‘China bank will uphold standards’

China’s foreign minister worked on Saturday to allay concerns that Beijing’s new regional infrastructure bank would not meet international standards as he met US Secretary of State John Kerry.

 The US declined to become a founding member of the Asian Infrastructure Investment Bank (AIIB), amid doubts over how it would be managed, but several of Washington’s closest allies; including Britain, France and Germany signed up.

The concerns include transparency of the AIIB, which will fund infrastructure in Asia, and Beijing using it to push its own geopolitical and economic interests as a rising power.

“The United States welcomes new multilateral institutions, including the AIIB, provided they share the international community’s strong commitment to high quality standards,” Kerry said at a press conference with Wang in Beijing.