"China on Wednesday announced the 57 intended charter members of the proposed Chinese-led Asian Infrastructure Investment Bank, with longtime rival Taiwan left off the list despite expressing a desire to join. Taiwan's exclusion means it won't participate in drawing up the bank's foundational documents and governance rules, although Beijing says the island is welcome to join later. Beijingon Monday indicated that issues surrounding Taiwan's accession still need to be hammered out, especially the question of what name the island should be referred to by. Chinese pressure forces Taiwan to participate in international sporting competitions and other events as 'Chinese Taipei,' the name suggested by Taiwanese President Ma Ying-jeou when he proposed the island's membership in the bank," reports The Washington Post.
Reuters writes, "The Philippines is seeking more 'substantive' support from its long-time security ally United States on how to counter China's rapid expansion in the South China Sea, the foreign secretary said on Wednesday. China's rapid reclamation around seven reefs in the Spratly archipelago of the South China Sea has alarmed claimants, including the Philippines and Vietnam, and drawn growing criticism from U.S. government officials and the military. U.S. President Barack Obama has said Washington is concerned China is using its 'sheer size and muscle' to push around smaller nations in the disputed sea, drawing a swift rebuke from Beijing."
According to The New York Times, "China's economy grew in the first three months of 2015 at its slowest quarterly pace in six years, dragged down by an industrial slowdown and a weak housing market, the government announced Wednesday... While the growth rate means China still ranks as one of the world's fastest growing major economies, it marked the country's slowest quarterly expansion since early 2009, when it was still feeling the effects of the global financial crisis... this would be the nation's slowest annual expansion in 25 years, but leaders have said this is a price that needs to be paid in order to reduce the economy's reliance on credit-fueled growth and get everyday shoppers to spend more of their savings."