China lobbies for IDB entry

A banking delegation led by People's Bank of China governor Zhou Xiaochuan attended meetings of the Inter-American Development Bank (IDB) in Lima, Peru, lobbying to join and acquire a share in the bank. Washington, DC-based IDB plans to enlist two new shareholders. China joined the bank as an observer in 1991 and has expressed interest in full membership since 1993. China has invested in oil and minerals in South American countries including Ecuador, Peru, Venezuela and Brazil. Analysts said that China's entry into the IDB would likely spur trade and investment collaboration between China and South America.