The European Bank for Reconstruction and Development, the EBRD, will approve China's bid to become a member of the bank. The EBRD is a development finance organization founded in 1991 initially to support such nations as former Soviet states and Eastern European countries.

Its shareholders include Japan, the United States and 62 other countries, as well as the European Union.

The EBRD plans to give the green light for China's membership application within a week at the earliest. China announced last month that it filed the application with the bank.

If the membership is approved, it is expected to give a boost to China's push to create a huge economic zone encompassing Asia and Europe.

China's plan to join the EBRD is likely to further advance its economic relations with Europe. It is also predicted to boost China's presence in the field of international finance.

Major European nations expressed their intention to join the China-led Asian Infrastructure Investment Bank. Leaders of China and European countries have also held talks.