Taiwan's foreign ministry has formally protested after the IMF listed the island as "Taiwan Province of China" in its new global forecast — an embarrassment for Taipei that lands alongside unusually good economic news.

• The IMF's latest outlook raised Taiwan's growth forecast for this year from 5.2% to 10.7%, one of the fastest rates in the world.
• The same report labels Taiwan a province of China, prompting Taipei to lodge a protest and press the IMF through its overseas offices to correct it.
• Taiwan's position is that it and the People's Republic of China are not subordinate to each other, and only Taiwan's elected government can speak for its 23 million people in bodies like the IMF.
• Taipei is also pushing for membership, pointing out it is the world's sixth-largest net creditor and a steady source of capital for global markets.

Outlook: The IMF is unlikely to change the wording under Chinese pressure, so expect Taiwan's complaints to continue without a formal fix.