AIIB is not just another multilateral

That is why Australia must join.

Twenty one countries have joined the Asian Infrastructure Investment Bank. Australia has moved from rejecting the institution outright to agreeing to join if World Bank style controls are introduced. Australia should be sensible about the controls. The AIIB is not a traditional multilateral bank, but is a reaction to perceived failings of the multilaterals. China wants to see the AIIB track a brave new path, one that will see the bank judged more on the projects it delivers, less on causes that it advocates.

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