China’s proposal is viewed privately by officials and diplomats as a challenge to the regional role of the ADB, a Manila-based multilateral lender bank founded in 1966, that is dominated by the U.S. and Japan. It’s one of a number of moves by China to promote its influence in the region, from the suggestion of a “mega free-trade area” in Asia or promoting a regional security summit hosted by President Xi Jinping  with at least 14 state or government leaders attending it , including Russian President Vladimir Putin. Japan and the U.S. are observers to the 24-member body.