On June 29, China and 49 countries signed the Articles of Agreement (AOA) of the Asian Infrastructure Investment Bank (AIIB). The event signifies the successful establishment of the bank, moving the institution one step closer to the launch of operations before the end of 2015. There has been abundant research on China’s motivation behind the AIIB and how Beijing intends to use the bank to serve its political, economic, and strategic agendas. How successful has China been in achieving those goals?
Close examination of China’s evolving positions on the AIIB in 2015 shows how China’s behavior can be shaped by collective efforts of the international community. The AIIB today is very different from the AIIB China envisioned before March 2015. This is reflected in a series of issues including the membership, capital contribution, veto power, and the linkage between AIIB and China’s own economic agenda, as well as its governance and standard issues.
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