AIIB and the US – China Competition for Influence
- Philip Vincent Alegre
The world economy has long been dominated by institutions heavily influenced by the West and its allies. However, a new player in the form of the Asian Infrastructure Investment Bank (AIIB) has arrived at the scene, causing a stir and sparking debates and discussions on its implications for the world economy and global order in general.
AIIB was first proposed by Chinese President Xi Jinping in 2013 during a series of visits to Southeast Asian countries. This Chinese-led financial institution has the main goal of providing loans to finance infrastructure development that would facilitate economic growth.