China to have veto power at AIIB

China will have veto power over major decisions at the Beijing-backed Asian Infrastructure Investment Bank, The Wall Street Journal reported, citing a copy of the bank’s articles of incorporation approved at an April meeting of its 57 founding member countries. The articles call for the AIIB to be overseen by an unpaid, nonresident board of directors – in contrast to the World Bank and Asian Development Bank – and start with US$100 billion in registered capital. Voting shares will be apportioned according to a complex formula based on a variety of factors, giving developing nations more representation and granting China between 25-30% of the total–enough to block decisions involving structure, membership, capital increases and other significant issues.