| Summary/Abstract |
This article examines China's efforts to launch new international institutions in order to advance its interests globally. The Asian Infrastructure and Investment Bank (AIIB) presents an opportunity for China to create a China-led Multilateral Development Bank (MDB) to promote its vision of how to improve the existing world order. The operation of the AIIB has evolved in the last five years. Beijing's priority at the initial stage was to exercise precaution to ensure its success. More recently, Beijing has adopted a bolder approach to embed a new set of ideas, norms, principles and practices into the AIIB project selection and implementation with an emphasis on efficiency and flexibility, less formality and legality, and more equal participation of the borrowing developing countries.
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