Feigenbaum, Evan A

Introduction
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.
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