[00:00.22]From VOA Learning English, this is the Economics Report.
[00:05.96]More than 40 countries, including Russia and Taiwan, 
[00:11.08]have agreed to be founding members 
[00:13.62]of China¡¯s proposed Asian Infrastructure Investment Bank.
[00:18.83]However, two of the world¡¯s largest economies, 
[00:23.33]the United States and Japan,
[00:25.90]have held off at this time.
[00:29.29]China proposed the bank last October as a way to finance roads, 
[00:35.85]bridges,ports and other needed infrastructure projects in Asia. 
[00:43.10]The time limit for joining as a founding member was March 31.
[00:49.18]In only a few months, the number of countries seeking membership nearly doubled. 
[00:56.82]They came from Africa, Europe, South America, Asia and the Pacific. 
[01:03.82]Some European powers added themselves to the list. 
[01:08.32]They include Britain, Germany, France and Italy. 
[01:13.71]Other important economies include SouthKorea, Australia and Russia.
[01:20.72]Taiwan also sought to become a founding member. 
[01:25.53]But it is not clear how China will react. 
[01:28.98]Taiwan and China do not have diplomatic ties. 
[01:33.53]But, relations have improved since the election of President Ma Ying-jeou in 2008.
[01:43.39]The two sides also are working on details of a trade agreement. 
[01:49.32]However, popular opposition in Taiwan to mainland China¡¯s increased 
[01:55.51]influence on the island remains very strong.
[01:59.40]The U.S. and Japan have said they are concerned about 
[02:04.56]the governance of the Asian Infrastructure Investment Bank, or AIIB. 
[02:11.33]The United States hasurged countries to consider details 
[02:16.55]about the bank¡¯s governance and standards -- 
[02:20.51]its social and environmental policy -- before joining. 
[02:25.40]Critics say the AIIB threatens the work of existing development banks 
[02:32.47]such as the World Bank, the International Monetary Fund 
[02:37.69]and the Asian Development Bank.
[02:40.46]Yet, the Asian Development Bank it self noted in a recent report 
[02:46.75]that the need for infrastructure projects in Asia is great. 
[02:51.69]The institution, led by the U.S. and Japan, 
[02:56.47]estimated last May that the Asia Pacific area needed $800 billion 
[03:02.16]each year in infrastructure development. 
[03:07.05]Experts are watching to see how China will take its leadership role in the new bank. 
[03:14.84]The AIIB is expected to start with $100 billion in capital, mostly from China. 
[03:24.51]Some experts point to the high interest in membership. 
[03:29.59]Shi Yinhong is a political scientist at Renmin University in Beijing. 
[03:36.24]He says China¡¯s leading part in the bank comes with benefits and costs.
[03:42.42]In other words, while China has gained from the effort to develop the AIIB, 
[03:48.91]it will also have to satisfy other bank members and multi-national institutions.
[03:56.05]Officials at the World Bank, International Monetary Fund and Asian Development Bank 
[04:03.73]say they are looking for ways to cooperate with the AIIB.
[04:09.45]And that¡¯s the Economics Report. I¡¯m Mario Ritter.
[04:18.22]This story is based on reports from VOA¡¯s Bill Ide in Beijing. Mario Ritterwrote it for VOA Learning English. Hai Do was the editor.
[04:20.15]Words in This Story
[04:21.53]role ¨C n. a part that someone or something has in a particular activity orsituation
[04:29.79]influence ¨C n. the power to change or affect someone or something: the power to cause changes without directly forcing them to happen
[04:42.14]social ¨C adj. of or relating to people or society in general