China Dismisses Reports of Seeking Veto Power in Asian Bank

K J M Varma/Beijing
China Dismisses Reports of Seeking Veto Power in Asian Bank

China today dismissed reports that it was seeking or willing to forego its veto power in order to lure more European countries to join the AIIB, saying the new multilateral bank would be a "transparent and efficient" organisation.

Vice Finance Minister Shi Yaobin dismissed the assumption that China sought or was giving up its veto power in the Beijing-backed Asian Infrastructure Investment Bank (AIIB).

"It is an unfounded proposition that China seeks or foregoes veto power," Shi said.

"As the number of AIIB founding members continues to rise, the share awarded to each country will drop accordingly," he said.

Britain, France, Germany, Italy, Luxembourg and Switzerland recently applied to join the USD 50-billion AIIB, which has 27 prospective founding members including India.

China has also invited the US, Australia and Japan to be a part of the new bank, viewed by many as a potential competitor to the US-led World Bank and the Japan-led Asian Development Bank. Beijing has, however, denied any such intentions.

"Prospective founding members are deliberating on the AIIB agreement, including its decision-making mechanism and share distribution," Shi was quoted as saying by state-run Xinhua news agency.

"As a proposition aimed at mutual benefit and win-win results, the AIIB will be an open, transparent and efficient multilateral organisation," he said.

Shi said whether the Beijing-headquartered new bank will set up regional centres is a matter of future consultations in consideration of its business performance.

"The AIIB will draw on experience from multilateral development banks such as the WB and ADB, to avoid their mistakes and seek even better standards. This way, the AIIB will turn into a financing platform that's professional and efficient," he added.

He said all countries interested in the AIIB are welcomed to join it.

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