China has rejected Taiwan's application to join the Asian Infrastructure Investment Bank, a Chinese-led development bank, with over 30 international members, with a similar remit as the World Bank.
The Chinese government said it will not allow Taiwan to join under its current name, but that it would be welcome in the future under a different name.
Taiwan's government officially calls itself as the Republic of China.
Ma Xiaoguang, a spokesperson for China's State Council Taiwan Affairs Office, confirmed a recent report that Taiwan would not be a member.
He said that the bank "is open and inclusive, and welcomes Taiwan to join under an appropriate name", and added that they would be "open to suggestions from all sides".
Taiwan's parliamentary speaker Wang Jin-pyng is reported to have said that Taiwan will now seek to become an ordinary member of the bank, instead of a founding member.
He said the government would not accept anything less than calling Taiwan "Chinese Taipei" - the name used by Taiwan to participate in international events such as the Olympic Games and the World Health Assembly.
The US has been reported to have initially attempted to dissuade allies against the AIIB, saying it was an initiative in competition with the World Bank and Asian Development Bank, but countries that have applied to join include the UK, Australia, South Korea, France and Germany.
China’s Asian Infrastructure Investment Bank sees 47 country applications before deadline (02 April 2015)
IMF to cooperate with Chinese-led AIIB (23 March 2015)