--- description: Delegates from 57 founding member states gathered in Beijing on Monday to finalize the terms of the Asian Infrastructure Investment Bank. title: China-Backed Development Bank Holds Signing Ceremony image: https://static.time.com/v3/assets/bltea6093859af6183b/bltaa30bca2c30757c0/698858d40a4a22f8929c4f00/ap_44440985895.jpg?branch=production&width=3840&quality=75&auto=webp&crop=16:9 ---  * [World](/section/world/) ## World Update your preferences in [Account Settings](/account/preferences/) Close # China-Backed Development Bank Holds Signing Ceremony in Beijing by [TIME Staff](/author/time-staff/) ## TIME Staff Update your preferences in [Account Settings](/account/preferences/) Close Jun 29, 2015 7:31 AM CUT  Delegates from more than 50 countries gathered to sign the articles of agreement that specifies the new lender's initial capital and other details of its structure. Delegates from more than 50 countries gathered to sign the articles of agreement that specifies the new lender's initial capital and other details of its structure.AP—Kyodo by [TIME Staff](/author/time-staff/) ## TIME Staff Update your preferences in [Account Settings](/account/preferences/) Close Jun 29, 2015 7:31 AM CUT Delegates from 57 founding member states gathered in Beijing on Monday to finalize and ratify the terms of the Asian Infrastructure Investment Bank (AIIB), the China-backed multilateral development bank seen by some as a strategic rival to the World Bank and similar international financial institutions. The signing ceremony comes eight months after Beijing officially launched AIIB, which intends to “focus on the development of infrastructure and other productive sectors in Asia” and “promote interconnectivity and economic integration in the region,” according to [its mission statement](http://www.aiibank.org/html/aboutus/AIIB/ "undefined"). It will begin with a $50 billion capital base, the [BBC reports](http://www.bbc.com/news/world-asia-33307314 "undefined"). Of its founding members — which include Australia, Russia and Germany — China will be the largest shareholder, with 25% to 30% of all votes. Conspicuously absent from the roster is the U.S., which in October expressed concern over the bank proposal’s “ambiguous nature.” While World Bank President Jim Yong Kim has [praised the new institution](http://www.reuters.com/article/2014/07/08/us-china-world-bank-idUSKBN0FD0TU20140708 "undefined"), citing the “massive need” for fresh investments in Asia, some critics [see its establishment](http://www.channelnewsasia.com/news/business/57-countries-hold-signing/1947246.html "undefined") as a self-serving exercise in Chinese soft power. ### See the Real Side of China's Great Wall  A road builder raises a red flag on a hillside in Jinchuan Valley, Gansu Province, China. Fan Shi San  The Great Wall is split by national highway in Yanchi, Ningxia Province, northwestern China. Fan Shi San  Jinta, Gansu Province, China. Fan Shi San  Gaotai, Gansu Province, China. Fan Shi San  A Great Wall replica with political slogans in Suoyang, Gansu Province, China. Fan Shi San  An abandoned theater in Polubao, Shanxi Province, China. Fan Shi San  Jiuquan, Gansu Province, China. Fan Shi San  Changyukou, Hebei Province, China. Fan Shi San  A factory complex between Ningxia and Gansu Province, China. Fan Shi San  A gravesite near Sanguankou Great Wall in Ningxia Province, China. Fan Shi San  Guazhou, Gansu Province, China. Fan Shi San  A police statue in Gansu Province, China. Fan Shi San  Mutianyu Great Wall, Beijing. Fan Shi San  Shanhaiguan, Hebei Province, China Fan Shi San ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/3939521/china-development-bank-aiib-signing-ceremony/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/3939521/china-development-bank-aiib-signing-ceremony/"},"headline":"China-Backed Development Bank Holds Signing Ceremony in Beijing","datePublished":"2015-06-29T07:31:21.000Z","dateModified":"2026-05-11T05:02:44.878Z","description":"Conspicuously absent from the ceremony was the U.S., which declined to join the bank","url":"https://time.com/3939521/china-development-bank-aiib-signing-ceremony/","keywords":["Economy","Money","China","Asia","finance","world bank"],"thumbnailUrl":"https://static.time.com/v3/assets/bltea6093859af6183b/bltaa30bca2c30757c0/698858d40a4a22f8929c4f00/ap_44440985895.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","author":[{"@type":"Person","name":"TIME Staff","jobTitle":null,"url":"https://time.com/author/time-staff/"}],"articleSection":"World","image":[{"@type":"ImageObject","url":"https://static.time.com/v3/assets/bltea6093859af6183b/bltaa30bca2c30757c0/698858d40a4a22f8929c4f00/ap_44440985895.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","width":1200,"height":675,"headline":"China-led AIIB members ink accord for its inception by year's end","caption":"China-led AIIB members ink accord for its inception by year's end","creditText":"AP—Kyodo","representativeOfPage":true}],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"/section/world/","name":"World"}},{"@type":"ListItem","position":2,"item":{"@id":"https://time.com/3939521/china-development-bank-aiib-signing-ceremony/","name":"China-Backed Development Bank Holds Signing Ceremony in Beijing"}}]}] ```