China challenges global governance? Chinese international development finance and the AIIB

Abstract

China challenges global governance? Chinese international development finance and the AIIB SHAHAR HAMEIRI AND LEE JONES * Scholars and policy-makers have been increasingly debating the potential impact of rising powers on the architecture and outputs of global governance, with particular reference to China-the most important emerging power. 1 This discussion overlaps with a broader debate over whether China is a 'status quo' power that will maintain the post-Second World War 'international liberal order', or a 'revisionist' state seeking to overturn this order. 2 Much of this debate has focused on existing multilateral institutions, where 'gridlock' is frequently blamed on rising powers' obsession with state sovereignty and/or demands for greater status and respect for their interests and agendas. 3 Many perceive a growing challenge to US domination of these institutions, and a tendency to establish new ones that 'perform a similar function' but are more responsive to emerging powers' demands. 4 This is taken by some to denote a growing challenge to the international liberal order, particularly from China. 5 * We would like to thank Jeffrey Wilson and the editors and reviewers of International Affairs for their helpful comments on earlier drafts of this article. We would also like to thank Zhang Tong for his research assistance and Ryan Smith for assisting with copyediting. Responsibility for the final version is of course solely ours. We gratefully acknowledge generous funding for this project provided through Australian Research Council Discovery Project grant DP170102647 'Rising Powers and State Transformation'. 1 See e.g. Miles Kahler, 'Rising powers and global governance: negotiating change in a resilient status quo',

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