Under such conditions, many developing countries, including China, which had just implemented reform and opening-up, got huge amounts of loans from the World Bank to fight poverty. But given the World Bank's new-found aim, the developing countries could hardly get any loan for the improvement of infrastructure or develop high-end industries. They even had to accept political conditions in exchange for World Bank loans.

There is no denying that developing countries got loans from the World Bank, and that its favorable soft loan programs have played an important role in reducing poverty across the world. Since China regained its World Bank membership in 1980, it has largely used such loans for poverty alleviation, and repaid them on time. China's success and some other countries' default on repayment owing to external factors and/or poor governance are proof of the World Bank's aim and investment orientation. The "high standards" of the World Bank have changed according to the US' political will.

In terms of its management structure, the Washington-headquartered World Bank comprises 25 executive directors and 188 members. Member states' right to vote is closely related to the membership fee they pay. Even after the 2010 voting power reform, the US has 15.85 percent of the votes. Given that all significant decisions can be taken only with 85 percent of the votes, the US can manipulate all vital World Bank decisions and veto any reform that it believes could undermine its dominant position. No wonder, the World Bank president has always been an American national. Thus the World Bank's "high standards" helps the US impose its political will on other members.

If the existing global financial system cannot meet the development needs of the Asian economies, we have to create one that will do so. The AIIB focuses on the fields that the US-led global financial system doesn't want to get involved in. Indeed, the AIIB has to abide by high standard for its success, but the "high standards" the US refers to are ones that will help maintain American interests.

The author is a researcher in American studies at the Chinese Academy of Social Sciences.