Australia to Join Regional Development Bank Led by China

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BEIJING — Australia plans to join an Asian infrastructure bank led by China, the government announced on Sunday, reversing an earlier decision taken at the urging of the United States not to become a member. The move made Australia the latest of a list of major American allies to sign up.
The office of Prime Minister Tony Abbott said in a statement that Australia still had concerns about the management of the bank but recognized the pressing needs for infrastructure in Asia. The decision will allow Australia to “participate as a prospective founding member in negotiations to set up the bank,” the statement said.
Australia said it wanted to ensure that the board of directors had authority over crucial investment decisions and that “no one country,” a reference to China, controls the bank.
Read full story: http://www.nytimes.com/2015/03/29/world/asia/australia-to-join-regional-development-bank-led-by-china.html?rref=homepage&module=Ribbon&version=origin&region=Header&action=click&contentCollection=Home%20Page&pgtype=article

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