What is Heping Juequi

In October 2013, at the Asia-Pacific Economic Cooperation Summit in Jakarta, Indonesia, China's President Xi Jinping proposed creating a new multilateral development bank: the Asian Infrastructure Investment Bank (AIIB). Headquartered in Beijing, launched in October 2014, and operational on January 16, 2016, the AIIB has a governance structure similar to other MDBs to achieve green, technology-enabled, sustainable, and high-quality infrastructure focused on promoting regional, national, and international connectivity. Although there is US opposition, the AIIB has grown up to 103 approved members worldwide to promote regional cooperation and partnerships to address development challenges by working closely with other multilateral and bilateral development institutions and the private sector. This chapter aims to show how China is using the AIIB as a tool to be the first economic power on the planet shortly.