The Financial Supervisory Commission (FSC) is expected to send its proposal to turn Taiwan into an Asia-Pacific financial hub to the Cabinet for review by next week, Vice Chairwoman Lee Jih-chu (李紀珠) said yesterday.
The FSC wants to turn Taiwan into a capital-raising, asset management and financial services hub, Lee said, adding that the commission’s strategies and action plan would be detailed in the proposal.
Vice Premier Paul Chiu (邱正雄) will chair a new committee, which will hold inter-ministerial discussions every two months on pursuing that goal, Lee said. Committee members will include FSC Chairman Gordon Chen (陳樹), the heads of the finance and economic affairs ministries and several advisors from the private sector, she said.
Five sub-committees would address issues such as cross-strait negotiation, foreign exchange, legal matters, taxation and financial professionals, the FTC said.
However, there is no timetable for the banking sector to improve its return on asset (ROA) and return on equity (ROE), even though Chen has vowed to lift the ROA to 1 percent during his four-year term, or he won’t seek reappointment.
Lee also said the commission was in talks with the Ministry of Finance to discuss the barriers that keep overseas Taiwanese companies from listing or cross listing on the local stock markets, such as inheritance taxes and taxes on overseas earnings.
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