As the focus of the West was fixed in Greece and Iran, the 7th BRICS Summit began a massive shift from a dialogue to an economic partnership – one whose full impact will be witnessed in the coming years.

The Asian Infrastructure Investment Bank will help finance billions in infrastructure projects around Asia, and also challenge the existing financial institutions. Curtis S. Chin, provides suggestions on how the new institution should organized to be efficient, environmentally stringent, and respectful of local rights.

Win-win cooperation has replaced wars and national self-interest, and that approach will make Asia economically stronger and benefit the entire globe.

The US DOD’s 15th report on China’s military, pushing China again into the rank of potential adversaries. Indeed, only the four militaries of the former Soviet Union, China, Iran, and North Korea have enjoyed the “privilege” of US DOD’s annual scrutiny. In addition to the monotonous description of the latest developments in Chinese armed forces, this year’s report has some new features.

Comparing the world’s two largest economies by “who’s on top” analysis is the wrong way view U.S. and Chinese leadership, and can even be a barrier to sensible policy, like IMF quota reform. The rules of the game now require a larger and more equal share in the governance of the international institutions.

AIIB is redefining global relationships in finance, in an attempt to break through the profit-driven nature of capital and meet more needs for infrastructure investment, writes Zhang Monan.

China and India are ready for breakthrough diplomacy that has the potential to reorder the face of Asia, while supporting global growth prospects. Of course, there is also concern on both Chinese and Indian sides, due to the lingering border disputes, the shadow of the 1962 war, and the pivot of multiple powers to Asia.

Under Xi, China has moved to a proactive posture to shape its external security environment, using trade and investment to expand its sphere of strategic influence while simultaneously asserting territorial and maritime claims against its neighbors. The Maritime Silk Road project is driven by his belief that the maritime domain holds the key to China achieving preeminence in Asia.

To some extent, the structures of the Asian Development Bank, World Bank, and International Monetary Fund are obsolete: they can no longer meet the needs of new emerging economies and don’t reflect today’s global economy. The AIIB could serve to invigorate the other banks to become more competitive and efficient.

Despite official American and Japanese opposition, 57 countries have opted to be among the founding members of the China-led Asian Infrastructure Investment Bank (AIIB). Regardless of what naysayers believe, this remarkable turn of events can only benefit global economic governance.