Chiefs of the World Bank and the International Monetary Fund overtly expressed their support and intention for cooperation for the AIIB, for its possibility of fast and sustainable development in new Asian economies. This hasn’t developed with a share of U.S. and Japanese controversy over supposed veto ability, lack of “high standards,” the eclectic membership, and the notion that the U.S. “won” and China “lost.”

U.S. opposition to the Asian Infrastructure Investment Bank (AIIB) is a misreading of global international relations trends and development, according to Wu Jianmian. The AIIB wont’ challenge the existing financial institutions, and through infrastructure development, create a new model of “win-win” cooperation. China says the door is still open for the U.S. to join.

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.

Britain has broken ranks with the United States to join China in the founding of the Asian Infrastructure Investment Bank (AIIB). As other nations like Australia and South Korea choose to similarly defy U.S. opposition to the AIIB, and join, it could shake Japan’s confidence in its own position and even in the reliability of its alliance with the U.S.

Though some view the One Belt, One Road strategy as a Chinese version of the Marshall Plan, they are vastly different. Therefore, no single country can dominate its process. There is room to dispel suspicion and build trust by further enhancing transparency of the AIIB institution through reducing China’s shareholding, offering more leadership positions to foreign nationals, and employing international business standards.

The infrastructure needs of Asia are vast, and as China’s development showed in the last 30 years, infrastructure is essential for job creation, improvement of living standards, and economic growth. As an alternative to private financial investment, which mostly flows into mature markets, the AIIB seeks to create trans-national partnerships to aid infrastructure development.

To remain relevant, Asia’s institutions must change in line with a changing Asia.

China does not aim at exclusive presence in Myanmar and China is willing to cooperate with other countries, including the Western economies, to promote the country’s development.