Abstract
The AIIB is a major diplomatic success for China. China has the necessary financial power to accomplish its objective. Virtually every country has accepted China’s leading role in a financial institution, a global social reality construction process that legitimizes a greater Chinese influence. But the global financial market affects China just like anyone else. The AIIB does not measure up to the ordering projects by the United States. Yet it still constitutes more of a change to the status quo powers than the Japanese attempt at institution building. While the AIIB is a hybrid borrowing much from the existing international order, the birth and operations of such institutions will weaken the liberal international order because the dominant country in it is not a liberal democracy.
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Notes
J. Scott (2015) ‘Australia Pledges A$930M to Become 6th-Largest AIIB Shareholder,’ Bloomberg, 24 June, http://www.bloomberg.com/news/articles/2015-06-24/australia-pledges-a-930m-to-become-6th-largest-aiibshareholder. Date accessed 24 June 2015. He also indicated that the American and Japanese officials understood Australia’s position.
For the imperial overreach argument, see P. Kennedy (1987) The Rise and Fall of the Great Powers (New York: Random House).
Waltz, Theory of International Politics; J.J. Mearsheimer (2001) The Tragedy of Great Power Politics (New York: WW. Norton).
P.A. Petri, M.G. Plummer and F. Zhai (2014) ‘The TPP, China and the FTAAP: The Case for Convergence’, East-West Center, 19 May.
For adetailed analysis along this line, see T.J. Christensen (2015) The China Challenge: Shaping the Choices of a Rising Power (New York: W.W. Norton).
For some representative views on the AIIB, see K. Mahbubani (2015) ‘Why Britain Joining China-Led Bank Is a Sign of American Decline,’ Huffington Post, 16 March 2015, http://www.huffingtonpost.com/kishore-mahbubani/britain-china-bank-america-decline_b_6877942.html?ir=World&ncid=newsltushpmg00000003. Date accessed 24 June 2015;
L. Summers (2015) ‘Rescuing the Free-Trade Deals,’ The Washington Post, 15 June, A17.
H. Root (2015) ‘China’s $100 Billion Infrastructure Bank: Bumpy Road Ahead,’ The Fiscal Times, 3 May, http://www.thefiscaltimes.com/Columns/2015/05/03/ China-s-100-Billion-Infrastructure-Bank-Bumpy-Road-Ahead. Date accessed 8 May 2015.
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© 2016 Ming Wang
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Wan, M. (2016). A New Hegemonic Order in Asia?. In: The Asian Infrastructure Investment Bank: The Construction of Power and the Struggle for the East Asian International Order. The Political Economy of East Asia. Palgrave Macmillan, New York. https://doi.org/10.1057/9781137593870_5
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DOI: https://doi.org/10.1057/9781137593870_5
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