China to abstain from veto power at Asian Infrastructure Investment Bank

(From UPI)

Bank president Jin Liqun said the practice would be a departure from policies at other institutions

By Elizabeth Shim

China doesn’t plan to exercise veto power at the Beijing-led Asian Infrastructure Investment Bank, a departure from practices at institutions like the World Bank, where the United States has presiding influence on major policy decisions.

AIIBAIIB president Jin Liqun said the power of the vote would be shared among the 57-member countries, state-owned China Daily reported Wednesday, local time.

“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 at the World Economic Forum in Davos last week.

The bank would instead retain a “fixed” special majority that are two-thirds of the number of members and equal to 75 percent of the voting power.

China currently holds less than 30 percent of voting or veto power. Read more


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