Daily Management Review

Taiwan is not allowed to participate in AIIB


04/13/2015


China has rejected Taiwan's request accession to the Asian Bank of infrastructure investments (AIIB), created under the guidance of Beijing as a founder, reports MarketWatch.



Photo: Reuters
Photo: Reuters
At the same time, Chinese officials said they would be happy if Taiwan decides applying to join as a new member after the parties solve some of the "problems of participation" in the bank.

- As far as we know, this information is true, - said the official representative of the Office Ma Xiaoguang. He pointed out that AIIB is a multilateral international development institution but at the same time, it is an open and inclusive organization.

Earlier, the Chinese authorities made it clear that they would welcome the participation of Taiwan in AIIB, but under the "acceptable name."

Beijing has lost control of the island in 1949, but the international community continues to regard it as an integral part of Chinese territory. For this reason, the unrecognized republic is not a member of the UN, and cannot be fully included in such organizations as the World Bank or the International Monetary Fund. With regard to a number of other structures, the island is involved in their activities with the permission of the PRC, using only politically neutral name "Chinese Taipei".

This name is often used by the Republic of China (ie Taiwan) to participate in some international organizations and in almost all sports. The international community widely uses the term "Chinese Taipei" due to a number of agreements arising from the complexities of the political status of the Republic of China and its international relations.

 - We welcome the accession of Taiwan to AIIB in the appropriate state, - said Ma Xiaoguang, expressing willingness to exchange views with all stakeholders to find an adequate solution to this question.

China has already received applications for membership in AIIB as founders from 47 countries.

The signing of the agreement of AIIB establishing took place in October 2014. It was founded by China and 20 other countries in Asia (Bangladesh, Brunei, Cambodia, India, Kazakhstan, Kuwait, Laos, Malaysia, Mongolia, Myanmar, Nepal, Oman, Pakistan, Philippines, Qatar, Singapore, Sri Lanka, Thailand, Uzbekistan and Vietnam). The authorized capital is $ 100 billion.

Memorandum of Association of the bank planned to be signed in 2015.

Beijing announced plans to create a bank to fund infrastructure projects as early as 2013 and suggested many countries to join him. Initially, some European countries as well as Australia, Japan and South Korea showed interest in the project, but under pressure from the United States, none of these countries had joined the bank.

In mid-March 2015, UK, being the first Western countries to take this step, announced its intention to join the bank, and then Germany, France and Italy made similar moves, followed by Switzerland, South Korea, Australia and several other countries. March 31, the last day of collecting applications, Taiwan announced its participation in AIIB too.

Thus, from the Asia-Pacific region only Japan has listened to the requests of the US, says FT.

According to analysts, AIIB is a potential challenger to the Asian Development Bank and the World Bank. Its establishment aims to undermine the dominant position of Western international financial institutions. The authorized capital of the financial institution amounted to $ 100 billion, the initial share capital - 50 billion dollars. The headquarter of the bank, which must be formed by the end of 2015, is located in Beijing.

source: marketwatch.com
 






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