Non-Asian countries will be allowed to hold a maximum 30 per cent stake in the Beijing-based bank Xinhua reported and China’s Finance Minister Lou Jiwei who presided over the signing ceremony said recently that developing countries in Asia would make up the majority of its members and enjoy “a bigger voice at the table.” However China has been keen to reassure other nations that in the longer term it “does not seek a veto power in the bank” and expects to lose its current dominance in future as more countries join — in contrast with the World Bank in which the US holds a limited veto power.
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