China’s growing development finance gives rise to the speculation that Beijing is creating a new model of foreign aid. There are also efforts to socialise China and change Chinese-led development finance institutions (DFIs) from within. Are Chinese DFIs convergent with/divergent from traditional DFIs? What are the mechanisms that drive their convergence/divergence? This article answers the questions with the three mechanisms of isomorphism, namely the coercive, mimetic, and normative mechanisms. We focus on the prominent Chinese DFIs of the Asian Infrastructure Investment Bank, the New Development Bank, and the two policy banks (the China Development Bank and the Export-Import Bank of China), examine their isomorphic pressures, and compare their resemblance to the traditional donors. We find that the AIIB, subject to high pressures from all of the three mechanisms, displays a strong resemblance to its Western counterparts; the NDB, subject to medium pressures, shows a less significant resemblance; the two Chinese policy banks, not subject to significant pressures, demonstrates a faint resemblance.
