China must take necessary steps before winning unanimous support to join the Inter-American Development Bank (IDB), a senior US official said yesterday.
As South Korea has done, China should first repay debts to other international lenders such as the World Bank and the Asian Development Bank, said Treasury Undersecretary John Taylor.
The IDB yesterday began a three-day annual meeting on the southern Japanese island of Okinawa, ushering in its 47th member South Korea and focusing on how Asia and Latin America can boost trade and investment between the two regions. South Korea and Japan are currently the only Asian members of the IDB, the lending agency for Latin America.
"There is a process that a new country goes through and it took a number of years for Korea," Taylor told a news conference.
"China is beginning to go through that process and beginning to think about what the terms of reference would be about joining the IDB."
The IDB had no timeframe for accepting South Korea but a breakthrough a few years ago expedited the process, he said.
"I haven't heard any kind of a feeling that this should move faster than Korea or things are not moving fast enough," Taylor said.
IDB president Enrique Iglesias has been quoted as saying that it would take "some time" before China could join the IDB due to US objections that Beijing still relies on loans from the World Bank.
Chinese officials were disgruntled about not being allowed to join the IDB at the same time as South Korea, according to news reports.
But Taylor said accepting China would benefit the IDB as it would bring in additional funding and experience in developing industries outside the Western Hemisphere.
"An Asian perspective is important because Asia is a very important part of the world economy and China is, itself," he said.
Tokyo is staying away from the politics between China and the US, the two biggest markets for Japanese exports.
"Our position is to carefully watch how members in the [Americas] region can reach a consensus," Japanese Finance Minister Sadakazu Tanigaki said Saturday.
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