Over the past two years, Washington has lobbied against the China-led Asian Infrastructure Investment Bank. Now, nearly 50 countries have joined or applied to become prospective founding members. Dan Steinbock argues that the U.S. opposition is a reflection, not the cause, of a deeper challenge – that of adjusting American exceptionalism into the era of multipolar world economy.

Instead of viewing the AIIB as a symbol of looming Chinese economic hegemony, the AIIB should instead be viewed as a global climate change solution with powerful, vastly distributed benefits. Stewart Taggart claims it would create non-discriminatory access to a massive regional market for energy sources ranging from sun, wind, and biomass to hydro and geothermal. Without the external labor sink of infrastructure projects, domestic Chinese unemployment will also rise.

One of the few things the U.S. Congress agrees upon is the problem of “currency manipulation,” especially on the part of China. The concepts of manipulation, or unfair undervaluation, are exceedingly hard to pin down from an economic viewpoint. It is true that China runs a bilateral surplus with the U.S., but as Jeffrey Frankel shows, this has little meaning for the exchange rate and competitiveness of their exports.

As China’s economy slows and major U.S. corporations increasingly are moving operations to other parts of Asia, despite the geopolitical risks in other emerging economies. U.S. investment in Southeast Asia surpasses its investment in Brazil, Russia, India and China combined. Curtis China and Jose Collazo discuss the best practices for diversifying Asian investment.

The withdrawal of a few enterprises from China does not necessarily mean that China’s ability to attract foreign investment is declining. Rising labor costs, land costs, and a shrinking manufacturing sector are several structural indications of a changing economy. China will investigate and respond to foreign business concerns regarding the investment climate and safeguard the legitimate rights and interests of investors and enterprises.

The U.S. Congress’ inability to pass fair IMF reforms is partly responsible for China’s creation of the Asian Infrastructure Investment Bank (AIIB). While the U.S. is not at the center of this newly created institution. America still has time to develop the consensus in Congress to strike a balance between America’s leadership in the international system and the demand of others to have enough space, not only to survive in the system, but also to prosper.

A year-long “temporary” halt to ivory trade outside China is a hopeful, if symbolic, move to end attacks on elephants and rhinoceroses. A coalition of celebrities, politicians, and environmentalists put pressure on Xi Jinping to ban the import of ivory, but current regulations are flouted daily. The movement of ivory must be complete and permanent to fully stop the underground trade.

The Chinese central bank just announced that it will cut interest rates, but the market is more concerned about whether this means China is officially in the sweeping global game of quantitative easing. The Chinese central bank is now in a monetary policy dilemma: It is neither willing to embark on the track of excessive quantitative easing, nor ready to tighten currency policies. Instead, it is returning to neutrality, which doesn’t mean an orientation change in its monetary policies.

In October 2013, during a visit to Indonesia, Chinese President Xi Jinping announced the launching of the New 21st Century Maritime Silk Road, just one month after announcing the New Silk Road Economic Belt, while on a visit to Kazakhstan. These two initiatives, followed in 2014 by the plan to put together the BRICS New Development Bank and China’s establishment of the Asian Infrastructure Investment Bank that Fall, constitute a new paradigm for mankind.

The “One Belt and One Road” initiative concerns 65 countries and 4.4 billion people and is China’s most important and strategic initiative. As the Middle East and Europe faces social, political, and economic turbulence, China invites all major economies to join this endeavor to improve infrastructure and trade throughout the world. Increasingly, China’s development is inseparable from the world; and world’s stability and prosperity are inseparable from China.