China refuses Taiwan immediate entry to Asian bank

Taiwan expressed regret yesterday after China rejected its bid to become a founding member of the Beijing-led Asian Infrastructure Investment Bank (AIIB), though China said Taiwan is welcome to join as an ordinary member in the future.

In a statement carried by the Xinhua news agency, China’s Taiwan Affairs Office confirmed what it said was a Hong Kong media report about the rejection of Taiwan. While the office provided no explanation, it repeated that Taiwan would be welcome to join if it used an appropriate name.

“The mainland will consider opinions from all sides to properly address the issue of Taiwan’s membership,” the statement said. “The related departments will consider Taiwan’s membership when making the constitution for the AIIB.”

China views Taiwan as a renegade province. Most countries, including the US, do not recognise Taiwan as a nation due to pressure from China. Taiwan is not a member of the UN, the World Bank, or the IMF. It is a member of the Asian Development Bank, albeit under the name of Taipei, China, not Taiwan. Taiwan’s government said it regretted the initial rejection, but maintained it was keen to join the bank as long as its dignity was not harmed.

Reuters