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China's economic growth has been accompanied by a rise in its regional and global ambitions. It has sought to fulfill these ambitions in various ways, including through the promotion of new initiatives and institutions. The large number of new institutions and initiatives that China, in recent years, has chosen to promote or be actively involved in suggests that its grand strategy may have changed. Some of these initiatives may accomplish multiple outcomes. For example, in addition to providing development finance to developing countries, the trillion-dollar Belt and Road Initiative's corridors integrate China's economy more closely with those of developing countries. Through the land corridors, China could transport its goods to Asia and Europe if maritime routes, which are currently the main routes for transport, are blockaded in a war. China's regional and global ambitions now encompass the attainment of technological, diplomatic, cultural, and military power. In this report, the authors review the literature on China's grand strategy, its use of institutions, and its emphasis on Asia. Drawing on the input of policy experts, the authors further discuss China's use of institutions in implementing its grand strategy toward Asian nations of interest to China, including, as a case study, the countries of the Korean Peninsula. The case study suggests that China mostly uses institution-based strategies to accomplish greater economic integration with both North and South Korea. To manage its rivalry with the United States in the Korean Peninsula and build soft power, China uses both institutional and noninstitutional initiatives.

China --- Korea --- Foreign economic relations --- Foreign relations