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As economic leaders gather here this week for meetings of the International Monetary Fund and the World Bank, China is set to kick off a rival infrastructure development lender that promises to shake up the traditional American-led global financial order.
Beijing on Wednesday is officially announcing the founding members of its Asia Infrastructure Investment Bank, which will use initial capital of $50 billion — and eventually $100 billion — to invest in roads, cellphone towers, railways, airports and other infrastructure projects across Asia.
Experts said the new China-led bank could offer much-needed relief to a region that will need an estimated $8 trillion...