42 PM

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China's proposed infrastructure bank for Asia is intended to complement, not replace, existing lenders dominated by the U.S. and Japan, a senior Chinese official said Friday.

Vice Finance Minister Zhu Guangyao said after a meeting of the Group of 20 leading world economies that China has proposed the Asian Infrastructure Investment Bank, or AIIB, to help fill an estimated $8 trillion gap in infrastructure funding for the region over the next decade.

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