China refuse bid of Taiwan to become full member of AIIB [ Current Affairs ]
The Chinese Government refuses the bid of Taiwan to become a full member of the AIIB (Asian Infrastructure Investment Bank) for lack of appropriate name and it would welcome Taiwan in the future but under a different name said that the Chinese Government.
- On 31 March 2015, Taiwan made a last-minute application to join the AIIB as a founding member on the deadline day under the name of Chinese-Taipei. The name was used by the International Olympic Committee and the Asian Development Bank.
- AIIB (Asian Infrastructure Investment Bank) has included China, India, Thailand and Singapore amid others.
- Taiwan hoped that joining AIIB as a full member would help its push for regional economic integration and participation in international trade organizations.
- 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.
- In October 2014, At least 21 countries signed the memorandum of understanding (Mou) establishing the bank.
- 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.
- Published on: April 16, 2015