China steadily building presence

China steadily building presence
Finance Minister Taro Aso is seen among other officials who attended the Group of 20 nations talks in Washington on Friday.

While the G-20 joint statement did not specifically mention the China-led Asian Infrastructure Investment Bank, China steadily heightened its presence at the meeting of finance ministers and central governors in Washington.

During the meeting, Chinese delegates made remarks about the new international financial institution that China is going to establish under its own initiative. According to sources who accompanied Finance Minister Taro Aso to the meeting, several countries, including China, mentioned the AIIB while discussing infrastructure investments.

Ali Babacan, deputy prime minister of Turkey and chair of the G-20 meeting, said at a press conference afterward that the AIIB and related issues had not been highlighted by G-20 countries as a whole.

Though the joint statement did not mention the AIIB, politicians of many other countries spoke favorably about the establishment of the bank outside the framework of the G-20 meeting.

Emerging economies saw the AIIB positively. An official from a group of 24 emerging and developing countries mainly in Africa and Asia said they are looking forward to its establishment.

G-20 joint statements are not issued unless all the member countries agree on the content. Within the G-20 meeting, China mentioned the AIIB only when infrastructure investments were discussed.

Japan and the United States were able to avoid a situation whereby establishment of the AIIB might be given legitimacy by the G-20, and the outcome can therefore be seen as a success to some extent for the two countries.

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