The China-led Asian Infrastructure Investment Bank (AIIB) is a mere start-up among development lenders – but already has a global footprint. [...] As tension between the Trump administration and China has ebbed and flowed over regional trade and security, the AIIB has eased, for now, initial fears that it was set up to extend hegemony over its neighbours. The bank has presented itself as a key part of the multilateral global system that Chinese President Xi Jinping has vowed to defend.

"Our approach … is to use the ‘soft power’ of business," he says. "These businesses have influence as powerful economic actors and in countries in Africa and Southeast Asia; they are often very important to the local economy. [...] Soft power is one option, but companies could potentially use their economic clout by threatening to pull out of a country.