South Korea said it was seeking to be a founding member of the Asian Infrastructure Investment Bank (AIIB), another key U.S. ally joining the China-led institution despite Washington’s misgivings. China is South Korea’s largest trading partner and the two countries aim to sign a free trade agreement (FTA) this year. Turkey, Australia and Denmark have also applied to join. The application deadline for prospective founding members is March 31. Danish Minister of Trade and Development Mogens Jensen said the bank’s establishment was “a significant and exciting development in the world order”. The list of 42 founding members also includes Russia and the Netherlands. China has emphasized it would not have veto power in the bank. A final decision on the members’ list will be made on April 12. Of the world’s major economies, only the United States, Japan and Canada have not declared their intention to join the AIIB, though they could apply at the last minute or join later as ordinary members. Wrapping up a five-day visit to China, International Monetary Fund (IMF) President Christine Lagarde said she welcomed the establishment of the Asian Infrastructure Investment Bank (AIIB) and said the IMF would be delighted to cooperate with it.

The European Union imposed anti-dumping duties on imports of cold-rolled flat stainless steel from China and Taiwan. Tariffs of up to 25.2% are applied for sheet, coil and strip imports from China and up to 12% for Taiwan’s product, following a complaint lodged in May 2014 by the European steel producers association, Eurofer, that said China and Taiwan shipped €620 million of cold-rolled stainless steel to the EU in 2013, some 17% of the overall market, and were guilty of dumping. Imports from the two regions more than tripled from 2010 to last year, Eurofer said. The duties are provisional pending the outcome of an investigation due to end in September.

China could soon become the top importer of British pork, just four years after it opened its doors to pork imports from the UK. Though China is home to half the world’s pigs, it still imported 564,000 tons of pork – equivalent to about two-thirds of Britain’s production – and 814,000 tons of offal last year. Pork exports from the UK to China have more than doubled to 65,000 tons between 2012 and 2014, while exports to Germany – the No 1 destination for British pork for the last three years – have fallen 5%. Privately-owned Karro Food Group, one of the three UK pork producers with a permit to supply to China, plans to raise exports by 80% this year. Cranswick and Tulip are also boosting exports. China’s demand for parts of the pig that Britons refuse to eat is helping British companies earn better margins on meat and parts that were previously thrown away or used in low-margin products such as pet food, the Shanghai Daily reports.

The first patent examination cooperation center in western China started operation on March 20 in Chengdu. The center, the sixth of its kind outside Beijing, examines applications for invention patents and international patents through the Patent Cooperation Treaty (PCT). It also offers IP consultation services. The center has more than 200 examiners, but the number is expected to grow to 2,000 by 2018, when it is due to examine up to 110,000 applications a year.

China’s ambitious plans to upgrade its manufacturing power in the next 10 years were unveiled at a meeting of the Chinese government. Support, including special funding and tax incentives, will focus on 10 industrial sectors capable of transforming the nation into a more competitive player globally. The program, “Made in China 2025”, was first mentioned by Premier Li Keqiang in his Government Work Report to the annual session of the National People’s Congress (NPC) at the start of this month. The government called for greener, more intelligent manufacturing, with an emphasis on quality and adapting well to internet integration. The government published a list of industrial sectors that will be given development priority, stating how they can be upgraded further. The lead sectors in the “Made in China 2025” program are: information technology; high-end numerical control machinery and automation; aerospace and aviation equipment; maritime engineering equipment and high-tech vessel manufacturing; advanced rail equipment; energy-saving vehicles; electrical equipment; new materials; biomedicine and high-performance medical apparatus; and agricultural equipment, the China Daily reports.