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.
liberalization
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.
timing
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
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia BV will soon be able to produce semiconductors locally within China, according to two company sources. Nexperia is at the center of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company. The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages. Local production would allow Nexperia’s domestic arm, Nexperia Semiconductors (China) Ltd (安世半導體中國), to bypass restrictions in place since October on the supply of silicon wafers — etched with tiny components to
Taiwan is open to joining a global liquefied natural gas (LNG) program if one is created, but on the condition that countries provide delivery even in a scenario where there is a conflict with China, an energy department official said yesterday. While Taiwan’s priority is to have enough LNG at home, the nation is open to exploring potential strategic reserves in other countries such as Japan or South Korea, Energy Administration Deputy Director-General Chen Chung-hsien (陳崇憲) said. While the LNG market does not have a global reserve for emergencies like that of oil, the concept has been raised a few times —
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday received government approval to deploy its advanced 3-nanometer (3nm) process at its second fab currently under construction in Japan, the Ministry of Economic Affairs said in a news release. The ministry green-lit the plan for the facility in Kumamoto, which is scheduled to start installing equipment and come online in 2028 with a monthly production capacity of 15,000 12-inch wafers, the ministry said. The Department of Investment Review in June 2024 authorized a US$5.26 billion investment for the facility, slated to manufacture 6- to 12nm chips, significantly less advanced than 3nm process. At a meeting with
Standard Chartered Taiwan on March 26 announced that it has partnered with international fintech firm FinIQ to build an “Automated Structured Products Pricing Platform.” The bank is also introducing products from global issuers including Goldman Sachs Group Inc, Barclays PLC and BNP Paribas SA. The new platform enables an end-to-end process whereby it finds the most competitive pricing across multiple issuers in a matter of minutes, followed by automated documentation and transaction execution, which significantly shortens time-to-market and delivers a superior wealth management experience. Standard Chartered Bank Taiwan CEO Anthony Yu (游天立) said: “Standard Chartered is increasingly leveraging its wealth management
RSS