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Update Date:2016-1-27 11:53:44 Source:BeiJing Tannet Views:692
China has no intention of exercising its veto power over the newly established 57-member Asian Infrastructure Investment Bank, according to the lender's president.

This is despite the fact 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 was speaking 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, now 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.

Jin said this is a major contrast to older institutions such as the World Bank, in which the United States has maintained its veto power by amending the articles of agreement. This increased the special majority when its voting power was reduced after new members joined.

Jin said that when China put forward the idea of setting up the AIIB, many doubts and concerns were expressed, but the bank has now become accepted by many countries.

“This is the process of China gaining credibility and building up mutual trust by collective consultation and making decisions on democratic approaches,” he said.

But he said that the bank’s inauguration is just the first leg of a long journey and that the most important thing is to recruit staff members to make his words become a reality by meeting the infrastructural demands of countries in need.

The article transsshipment from China Daily

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