The Chinese President Xi Jinping launched a new international development bank on Saturday in Beijing that is being seen as a rival to the US-led World Bank.
US opposition has failed to deter its allies from signing up to the Asian Infrastructure Investment Bank, including Australia, Britain, Germany and South Korea.
The AIIB is expected to lend between 10 and 15 billion dollars annually for the first few years and will concentrate on infrastructure projects.
“It is critical to address this need because good infrastructure is a foundation for robust economic growth and expands economic opportunities and improves the quality of life for everyone,” said Jin Liqun, President of AIIB.
Analysts see the establishment of the AIIB as more proof that the balance of the world economy is shifting.
China thinks the global financial economy is dominated by the US and does not adequately represent developing nations.
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