To the disappointment of Washington, the Beijing-proposed Asian Infrastructure Investment Bank is expected to have more than 40 founding members, many of them close allies of the United States, by the end of March.

Irrespective of what the US believes, these countries and regions are not trying to challenge its leadership in the Asia-Pacific region. Instead, they are eager to maximize their national interests by getting more involved in the booming Asian economy.

For China, the establishment of the AIIB will complement its Silk Road Economic Belt and 21st Century Maritime Silk Road initiative. After all, the State-owned Export-Import Bank of China invested more in global infrastructure than the World Bank and the Asian Development Bank last year.