The Anglo-American dispute over membership of a new Beijing-led development bank is one of the early chapters in the growing competition between the US and China over who will write the rules for the 21st century global economy.
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According to Yun Sun, an expert on Chinese foreign policy at the Stimson Center in Washington, China has already faced a number of internal challenges as it tries to set up the AIIB. Officials have promised that the new bank will deliver funds with less bureaucracy than the World Bank, but they also realise that the rigorous conditions adopted by the other banks are partly designed to prevent ill-advised loans and to maintain a strong credit rating.
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