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China's impressive economic expansion and growing global impact have fundamentally transformed the worldwide financial environment, posing a challenge to the longstanding dominance of Western-led institutions such as the World Bank (WB), Asian Development Bank (ADB), and European Bank for Reconstruction and Development (EBRD) in the field of development finance. This study examines China's changing involvement in global development financing through projects such as the Belt and Road Initiative (BRI), the Asian Infrastructure Investment Bank (AIIB), and the New Development Bank (NDB). This analysis diverges from the hegemonic stability theory by exploring the consequences of China's ascent on the global economic system. It highlights the transition towards a multipolar world and the importance of inclusive collaboration. The article examines the operational dynamics, governance structures, and lending capacity of China-led initiatives in comparison to traditional institutions such as the World Bank and the Asian Development Bank. It emphasizes the significant influence of China's involvement in global development finance. Furthermore, it assesses the diverse impact of China's ascent on the worldwide financial structure, including changes within current organizations and the global expansion of the renminbi. The article provides a thorough analysis of the changing dynamics of global development finance and the intricate relationship between established and developing countries that influences the future of international economic governance.
Md Kishan Miah (Mon,) studied this question.