China quashed bid of Taiwan to become full member of AIIB

Apr 14, 2015 18:35 IST

The Chinese Government on 13 April 2015 quashed the bid of Taiwan to become a full member of the Asian Infrastructure Investment Bank (AIIB) for lack of appropriate name.

The Chinese Government said that it would welcome Taiwan in the future but under a different name.

Taiwan made a last-minute application to join the AIIB as a founding member on the deadline day of 31 March 2015 under the name of Chinese-Taipei. The name was used by the International Olympic Committee and the Asian Development Bank.

Taiwan hoped that joining AIIB as a full member would help its push for regional economic integration and participation in international trade organisations.

Taiwan will now seek to join the bank as an ordinary member, instead of a founding member.

The AIIB was proposed by China for the rapidly growing Asian region. China is putting up nearly 50 billion US dollars to help capitalize the bank, which is meant to fund infrastructure projects in rapidly growing Asia. At least 21 countries signed the memorandum of understanding in October2014, establishing the bank. Besides China, the list includes India, Thailand and Singapore amid others.

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