The Ministry of Finance is considering further financial market liberalization in the run up to the nation's entry to the WTO, Chinese-language media reported yesterday.
Among the items up for discussion, the private banking business may be deregulated and Chinese investors may be allowed into the Taiwan stock market with no restrictions.
The WTO's Qatar meeting will be held at the end of this week to finalize Taiwan's entry into the WTO, and finance ministry officials have finished the draft for deregulating private banking business, the report said.
Once the WTO entry becomes effective, Taiwan will deregulate the businesses, the report said without citing sources.
Liberalization measures in the private banking sector will allow branches of foreign banks to process application forms for their clients to open accounts in foreign countries.
According to the report, the ceiling for each client's investment through private banking will be set at US$5 million a year.
Private banking business remains a primary channel for local investors to remit capital abroad, the report said.
The finance ministry is also considering deregulating Chinese investment in Taiwan's stock market, after Taiwan enters the WTO.
According to the current proposal, there would be no restrictions on such investments.
However, the administration would disclose such information and monitor such trading activities in an effort to ensure that irregularities do not occur, the report said.
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