The nation will only participate in and become a member of the Asian Infrastructure Investment Bank (AIIB) under the principle of dignity and if doing so conforms with the national interest, Premier Mao Chi-kuo stated at today's Cabinet meeting after a Ministry of Finance report on the subject.
If the nation cannot be accorded dignity and fairness in membership, it would rather not participate in the AIIB, Mao emphasized.
Vice Premier Chang San-cheng has been asked to serve as convener of an ad hoc task force which will complete preparations for the project within the Executive Yuan. The premier hopes the task force will perform well as a legislative liaison and receive legislative oversight.
Regarding Minister of Finance Chang Sheng-ford's remarks about a "NT$2.2 billion (US$72 million) risk," the premier stated that the nation will make certain from the beginning that its membership status and name conform to the principles of dignity and fairness. After becoming a member, the nation would then receive the same guarantees of its rights and benefits as all the rest of the AIIB's European, American and Asian member nations. Once the early procedures were completed with the oversight of the Legislature, none of the money the nation would then invest would become "wallpaper," whether it was NT$200 million (US$7.2 million) or NT$2.2 billion, the premier assured. Thus, in the first stage, fair and equal treatment of the nation's membership status must be ensured.
After the first stage is completed, and Taiwan becomes a formal member, all money it invests will receive the same protections that other members' funds will, Mao reiterated. These other members will also demand very transparent and rational bank governance so that their investments will be safeguarded.