China blocks Taiwan's bid to become AIIB founding member for lack of 'appropriate name'

The Chinese government has quashed Taiwan's bid to become a founding member of the Asian Infrastructure Investment Bank (AIIB) by saying that it would be welcome in the future but under a "different name."

Ma Xiaoguang, a spokesman for China's State Council Taiwan Affairs Office, confirmed the news, reported the BBC. He said that the bank, proposed by Beijing for the rapidly growing Asian region, was "open and inclusive" and welcomed Taiwan to join under an "appropriate name." He added that they would be open to suggestions from all sides.

Taiwan, which split from China in 1949, wanted to join the bank as an independent nation. However, China considers the region a part of its territory and therefore, was expected to reject any move that suggested otherwise.

Taiwan's government has said that it will continue to press its demands for inclusion. A spokesman for the executive branch of Taiwan's government said that Taiwan should be allowed to join the AIIB "under the principle fairness and equality."

Taiwan's parliamentary speaker Wang Jin-pyng said that the government would not accept anything less than calling Taiwan "Chinese Taipei," the name used by the International Olympic Committee and the Asian Development Bank. He added that Taiwan will now seek to join the bank as an ordinary member, instead of a founding member.

Taiwan's government officially calls itself as the Republic of China.

China is putting up nearly 50 billion dollars to help capitalize the bank, which is meant to fund infrastructure projects in rapidly growing Asia. At least 21 countries signed the memorandum of understanding in October last year, establishing the bank. Besides China, the list included India, Thailand and Singapore amid others.