In China’s view, the failure of existing international institutions to adjust to the growing clout of emerging and developing economies undermines the legitimacy of the entire multilateral system. But, far from trying to upend that system, China is working to strengthen it.
BEIJING – In recent years, China’s lead role in establishing new multilateral institutions – including the Shanghai Cooperation Organization, the Asian Infrastructure Investment Bank (AIIB), and the New Development Bank – has raised fears that the government aims to topple the existing world order. This interpretation misses a crucial point: China has benefited immensely from and continues to participate actively in – and even ardently defend – that very order.
BEIJING – In recent years, China’s lead role in establishing new multilateral institutions – including the Shanghai Cooperation Organization, the Asian Infrastructure Investment Bank (AIIB), and the New Development Bank – has raised fears that the government aims to topple the existing world order. This interpretation misses a crucial point: China has benefited immensely from and continues to participate actively in – and even ardently defend – that very order.