NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, October 10, 2014

BEIJING — For almost a year, China has been pitching an idea to its neighbors in Asia: a big, internationally funded bank that would offer quick financing for badly needed transportation, telecommunications and energy projects in underdeveloped countries across the region.

With the public backing of President Xi Jinpingand a pledge from Beijing to contribute much of the $50 billion in initial capital, the plan could be seen as an answer to critics who have long argued that China should take on greater responsibilities as a world power. But the United States, perhaps the most vocal of such critics, especially on issues such as climate change and arms proliferation, has not embraced the Chinese proposal.