U.S. Congressman Anthony Gonzalez (R-Rocky River) introduced a new bill today to promote Taiwan’s membership in the International Monetary Fund (IMF). The bill, known as the Taiwan Non-Discrimination Act of 2020, would work to prohibit an increase to China’s shareholding in the IMF until Taiwan is offered membership or allowed to meaningfully participate in the work at the IMF.
“As the world looks to recover from the economic fallout of COVID-19, we must move on from the myth that the Chinese Communist Party will change their bad behavior on the international stage if sufficiently flattered, and instead protect and renew the international organizations China seeks to manipulate and abuse,” said Congressman Anthony Gonzalez. “Taiwan is one of the few nations on earth to successfully grow to developed status while maintaining financial stability. With many developing nations facing incalculable financial stress due to the COVID-19 crisis, their inclusion in the IMF is paramount. It is only due to China's political objections that Taiwan does not have a seat at the table that they so richly deserve. The time has come to stop appeasing the Chinese Communist Party that so often seeks to manipulate international organizations, and instead protect and strengthen those organizations that have helped secure a peaceful order.
As the world’s 22nd largest economy, Taiwan has built up more than $480 billion in foreign exchange reserves, surpassing Brazil, India, and South Korea. As the IMF’s 189 members pledge to work for exchange rate stability and balanced growth in trade, Taiwan’s participation in the IMF as a leading world economy will be essential to helping developing nations reach the same goal. With the IMF currently considering potential changes to its shareholding and China looking to have a stronger voice in the Fund, Congressman Gonzalez’s bill would require the U.S. Governor of the IMF to oppose any increase in China’s increase in shares without further inclusion of Taiwan in the IMF.