BEIJING (Sputnik) — Chinese President Xi Jinping welcomed the decision of Taiwan to join the Asian Infrastructure Investment Bank (AIIB) during a Saturday meeting with Taiwanese head Ma Ying-jeou.
Earlier in the day, Chinese and Taiwanese leaders met in Singapore for the first time since the civil war ended in 1949.
The AIIB is a China-proposed international financial institution with the aim of investing in infrastructure projects in the Asia-Pacific region. Currently, the financial organization has 57 prospective founding members, including a number of major European economies, such as Germany, France and the United Kingdom. China is the largest shareholder in the bank, followed by India and Russia.
The AIIB is expected to commence operations by the end of 2015.