57 countries approved for new China-led bank

but critics have expressed concern about its standards and that it could rival the U.S.-led World Bank and the Asian Development Bank, which is headed by Japan.

Why would it be a concern if it rivals the WB and the ADB? Unless these critics are people who support monopolies, instead of wanting more development financiers. Some of the standards of the WB are not even something to be proud about.

Wow. They rejected Taiwan's app! Can HK submit an application too? Because the "one" country, two-systems never really worked. China is really learning how to play a hard-ball game.