Global Economic Governance between China and the EU: the case of the Asian Infrastructure Investment Bank

Abstract

The recent establishment of the Asian Infrastructure Investment Bank (AIIB), the initiative launched by the People’s Republic of China in 2013 underpins Beijing’s intensions to promote its own narrative about global economic governance (GEG) as well as China’s readiness to play a far more proactive role at the international level. In the age of global power shifting and with 14 EU member-states part of the AIIB, the European Union (EU) necessitates to engage further with China, in particular, within the context of multilateral institutions. This article analyses the impact of China’s evolving global governance policies on the EU. China’s and EU’s approaches to the reform of global governance present both differences and similarities, yet, the article highlights EU’s needs to make sense to what extent China’s growing ascent in the realm of global governance is reshaping world’s regional and global architectures vis-a-vis financial multilateral cooperation.