China today applied to join the Asian Development Bank and the bank announced its membership bid will be accepted before the April 1986 annual meeting. The ADB is expected to be the first international organization in which both Peking and Taipei are represented.

Bank spokesman P. S. Hariharan said China's application will be submitted to the board of directors for consideration and recommendation to the board of governors.

The last roadblock to China's acceptence was removed with settlement of a dispute over how it would affect the status of Taiwan.

China first told the Manila-based bank it wanted to join two years ago, but held up formal submission of its application until the Taiwan issue could be settled.

Negotiations since then had been going on between the 45-member bank, China and Taiwan. The main issue that was difficult to resolve was Taiwan's long-standing position that it be called the Republic of China. Peking objects to this as reflecting a two-China policy.

Hariharan said he had "no information at this stage" on how the compromise on Taiwan's status has been worked out. He said "appropriate arrangements" which will not affect the status of any existing member of the ADB will be made.

Bank sources said the name "Taiwan" has to appear in any form of name the island uses to be acceptable to China. At the annual board of governors meeting in Bangkok in May, China announced it had agreed with the bank that Taiwan will use the name "Taiwan, China."

Bank President Masao Fujioka then denied that such an agreement had been reached. The United States had always insisted that China's membership should not be at the expense of Taiwan.

In Taipei today, officials said reports that Taiwan will change its name are "completely without foundation."

Taiwan, a founding member of the ADB, stopped borrowing in 1971 and has since become a contributor. ADB spokesman Hariharan said China's share of the bank's capital is likely to be higher than India's 6.62 percent, which will make China the third-largest shareholder, after the United States and Japan, which hold 16.8 percent each.

The share is based on economic indicators such as population size and economic growth.

The ADB has 28 developing-member countries and 17 donor countries. Bank sources said the 12-member board of directors will have to be expanded to accomodate China.