Financial Supervisory Commission (FSC) Chairman Chen Yuh-chang (陳裕璋) will travel to Beijing next week to meet his Chinese counterparts for talks on further opening up the market to banks.
Chen and other colleagues at the FSC will leave for Beijing on Tuesday and attend a cross-strait regulatory meeting on Wednesday, Banking Bureau -Director-General Kuei Hsien-nung (桂先農) told a media briefing.
Banking regulators from the two sides agreed in Taipei in April to meet twice a year to review progress on further deregulation, market access and other issues, Kuei said.
“We hope to gain a better idea about ‘the green gateway’ — its definitions and benefits for Taiwanese banks,” Kuei said.
The concept suggests preferential terms for Taiwanese banks to expand in certain parts of China, such as privileges that are not available to other foreign banks.
The two sides will also touch on the so-called “early harvest” issue — pledges aimed at allowing banks to open branch offices in each other’s markets without going through certain regulatory requirements, Kuei said without elaborating.
Taiwanese banks have pressed for lower hurdles to operate yuan businesses for their branches in China, which have to prove profitable one year after their establishment to qualify for the application.
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