China’s new international development bank was launched with a splash last month, but not the kind that Beijing had hoped for.

Global media coverage of the new Asian Infrastructure Investment Bank (AIIB) focused on the countries that had stayed away from the initiative, not the 21 which had signed up for it.

In China, there was little fanfare and minimal state coverage of the launch, reflecting Beijing’s disappointment at the slow start.

…The Philippines and Vietnam joined, despite their ongoing tensions with China over disputed territory in the South China Sea, said S. Rajaratnam School of International Studies (RSIS) analyst Hoo Tiang Boon. And the Philippines is a hardcore US ally.

…Said RSIS associate professor Li Mingjiang: What’s the point of high standards if a lot of these developing countries cannot meet (them) at all, which means they cannot do any infrastructure development at all?