The signing of the Asian Infrastructure Investment Bank in Beijing.

Has the century of Asia’s dominance finally arrived? One might think that it is when reading the reports from international media as many are rushing to join the new Chinese based Asian Infrastructure Investment Bank. Up until today around 58 countries including almost every single country in Asia and 18 countries from Europe have queued up for membership of the bank. Many are wondering if this is the global shift of power which the president of China Xi Jinping described as a rising of a new regional order, which is better for the world and better for Asia.

The statements rounded up from Asia say that the time has come for China to share all of their expertise and help other countries. Having spent almost 8.5% of its GDP on infrastructure while the neighbors of China haven’t been able to exceed 4.0% the only conclusion is that the country was magnificently successful in building its modern infrastructure for modern economy in a record period of time. In comparison the Japanese led development bank and the United States led world bank are bureaucratic and slow, which has prevented both of the organizations to meet the needs of Asia, which exceeds trillions of dollars. However the great rush to join the investment bank has created a bit of fear within the government of China. At a current time when the oversees projects done by China are questioned, stalled, faced with setbacks and local opposition, the enterprises of China are looking forward to a feeding frenzy of projects that are subsidized with the prospect of the new investment bank. In reality the Chinese government is learning that there are many difficulties that are hard to overcome and that they are handicapped with the same difficulties that the Asian Development Bank and World Bank face.

The reality is that China wants to hold more power in its hands as it insists on getting the right to appoint the head of the new investment bank since the President of the World Bank is usually American and the head of the Asian Development Bank is always appointed by Japan. By having their chairman on the top of the AIIB China is looking to exercise full power over bank management and many see this as a way of having a totalitarian control over the bank.