AIIB pres­i­dent says China won’t use veto

China Daily (Canada) - - NEWS CAPSULE -

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.

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