Taiwan and China plan to speed up the approval process for banks seeking to set up operations in each other’s markets, marking a step forward as the two sides deepen financial cooperation.
China will allow Taiwanese banks to set up in 21 provinces under a “green corridor” program to fast track approvals, Kuei Hsien-nung (桂先農), director-general at the banking bureau of Taiwan’s Financial Supervisory Commission, said in Beijing yesterday.
Outstanding applications from banks will be processed by both sides by the end of the year, Kuei said.
Taiwan’s financial regulator this year urged local banks to open more branches in China, pushing them to accelerate expansion in the world’s fastest-growing major economy — Taiwan’s biggest trading partner — as competition squeezes returns at home.
The two sides also agreed to consider further relaxations on market-access rules in their next meeting, the Financial Supervisory Commission said in a statement on its Web site.
The announcement came after China’s Banking Regulatory Commission chairman Shang Fulin (尚福林) met with Taiwan’s Financial Supervisory Commission Minister Chen Yuh-chang (陳裕璋) in Beijing yesterday.
Chinese regulators also plan to speed up reviews for Taiwanese lenders seeking to offer yuan services to Taiwanese companies in China, Kuei said.
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