IMF head Christine Lagarde welcomes China-backed bank on visit to Beijing
AFP
March 24, 2015, 12:00 am TWN

BEIJING--International Monetary Fund (IMF) head Christine Lagarde said Monday she welcomed Beijing's creation of a new infrastructure bank — an institution that has drawn support from Europe and skepticism from Washington.

Lagarde made the comments as she wrapped up a five-day visit to China and after a host of European countries announced their intention to sign up for the China-led Asian Infrastructure Investment Bank (AIIB).

The moves by Britain, Germany, France, Italy and others have caused consternation in the United States and Japan, which lead the World Bank and the Manila-based Asian Development Bank respectively. Some view the new bank as a competitor to the two institutions.

In a statement issued after she met Premier Li Keqiang, Lagarde hailed Beijing's “impressive efforts” to reform in areas including combating corruption, controlling pollution and “clearing the path to even more engagement with the world.”

“I welcomed China's various initiatives in this area, including through the newly established Asian Infrastructure Investment Bank,” she said.

More