×

China and the World

Dealing With a Reluctant Power

On the march: Chinese soldiers on an island in the South China Sea, January 2016 china stringer network / reuters

In 2013, China launched an initiative to establish a new multilateral development institution, the Asian Infrastructure Investment Bank. The AIIB, Beijing argued, could help fill a multitrillion-dollar gap in financing for railways, roads, power plants, and other infrastructure in the world’s fastest-growing region. But the United States treated China’s proposal as a challenge to the existing regional and global development institutions that it had helped establish in the decades after World War II. Washington not only refused to join the bank itself but also launched a quiet diplomatic campaign to dissuade its allies from doing so either.

Washington contended that the new institution could undermine the existing system by offering investment without imposing the anticorruption and environmental standards used by existing groups. And some in Washington also implied that Beijing had a deeper purpose: to construct an alternative set of China-oriented international institutions free from both U.S. dominance

Loading, please wait...

To read the full article

Related Articles

This site uses cookies to improve your user experience. Click here to learn more.

Continue