Finance official voices disagreement with Taiwan's classification at the Asian Development Bank.
Streamlined Perspective:
Taiwan's Finance Minister, Chuang Tsui-yun, voiced her discontent recently at the Asian Development Bank (ADB) annual gathering, challenging Taiwan's longstanding designation of "Taipei, China" since 1986. The Minstry of Finance disclosed this information.
Chuang vigorously protested the current designation and emphasized the significance of correcting it during her speech at the meet. Minister Chuang underscored Taiwan's historical standing as one of the ADB's founding members and its unwavering adherence to the bank's objectives, thereby questioning the inconsistency in Taiwan's labeling.
This designation dilemma stems from a compromise made when the People's Republic of China joined the ADB, which unwittingly complicated Taiwan's representation due to political tension with Mainland China. As a result, Taiwan was labeled "Taipei, China" to accommodate both Taiwan's continued membership and China's entry into the institution without exacerbating diplomatic conflicts.
Beyond her speech, Chuang also met with ADB's new president, Masato Kanda, expressing Taiwan's opposition to the designation. Chuang urged ADB members to uphold mutual respect for fair treatment and equal opportunities, emphasizing Taiwan's strong backing for the ADB's mission to foster prosperity and resilience in the Asia-Pacific region, as well as its promotion of regional sustainable development.
Moreover, Taiwan indicated its readiness to share its developmental knowledge with fellow members, with an official adding this point. Chuang also acknowledged the ADB's focus on capital and organizational reforms, lauding the ADB's focus on private sector resources, digital transformation, and women's participation.
During the annual meeting, Chuang held discussions with high-ranking officials at the ADB and finance officials from member countries to broaden Taiwan's diplomacy and identify opportunities for international collaboration, as per the Ministry of Finance.
The 58th ADB annual meeting is taking place in Milan, Italy, from Sunday to the present, marking the meeting's first shift off the Asian continent in nine years. With 69 members, the ADB's membership has grown significantly from the initial 31 members at its inception in 1966, with 50 members from Asia and the Pacific and 19 members from outside the region, including Italy.
Over 5,000 attendees, comprised mainly of government representatives, participated in the annual meeting, as per the ADB. The ADB's Manila-based website revealed that, as of December last year, Taiwan had invested $1.51 billion in capital subscriptions and contributed and committed $133.43 million to ADB special funds since becoming a member[1][4].
[1] https://www.cna.com.tw/cn/articles/ explain/366965/
[4] https://www.taiwannews.com.tw/en/news/4820158
- Taiwan's Finance Minister, Chuang Tsui-yun, met with the new president of the Asian Development Bank (ADB), Masato Kanda, to express Taiwan's opposition to the current designation "Taipei, China," and to urge ADB members for mutual respect, fair treatment, and equal opportunities.
- The Ministry of Finance revealed that Chuang Tsui-yun also emphasized Taiwan's readiness to share its developmental knowledge with fellow ADB members, emphasizing the country's strong backing for the ADB's mission to foster prosperity and resilience in the Asia-Pacific region.
- Chuang Tsui-yun, during her speech at the ADB annual meeting in Milan, Italy, questioned the inconsistency in Taiwan's labeling and underscored Taiwan's historical standing as one of the ADB's founding members, calling for correcting the longstanding designation of "Taipei, China" since 1986.
