On October 21 2014, 21 Asian countries signed a Memorandum of Understanding on establishing the Asian Infrastructure Investment Bank or AIIB. These countries have become the prospective founding members of the AIIB. The international media have paid close attention to the countries present at the signing ceremony, and have also taken note of the principal absentees.

South Korea, Australia and Japan were absent and Indonesia was the only absent ASEAN country. According to foreign media reports, the US has expended considerable energy behind the scenes trying to dissuade certain countries from joining the bank.

Publicly the US has seemed to welcome the initiative of establishing the AIIB, but there are signs that in fact the US is far from happy. Jen Psaki, State Department spokeswoman of the US, said: "Secretary Kerry has made it clear directly to the Chinese as well as to other partners that we welcome the idea of an infrastructure bank for Asia, but we strongly urge that it meet international standards of governance and transparency". However, this is probably not the real concern for the US. The US is worried that the AIIB may tread on its toes by interfering with the regional order in Asia and undermining the dominant position of the World Bank and Asian Development Bank.

The main purpose of the AIIB is to fill a gap in infrastructure financing in the Asia-Pacific region. It is not seeking to compete with the World Bank, the Asian Development Bank or other existing international mechanisms. And it is certainly not intended to sideline the US.

China has accumulated much experience, capital and knowhow in economic development. Now China has proposed to establish the AIIB, which shows its willingness to shoulder greater international responsibilities and work for the mutual benefit of Asia-Pacific countries. On the one hand, the US keeps on saying that China should be a responsible stakeholder and provide more public products to the international community; on the other hand, it opposes the establishment of AIIB. Is this not hypocritical?

The US has pressured its allies to stay out of the AIIB. This is an overbearing tactic that will prevent its allies from taking advantage of the AIIB. The US may be not be keen on the idea, but it has no business depriving other countries of the potential benefits.

The AIIB has touched a sensitive spot: America's strategic suspicions of China and its anxiety over world domination.

The US should be adopt a more generous attitude towards the AIIB. It is not a zero-sum game, but a win-win cooperation. 

The article is edited and translated from《亚投行折射出美国战略心病》, source: People's Daily Overseas Edition, author: Jia Xiudong.