| Summary/Abstract |
In 2013, China launched [2] an initiative to establish a new multilateral development institution, the Asian Infrastructure Investment Bank [3]. The AIIB, Beijing argued, could help fill a multitrillion-dollar gap in financing for railways, roads, power plants, and other infrastructure in the world’s fastest-growing region. But the United States treated China’s proposal as a challenge to the existing regional and global development institutions that it had helped establish in the decades after World War II [4]. Washington not only refused to join the bank itself but also launched a quiet diplomatic campaign to dissuade its allies from doing so either.
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