Abbott, Obama discuss Chinese bank plan November 10, 2014 - 9:21PM Barack Obama has expressed his concerns to Tony Abbott about China's plans for an Asian infrastructure investment bank. The contentious proposal that has divided Mr Abbott's cabinet came up when the US president met the prime minister in Beijing on Monday before the APEC meeting. Twenty countries joined China in October to set up the bank, which aims to bridge a multibillion-dollar funding gap for dams, ports, roads and other capital works in Asia. But Australia and the US were among a handful of countries that declined, citing governance concerns. The US reportedly lobbied Australia to steer clear. Mr Obama says the proposal needs to be more transparent and accountable, and genuinely multilateral rather than simply dominated by China. "It's important for China to uphold international rules and norms as it expands its influence," he told reporters. As they grow we want them to be a partner in underwriting the international order, not undermining it. Mr Abbott said China's plan was good in principle because it would help boost growth and jobs in the region, "but it does as far as we're concerned have to be a genuinely multilateral body." If Australia's concerns were addressed, the government would be happy to join, he said. The issue caused a rift in federal cabinet. Some ministers argued strongly that Australia should be a founding member, while other said China would use the bank to further its geopolitical and strategic agenda.