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.

  1. 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.
  2. AIIB (Asian Infrastructure Investment Bank) has included China, India, Thailand and Singapore amid others.
  3. Taiwan hoped that joining AIIB as a full member would help its push for regional economic integration and participation in international trade organizations.
  4. 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.
  5. In October 2014, At least 21 countries signed the memorandum of understanding (Mou) establishing the bank.
  6. 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