Sun, Apr 11, 2010 - Page 11 News List

Taiwanese banker says regional forum helps to bolster cross-strait exchanges

STAFF WRITER, WITH AGENCIES

As heads of the delegations from the two sides of the Taiwan Strait attending the Boao Forum for Asia 2010 prepared to meet yesterday, Taiwanese delegate Paul Chiu (邱正雄) said the meeting should help future exchanges between the two sides.

Chiu, chairman of the Taiwan-based Bank SinoPac (永豐銀行), was a former vice premier in President Ma Ying-jeou’s (馬英九) administration. Chiu said the forum was a good way for the two sides to get to know each other better and to exchange opinions.

The Taiwanese delegation is headed by Fredrick Chien (錢復), a former president of the Control Yuan, and is composed of members of banking and financial institutions.

Chiu said the two sides would discuss financial exchanges in detail during talks on a proposed cross-strait economic cooperation framework agreement.

“No matter what the results might be, they will be better for cross-strait financial exchanges,” he said.

He said Taiwan was awash in funds, which could be properly guided in making investment overseas, such as in China.

Taiwan could provide loans to Taiwanese businesses there with the appropriate credit rating and credit checks, he said.

Taiwan’s financial sector, which is experienced in supporting small and medium-sized enterprises, could also lend its experience in this area to China, Chiu said.

Chiu was also expected to attend a meeting later that day between Chien and Chinese Vice President Xi Jinping (習近平), who is heading the Chinese delegation.

Speaking at the forum, Xi said China must focus on consumption as a driver for growth.

“We must develop the economy mainly by relying on the domestic market and attach great importance to domestic demand, especially consumption demand, in driving economic development,” said Xi, a member of China’s nine-man ruling Politburo Standing Committee.

“It is important that we open our markets even wider, firmly oppose and resist protectionism in all forms, and uphold a fair, free and open global trade and investment system,” Xi said.

Former US Treasury secretary Henry Paulson said separately at the forum yesterday that an appreciation of the yuan would benefit China, as it would give the government a “valuable” tool for controlling inflation in the world’s fastest-growing major economy.

“An appreciation of the yuan would also help spur domestic consumption,” he said.

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