China and U.S. Clash over Asian Infrastructure Bank

In late March, on a small island in southern China, the liberal world order, the basis of global economic prosperity since the end of World War II, was tested. At the annual Boao Forum for Asia, China was asserting its case to lead a new development bank, the Asian Infrastructure Investment Bank, which will rival the U.S.-led World Bank and Japanese-led Asian Development Bank (ADB). Speaking to the delegates, Xi Jinping explicitly announced China's political motivation "to build a new regional order."