AIIB launches with 50 member states and China holding veto power

Fifty countries signed the articles of incorporation for the Beijing-backed Asian Infrastructure Investment Bank on Monday, a list that was short of prospective members Denmark, Kuwait, Malaysia, Poland, South Africa, Thailand and the Philippines, The Wall Street Journal reported. Delegates from all but the last – which recently produced a state-funded documentary on its ownership of territory in the South China Sea that China also claims – cited procedural constraints at home, and said they would likely sign within a few months. As the largest shareholder China will hold 26.06% of the bank’s votes, giving it an effective veto over major decisions, according to state media.