It is no coincidence that the setup
of the
bank comes at the same time Beijing is rolling out its “one road, one belt” action plan. The revival of the
Silk Road is part of the charm initiative aiming at winning greater consideration from neighboring
countries as much as fostering trade relationships.Setting up a multilateral development bank is a
broader initiative, driven by the growing role of Asia in the world economy, the loss of legitimacy of
Washingtonbased
institutions and the will to deepen economic and political relationships within the
region.