ID :
361908
Wed, 04/01/2015 - 05:59
Auther :

China Respects Countries' Decisions Whether to Join AIIB

By Niam Seet Wei BEIJING (China), April 1 (Bernama) -- China says it respects the decision of any country whether to join or when they would be joining the China-led Asian Infrastructure Investment Bank (AIIB). Chinese Foreign Ministry spokesperson Hua Chunying reiterated the AIIB is an open and inclusive multilateral development bank, hence all countries were welcomed to join as its founding member. Hua told a regular press briefing here on Tuesday when asked on Japan's decision of not applying as AIIB's founding member despite the deadline for membership application on Tuesday. As for Taiwan, she said the participation of Taiwan should avoid the problem of raising the issues of "Two Chinas" and "One China, One Taiwan". Taiwan, a self-governing island which China has claimed sovereignty, had earlier expressed its interest in joining the financial institution. Hua said the total number of the founding members would be confirmed on April 15 as China, the initiator of the AIIB, would first seek the views of the other founding members. The AIIB is the idea mooted by Chinese President Xi Jinping last October, aimed at helping to fund infrastructure projects in poor Asian countries. With an expected initial subscribed capital of US$50 billion, the bank will fund infrastructure projects in Asia and is expected to be formally established by the end of this year. So far, more than 40 countries, including Malaysia, having applied to become founder members, however Japan and the United States (US) have remained cautious about joining the financial institution. The AIIB is seen as a competitor to the US-led International Monetary Fund (IMF), World Bank, and the Manila-based Asian Development Bank (ADB). Recently, allies of the US such as France, Germany, Italy and Luxembourg announced their intention to join the AIIB, following the United Kingdom's confirmation to becoming a founding member. --BERNAMA

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