As AIIB awaits its official commencement later in 2015, more members are set to join. The new bank will China give the chance to have an more important role than it has been offered in other U.S.-led financial institutions.
Yet, why all the media furor over a new regional bank? AIIB has deeper political significance, because it is yet another multilateral platform where the United States could choose to engage an emerging China in view of the long-term power transition taking place in the current international system.
As The Boston Globe put it in a recent op-ed, “The United States should seek to accommodate that shift in a productive way, by enmeshing the world’s second-largest economy more deeply in multilateral bodies such as the World Bank, International Monetary Fund, and Asian Development Bank – three institutions over which the United States has long exercised outsize influence.” Obviously, to the West and especially to the United States, having China more integrated into the U.S.-led world financial system is a way to ensure a more cooperative China.
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