China cannot be concerned about only itself and must join a development bank being created by emerging market nations as its economy is intertwined with that of the world, the Chinese central bank said on Thursday.
In a short defence of why China will invest $41 billion in a bank that it is unlikely to borrow from, the central bank said China stands to benefit if it helps to stabilise the economies and financial markets of other nations.
"Our economy is highly integrated with the global economy. If a sharp turmoil appears in the global financial market, it is difficult to be concerned only about ourselves," the central bank said in an online statement.
"Helping them achieve financial stability is not only in line with our own interests, it is also in line with global interests."