Reports on AIIB veto right denied

China on Wednesday denied reports that it had given up the veto power in the Asian Infrastructure Investment Bank, saying it is premature to discuss the matter.

"Participant countries are still negotiating the articles of the association ... as the number of participants grows, it is natural that every country's share in the organization will decline. It is pointless to discuss the issue before the articles have been formulated," Shi Yaobin, vice-minister of finance, said in a written question-and-answer format published on the ministry's website.

Citing anonymous insiders, The Wall Street Journal on Tuesday reported that Chinese negotiators persuaded key European countries to break with Washington and line up as founding members of the new bank by promising to relinquish China's veto power.