• Research
  • Emissary
  • About
  • Experts
Carnegie Global logoCarnegie lettermark logo
DemocracyIran
  • Donate
{
  "authors": [
    "Michael Pettis"
  ],
  "type": "legacyinthemedia",
  "centerAffiliationAll": "dc",
  "centers": [
    "Carnegie Endowment for International Peace"
  ],
  "collections": [],
  "englishNewsletterAll": "asia",
  "nonEnglishNewsletterAll": "",
  "primaryCenter": "Carnegie Endowment for International Peace",
  "programAffiliation": "AP",
  "programs": [
    "Asia"
  ],
  "projects": [],
  "regions": [
    "East Asia",
    "China"
  ],
  "topics": [
    "Economy",
    "Trade"
  ]
}

Source: Getty

In The Media

Why the United States Shouldn’t Worry About the AIIB

The reaction from the United States over the Asian Infrastructure Investment Bank (AIIB) translates into a victory for China.

Link Copied
By Michael Pettis
Published on Apr 16, 2015
Program mobile hero image

Program

Asia

The Asia Program in Washington studies disruptive security, governance, and technological risks that threaten peace, growth, and opportunity in the Asia-Pacific region, including a focus on China, Japan, and the Korean peninsula.

Learn More

Source: CNBC

Speaking on CNBC, Carnegie’s Michael Pettis asserted that it is not yet clear how the governance structure of the Asian Infrastructure Investment Bank (AIIB) is going to operate. Moreover, he argued that the popular narrative contending that the AIIB represents an unprecedented move by China is simply incorrect. He concluded by maintaining that the renminbi would become—at best—a minor reserve currency. 

This interview was originally broadcast by CNBC.

About the Author

Michael Pettis

Nonresident Senior Fellow, Carnegie China

Michael Pettis is a nonresident senior fellow at the Carnegie Endowment for International Peace. An expert on China’s economy, Pettis is professor of finance at Peking University’s Guanghua School of Management, where he specializes in Chinese financial markets. 

    Recent Work

  • Commentary
    Who Paid for China’s Last Debt Cleanup, and Who Will Pay for the Next?

      Michael Pettis

  • Commentary
    Is China’s High-Quality Investment Output Economically Viable?

      Michael Pettis

Michael Pettis
Nonresident Senior Fellow, Carnegie China
Michael Pettis
EconomyTradeEast AsiaChina

Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.

More Work from Carnegie Endowment for International Peace

  • People gathered in a parking lot of buses
    Commentary
    Emissary
    The Iran War Has Sparked a Domestic Crisis in Kenya

    The conflict has sent economic and political shock waves through a country with no representation at the negotiating table—and Kenya is not alone.

      Georgia Schaefer-Brown, Jane Munga

  • Commentary
    China Financial Markets
    Who Paid for China’s Last Debt Cleanup, and Who Will Pay for the Next?

    China’s banking crisis in the 2000s was resolved by transferring the costs to households through financial repression—a decision that recapitalized the banks while exacerbating the structural imbalances that continue to shape the Chinese economy today.

      Michael Pettis

  • Japanese troops take part in a counter-landing live fire exercise as part of the annual Balikatan joint military drills on May 04, 2026 in Laoag, Ilocos Norte province, Philippines.
    Article
    The Two Logics Driving Japan’s Security Policy

    Japan’s revision of its three strategic documents reflects an intention to keep the United States engaged in the region while Japan fills any vacuums of U.S. power to preserve the Indo-Pacific order.

      • Ryo Sahashi

      Ryo Sahashi

  • Robot arm with disposable test tube virus sampling in laboratory
    Commentary
    Caught in the Middle: Chinese Biotech Firms’ Divergent Responses to U.S. Sanctions

    Chinese biotech companies have been on the receiving end of U.S. economic coercion. Yet their responses have differed significantly because firm and state interests are not uniformly aligned. For Washington, treating all Chinese tech firms the same, irrespective of their actual interests, risks pushing them farther into Beijing’s corner.

      Xue Gong

  • Two people in blue PPE standing over large metal rolls
    Commentary
    Emissary
    Inside the Global Race to Erode a Battery Manufacturing Monopoly

    Over the past decade, China has moved from marginal player to major producer of all things batteries. The United States, Europe, and others are aiming to balance the market.

      Milo McBride

Get more news and analysis from
Carnegie Endowment for International Peace
Carnegie global logo, stacked
1779 Massachusetts Avenue NWWashington, DC, 20036-2103Phone: 202 483 7600
  • Research
  • Emissary
  • About
  • Experts
  • Donate
  • Programs
  • Events
  • Blogs
  • Podcasts
  • Contact
  • Annual Reports
  • Careers
  • Privacy
  • For Media
  • Government Resources
Get more news and analysis from
Carnegie Endowment for International Peace
© 2026 Carnegie Endowment for International Peace. All rights reserved.