22 March 2018

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04/13/2016 TAIWAN - CHINA

Taipei will not be part of Beijing’s Super-Bank: Humiliating conditions

The island's government announces that it will not be part of the Asian Investment Bank. For entry, the Chinese government demanded it make an application through its Ministry of Finance. This model "is not acceptable. Not only does this wound our national dignity, but violates the very principle of dignity. "


Taipei (AsiaNews) - Taiwan’s government will not submit an application to enter in the Asian Infrastructure Investment Bank, the Asian "Super-Bank" desired by Beijing to break the dominance of the World Bank and International Monetary Fund.

This was announced by Taipei’s Minister of Finance, Chang Sheng-ford. The decision was provoked by the Chinese government’s demands that Taiwan apply to the Beijing Ministry of Finance.

Jin Liqun, Aiib chairman, made it clear last April 7 that Taipei would have to follow the Hong Kong model: "If they want to participate in the project must apply to our ministry, who will present the application on their behalf." In practice, this behavior is designed to bring the island back under Chinese control: Beijing considers Taiwan a "rebel province" to be "returned to the motherland".

We cannot accept such a model,” Taiwan’s finance minister Chang Sheng-ford told reporters on Tuesday, adding that Taiwan would never join the AIIB under such a condition. “It hurts not only our national dignity, but also violates the principle of dignity.” However, he added that this "is the point of view of the current government led by Ma Ying-jeou." The reference is to the change in the political  leadership, with the election of Tsai Ing-wen who will take office on 20 May.

The new bank aims to make loans and investments to compete with the World Bank, led by the US, and the Asian Development Bank, led by Japan. There are 57 founding members: The United States and Japan have not joined, but many of their allies - such as Britain, Germany, South Korea, Australia - are among the founding members. China holds the majority of shares (30.4%); India has the second largest portion of shares (approximately 10- 15%), followed by Russia and Germany.

See also

26/08/2015 ASIA – CHINA
China’s former deputy finance minister to head new development bank
The new Asian Infrastructure Investment Bank will compete with US-backed World Bank and Japan-backed Asian Development Bank. The new president speaks both English and French.

22/05/2015 CHINA – ASIA
Beijing and Delhi to lead Asian ‘super bank’
A consensus has emerged from a meeting of the lender’s founding members. To avoid undue European influence, Asian members have accepted that China’s share of the bank’s capitalisation will be between 25 and 30 per cent with India as second largest shareholder. Germany will be represented on the bank’s board of directors.

27/03/2015 SOUTH KOREA – ASIA
As South Korea joins Asian "Super Bank", Washington wavers
Proposed by Beijing, the Asian Infrastructure Investment Bank is designed to limit US influence in Asia and reduce Asia’s dependence on the International Monetary Fund. As South Korea accepts China’s predominance, the United States has to rethink what to do. Italy, Germany, France and Great Britain have already decided to join.

29/06/2015 CHINA
Signing ceremony launches Asia’s newest investment bank with China holding a 30 per cent stake
The new Asian Infrastructure Investment Bank will start operating before the end of the year. China will have no right of veto. It is set to rival with the World Bank and the Asian Development Bank, and with the US and Japan, which have not joined the new financial institution.

17/05/2007 CHINA – AFRICA
China and Africa to develop together without neo-colonial relations
For the first time Beijing is concerned about Africa’s crises and the Darfur genocide. But trade remains its main focus. African states want to improve trade relations with China and Asia but do not want to be exploited.

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