China's rise as a major development funding source has reshaped the global finance regime. While its multilateral impact aligns with existing norms, the Belt and Road Initiative (BRI) operates outside Western-dominated frameworks, exporting China's infrastructure-led model. Western nations criticize China's norm-breaking, launching the Partnership for Global Infrastructure and Investment (PGII) in response. China adjusts BRI amid international backlash and introduces the Global Development Initiative for softer lending. This competition signals an evolving finance regime, blending past norms with diverse financing sources. Rivalry with the West shifts away from neoliberalism towards a statist embedded liberalism akin to early Bretton Woods principles.