Taiwan is welcome to take part in the mainland China-led Asian Infrastructure Investment Bank, Xinhua reports, citing a spokesman for the State Council (cabinet-level) Taiwan Affairs Office. On Tuesday, the final day for handing in such requests, the island announced its intention to join the bank

Beijing, however, has one caveat – Taiwan would have to participate “under an appropriate name”,  spokesman Ma Xiaoguang said, according to Shanghai Daily.

Taiwan is the latest of 48 countries (including Israel) and regions that have applied for membership, 30 of which have been appointed as prospective founding members,  China’s Global Times says. Its report claims the new institution, seen by some as a rival to the Washington-based International Monetary Fund,  “seems to have earned a worldwide support even before it is officially established”.

Notable exceptions, however, are the US and Japan, “who have awkwardly discovered that they are the last holdouts among the major economies”, Global Times says.

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