And going back to the China-led investment bank,... Washington's concerns may be growing... as many Western countries have... and continue to line up to join China's initiative.<br />Connie Kim reports.<br /><br />Concern is growing in Washington as a number of countries are lining up to join the China-led Asian Infrastructure Investment Bank. <br />Following Britain's decision to join the AIIB last week, France, Germany and Italy announced that they will also take part in the new institution. <br />With the decision, a total of 31 nations have now agreed to join, building muscle from the initial 21 nations that signed up from the beginning. <br /><br />Initially, Australia and South Korea had decided to take a "wait-and-see" approach, but with big European nations jumping on board, Australia now says it's carefully reviewing its options. <br />Meanwhile, Seoul is expected to announce its plans within its end-of-March deadline.<br /><br />Washington is worried Beijing's new bank could negatively affect U.S.-based institutions. <br />Watchers say the AIIB, which was launched last year by China,... is a counterbalance to the U.S.-led World Bank and the Japan-led Asian Development Bank.<br />Not surprisingly, Japan also opposes the AIIB. <br /><br />Tokyo is one of the biggest shareholders in the ADB, meaning it is permitted to make key decisions.<br />China, meanwhile, holds about a five-percent share in the ADB.<br />Chinese President Xi Jinping had said the new bank will improve global financial governance. <br />Beijing is expected to push to expand its existence in the financial arena, reflecting China's rising global economic influence. <br />The world's second-largest economy also plans to create a New Development Bank that could stand alongside traditional institutions such as the World Bank, and the International Monetary Fund.<br />Connie Kim, Arirang News.
