April 8, 2015
America’s strategic primacy in Asia is at stake. China’s astute economic diplomacy—aimed at challenging the Bretton Woods system (BWS) of global governance—and accelerated construction activities in the South China Sea, an artery of global trade, are chipping away at the very foundations of the decades-long U.S.-led order in Asia. And a whole range of U.S. partners, from the Philippines to Vietnam to Japan, are anxiously watching China’s ever-expanding shadow across the Asia-Pacific theater.
On the economic front, the United Kingdom’s early-March decision to join the China-led Asia Infrastructure Investment Bank (AIIB) has irreversibly cracked the U.S.-led siege against the proposed financial body.
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