China's influence over AIIB causing concern

Official: "No country would be able to challenge China. If Japan were in, it would have considerable influence."

China's influence over AIIB causing concern

World Bulletin / News Desk

China could have outsized influence over a new Beijing-backed international development bank under a proposed shareholding structure likely to be discussed at a meeting of member nations in Washington this week, sources say.

The group will meet on the sidelines of the annual meetings of the International Monetary Fund and World Bankin the U.S. capital, said an Indian government official familiar with the plan. India was one of the first nations to join the new bank.

China has proposed that Asian nations own three-quarters of the Asian Infrastructure Investment Bank (AIIB), a larger overall stake than would be warranted were ownership decided by economic weightings alone, given European heavyweights GermanyFrance, Britain and Italy are also members.

Each Asian member will then be allotted a share of that 75 percent quota based on their economic size, two Japanese sources said - a formula that would guarantee China the largest single voice inside the bank.

China has outlined details of the bank to Japan in an effort to get Tokyo to sign up, the sources said. However,Tokyo remains non-committal due to its close relationship with the United States, which has urged nations to be wary of the AIIB.

Güncelleme Tarihi: 13 Nisan 2015, 12:29