World Economy

Taiwan Can Join AIIB Under Different Identity

Taiwan Can Join AIIB Under Different IdentityTaiwan Can Join AIIB Under Different Identity

China today said it is willing to discuss ways under which Taiwan can be admitted in the Asian Infrastructure Investment Bank and the Silk Road initiatives in view of its policy to consider the cash-rich island as part of the mainland.

Yu Zhengsheng, Chairman of the National Committee of the Chinese People’s Political Consultative Conference, said the Chinese mainland and Taiwan should discuss ways for the island to participate in the AIIB in which 57 countries, including India, have joined as founding members, PTI reported.

Taiwan wants to join the Beijing-based bank which was expected to become operational this year with $50 billion investment.

China has said it cannot recognize Taiwan’s bid to join the AIIB as a country in view of its stand that Taipei was part of the mainland under the ‘one-China’ policy.

China maintains that Taiwan is part of it and objects to any foreign country having diplomatic relations with the island under the ‘one China’ policy.

Yu told the 10th Cross-Strait Economic, Trade and Culture Forum, talks may also encompass the Belt and Road Initiative and some regional economic cooperation, in order to develop the international market and improve the competitiveness of the whole Chinese economy.

The two sides should insist on the peaceful development of relations by adhering to the 1992 Consensus, and oppose “Taiwan independence”, state-run news agency quoted Yu as saying.

His remarks came as Chinese President Xi Jinping is set to have a rare meeting with Eric Chu, leader of the Taiwan’s ruling party Kuomintang (KMT) as the two sides worked out a political rapprochement to improve the cross strait ties while Beijing continues to maintain Taiwan as part of the mainland.