ABSTRACT
This chapter argues that the Chinese Belt and Road Initiative (BRI) may represent the move that could eventually shift the world's equilibrium eastwards. It shows that the Chinese-led Asian Development Finance Institutions' have so far, to a certain extent, emulated the structure and development objectives of the Western order, albeit without many of its defects. The chapter looks at the origin of the Western order. It discusses the relation between Asia and the Western order. The chapter also discusses the rise of China, its sub-sections discuss Chinese- led domestic and regional Development Finance Institutions, and Chinese efforts at creating a competing global monetary order through the Renminbi internationalization. It explains the BRI and analyzes the China–Pakistan Economic Corridor, the test-case and one of the most ambitious projects in the BRI. The chapter also analyzes the lessons learnt from China's foray into Global Economic Governance.
