In 2016 the Asian Infrastructure Investment Bank (AIIB) opened its doors as China's first major foray in creating and leading an international organization with global membership. All major donor countries joined, with the exception of the United States and Japan. Today the AIIB is a medium-sized multilateral development bank (MDB) with a global membership second only to that of the World Bank.

This new book from SIS Professor Tamar Gutner explains the complexity of the AIIB: a liberal international organization designed by a group of state and MDB experts to reflect the existing norms and rules of development banking while, at the same time, it is the creation of an illiberal state that interacts with the existing order in ways that often contradict those norms and rules. Gutner argues that the AIIB is largely cut from the same cloth as other MDBs and faces similar challenges and criticism. However, a growing contradiction between conflicting Chinese institutional strategies risks turning the AIIB into the Potemkin village of China's international development and regional governance strategies—a showcase of actions that follow global norms of development banking, within a larger landscape of institutions that do not. 

Still, the AIIB is deeply tied to the rules-based order as displayed through its many cooperative connections with other major multilateral development banks, such as the World Bank and the Japan-led Asian Development Bank. As such, the AIIB may present a Chinese counterpoint in an institutional landscape where U.S. leadership is receding.