Standards and transparency continue to be rough spots with G-7 countries when it comes to China’s Asian Infrastructure Investment Bank (AIIB)

Japan’s Jiji Press reported Friday that G-7 finance and central bank honchos agreed at the end of a three-day meeting in Dresden, Germany that the AIIB should be subject to internationally competitive standards on lending and other operations.

German Finance Minister Wolfgang Schaeuble, who chaired the meeting, said at a press conference that G-7  members hope the new Chinese-led bank will be successful. At the same time, the members are urging the AIIB to employ high management and lending standards that are comparable to global financial institutions like the U.S.-led World Bank. The G-7 ministers and bankers didn’t issue a joint statement at the end of their meeting.

Japanese Finance Minister Taro Aso said at a separate press conference in Dresden on Friday that Japan will continue to demand transparency in the AIIB’s management. “I explained Japan’s position” at the G-7 meeting, Jiji quoted Aso as saying.

Of the G-7 members, Britain, France, Italy and Germany are among the 57 founding members of the AIIB. China hopes the launch the new bank by year’s end. The U.S., Japan, and Canada are still on the fence about joining the AIIB.

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