BEIJING, April 1 (Xinhua) -- The Chinese mainland welcomes Taiwan's participation in the Asian Infrastructure Investment Bank (AIIB) under an appropriate name, said a mainland spokesman on Wednesday.

The State Council Taiwan Affairs Office has received Taiwan's letter of intent on joining the AIIB and has transferred the letter to the Multilateral Interim Secretariat for the AIIB, according to the office's spokesman Ma Xiaoguang.

"The AIIB is open and inclusive," Ma said. "We welcome Taiwan to participate in the AIIB under an appropriate name."

Taiwan's finance and mainland affairs authorities issued a statement on Tuesday announcing the island's letter of intent.

Tuesday was the deadline for such applications pending the agreement of the bank's existing 27 prospective founding members.

The AIIB, an international financial institution aiming to provide support to infrastructure projects in Asia, is expected to be established by the end of this year.