Taiwan says it will not join Beijing-led AIIB after rejecting condition that ‘violates dignity’

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Jin Liqun, president of the Asian Infrastructure Investment Bank, had said that if Taiwan wanted to join the bank it would need to have China’s Ministry of Finance apply on its behalf. File photo: Kyodo

Published: 5:04pm, 12 Apr 2016Updated: 12:21am, 13 Apr 2016

Taiwan said on Tuesday it would not join the Beijing-led Asian Infrastructure Investment Bank (AIIB) because the condition it was set violates the island’s dignity and the principal of equality.

We cannot accept such a model. It hurts not only our national dignity, but also violates the principle of dignity

Taiwan’s finance minister Chang Sheng-ford

The decision came after AIIB president Jin Liqun said in a Hong Kong forum on April 7 that if Taiwan wanted to join the bank, it must follow the Hong Kong model in having China’s Ministry of Finance apply on its behalf in line with the bank charter.

“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.”

Taiwan had long-hoped to join the AIIB as one of the founding members last year under the title of “Chinese-Taipei”, but its bid to apply for founding membership was rejected.

Taiwanese media say they do not know if the requirement for joining the new bank has anything to do with Beijing increasing pressure on President-elect Tsai Ing-wen (left), pictured with outgoing President Ma Ying-jeou. Photo: Kyodo

Mainland officials later said Taiwan was still welcome to join as long as it applied under an appropriate title.