China Steps Back
By HO-FUNG HUNG
APRIL 5, 2015
Over the past few years, the Myanmar government has moved closer toward Washington partly to overcome its dependence on Chinese assistance. It has also suspended a massive Chinese dam project that had sparked local unrest. Such pushback against China’s bilateral initiatives is the reason Beijing now wants to create multilateral vehicles for its investments.
Last year, China also pledged $40 billion to the new Shanghai-based BRICs bank. That, too, was seen as a challenge to America’s leadership in international financial institutions. But such concerns overstate just how much power any given government can reap from dominating a multilateral organization.