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(Analysis) China's 'Win-Win' Development Bargain: China, The Asian Infrastructure Investment Bank, And The International Order

2015-06-30 08:40:24       source:Eurasia Review

By Felix K. Chang

June 29, 2015

"Fifty-seven countries, led by China, will launch the Asian Infrastructure Investment Bank (AIIB) on June 29 in Beijing. As its name suggests, the bank will provide financing for infrastructure development across Asia. Two months ago, Chinese President Xi Jinping trumpeted China's role in the creation of the AIIB as well as other development initiatives at the Asian-African Conference in Indonesia. There, he explained to the delegates from over a hundred developing countries how China's development initiatives would benefit both China and their countries, a win-win proposition.

But those initiatives may also serve another purpose: to help China create a more Sino-centric international order. By providing loans for new infrastructure projects that tie developing countries more closely to it, China could reshape their economic interests and gain greater influence over how they see the world. As one Central Asian analyst once summed up: 'China doesn't only buy loyalty with documents, but with money given at a low percentage.'"

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