Under the current Bretton Woods system, major economies in the world have agreed to a way of settling commercial and financial transactions among them. It sets the monetary management rules th‍at most countries follow.

In an exclusive interview with CGTN’s host Yang Rui, Michael Green, senior vice president for Asia and Japan Chair at the Center for Strategic and International Studies, said the Bretton Woods system was created after the Second World War principally by the US and Europe but for all countries, including China, for the World Trade Organization. 

“The Bretton Woods system is shaken a little bit by some anti-globalization politics, but is fundamentally very strong. What President Xi proposes -- AIIB or Belt and Road Initiative -- is actually quite small compared with the entirety of the Bretton Woods system. If China wants to modify the Bretton Woods system, play a larger role, and use AIIB or Belt and Road Initiative, that’s not necessary bad for the US. In fact, it could be a positive contribution,” Mr. Green said.

But if the Chinese side decides to present AIIB or Belt and Road Initiative as a kind of counter to the Bretton Woods system or as a post- Bretton Woods system in a post-west world, he doesn’t think China would be very successful.