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Taiwan drops bid to join AIIB

The current administration of Taiwan will no longer pursue in the China-led AsianInfrastructure Investment Bank as it said it was not being treated with respect,Taiwan's Central News Agency reported April 13, citing Finance Minister Chang Sheng-ford.

Taiwan will no longer apply to participate in the developmentafter the AIIB insisted on Taiwan following the Hong Kong model and having China'sfinance agency apply for membership on Taiwan's behalf. Chang had rejected sucha model but was still open to a future AIIB bid if China's attitude changes in thefuture.

Chinese President Xi Jinping had previously said China welcomedTaiwan's participation in the AIIB under an appropriate name. Taiwan wants to jointhe AIIB under the name Chinese Taipei.