Many of the infrastructure projects in developing countries need large sums of money, and lots of coordination and time to complete, which cannot be provided by one single country or organization. Only multilateral cooperation can guarantee that.

And given its rising global influence, comparative advantage in infrastructure construction and huge production capacity, China can be a responsible coordinator as well as an active participant in these win-win projects.

In particular, the two China-led projects should promote eco-friendly and sustainable development in developing countries, and make the loan and assistance mechanism more worthwhile.

Of late, the US' attitude toward the AIIB has changed from being critical to supportive, which can be attributed to the domestic pressure Washington is facing to accept the fact that the rise of emerging economies is reshaping the world order and the global economy. Perhaps the US has realized that it can maintain its influence in Asia only by working with China.

The US urges China to shoulder more global responsibilities but, at the same, it tries to thwart many of China's efforts in this regard if it feels China is challenging its position.

Chinese leaders' diplomacy adheres to the concept of a community of shared interests and one that shares the common fate. The AIIB and the "Belt and Road Initiative" are new manifestations of that community. Since the two China-led projects are opposed to hegemony and privileges, they should help establish fairness as the supreme value in Asia and beyond.

The author is a researcher in international strategies at the Party School of the Central Committee of the Communist Party of China in Beijing.

(China Daily 04/25/2015 page4)