AIIB president says China won’t use veto
China has no intention of exercising its veto power over the newly established 57-member Asian Infrastructure Investment Bank (AIIB), according to the lender’s president.
This is despite that the country has this right because of its economic size, Jin Liqun said.
“There are still many countries on the waiting list, and when the new members join, China’s voting power will be reduced. Such de facto veto power will be lost gradually,” Jin said.
He made his comments to China Daily at the annual meeting of the World Economic Forum in Davos last week.
Members of the AIIB, which has been set up after two years of negotiations, have agreed on a crucial decision-making process by introducing a “fixed” special majority, comprising two-thirds of the number of members and representing three-quarters of the voting power.
China, the largest AIIB shareholder, holds 26.6 percent of the voting power, Jin said. “We will not increase the special majority to keep China’s veto power in the future,” he said.