Legislative Speaker Wang Jin-pyng (
Wang issued the call in a speech entitled "The New Legislative Yuan and Taiwan's Future" during a seminar sponsored by the European Chamber of Commerce Taipei.
As it would be easier for Taiwan-based banks to break into the Chinese market than into the Japanese or European markets, the government should allow local banks and other financial businesses to invest in China as part of their globalization efforts, Wang said.
Wang said that liberalization could be implemented in stages, starting with signing memorandums of understanding with their Chinese counterparts.
Taiwan is facing a crunch as it has increasingly been pushed aside amid fierce competition from neighboring countries and hit hard by a worsening economy at home, Wang said.
The nation ranked last among Asia's four little dragons last year in terms of per capita income, with Singapore's average income now double that of Taiwan's, he said.
He added that the central and local governments have collectively incurred financial debts of more than NT$4 trillion (US$123 billion).
The government should devote more energy to improving the economy instead of focusing on political issues, he said, adding that the government should lift restrictions on China-bound investment, allow Chinese capital to invest in Taiwan and open regular direct transportation links.
Asked by reporters after the seminar when he would pay a visit to China, Wang said it might be better to do so after the presidential elections on March 22.
Wang said it would be easier for the nation to negotiate a memorandum of understanding (MOU) with China on establishing a financial supervision mechanism if the Chinese Nationalist Party (KMT) were to win the presidential election because this would help improve relations with China and the US.
Wang said he would like to discuss the above-mentioned issues, including the MOU with Chinese officials.
Additional reporting by Flora Wang
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
‘ONE-STOCK SHOW’: Turnover hit an all-time high as TSMC continued to determine the local market’s direction and surpassed Visa in market capitalization The TAIEX early yesterday hit an all-time intraday high on the back of soaring Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) shares, before tumbling back to the previous day’s close as the contract chipmaker could not single-handedly prop up the index. The TAIEX rose more than 400 points in the first 20 minutes of trading to hit a record 13,031.7 points, but later pared its gains to close down 0.01 percent at 12,586.73. Turnover was NT$343.252 billion (US$11.63 billion), the highest in the Taiwan Stock Exchange’s history. TSMC continued to dictate the market’s direction, as its early surge by the daily
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for