China rejects Taiwan's entry into regional bank as independent nation
April 14 , 2015
China has refused Taiwan’s entry into the Asian Infrastructure Investment Bank (AIIB), but said it would be welcome under a different name in the future. China is spearheading the setting up of the regional bank, which the US sees as a counterweight to institutions like the World Bank.
Taiwan had sought to become a member of the AIIB as an independent nation. But since China considers Taiwan to be a part of Chinese territory, it rejected the Taiwanese move. The AIIB has over 40 members including India, South Korea and Spain.