Taiwan is close to allowing Chinese financial institutions to set up representative offices here for the first time in 55 years, as economic relations improve.
"We have already reached a consensus to allow those companies from China to come here," said Financial Supervisory Commission Chairman Kong Jaw-sheng (
"So it's just a matter of time. It may happen any day now," he said.
Beijing so far has allowed seven Taiwanese banks to set up representative offices in China, and three other applications have been approved.
Executives from Cathay Financial Holding Co, the country's biggest financial group, were in China yesterday for the official opening of an insurance venture with China Eastern Air Holding Co, China's third-largest airline. An estimated 1 million Taiwanese live and work in China, where US$100 billion has been invested by Taiwanese businesses.
"The move shows Taiwan's strong determination to develop into a regional financial center," said Andrew Chen, who oversees the equivalent of US$2.7 billion as president of HSBC Asset Management Taiwan.
"This also sends goodwill to China, signaling the government's willingness to facilitate regional economic integration that will also help Taiwan," he said.
China Merchants Bank, Industrial Bank Co, Industrial & Commercial Bank of China (Asia) Ltd and Pudong Development Bank in November 2003 received approval from Chinese regulators to set up representative offices in Taiwan. They are still awaiting approval from the government here. China's big four banks -- Industrial & Commercial Bank of China, Bank of China, China Construction Bank and Agricultural Bank of China -- are reorganizing to meet competition from overseas lenders that will enter the market of 1.3 billion people freely at the end of next year.
Expanding overseas benefits the banks as they diversify income and raise their profile ahead of international share sales.
Taiwan's GDP is forecast to grow 4.6 percent this year, compared with a projected 5.9 percent last year. China's economy expanded 9.5 percent in the fourth quarter from the year earlier period.
RESPONSE: The transit sends a message that China’s alignment with other countries would not deter the West from defending freedom of navigation, an academic said Canadian frigate the Ville de Quebec and Australian guided-missile destroyer the Brisbane transited the Taiwan Strait yesterday morning, the first time the two nations have conducted a joint freedom of navigation operation. The Canadian and Australian militaries did not immediately respond to requests for comment. The Ministry of National Defense declined to confirm the passage, saying only that Taiwan’s armed forces had deployed surveillance and reconnaissance assets, along with warships and combat aircraft, to safeguard security across the Strait. The two vessels were observed transiting northward along the eastern side of the Taiwan Strait’s median line, with Japan being their most likely destination,
GLOBAL ISSUE: If China annexes Taiwan, ‘it will not stop its expansion there, as it only becomes stronger and has more force to expand further,’ the president said China’s military and diplomatic expansion is not a sole issue for Taiwan, but one that risks world peace, President William Lai (賴清德) said yesterday, adding that Taiwan would stand with the alliance of democratic countries to preserve peace through deterrence. Lai made the remark in an exclusive interview with the Chinese-language Liberty Times (sister paper of the Taipei Times). “China is strategically pushing forward to change the international order,” Lai said, adding that China established the Asia Infrastructure Investment Bank, launched the Belt and Road Initiative, and pushed for yuan internationalization, because it wants to replace the democratic rules-based international
ECONOMIC BOOST: Should the more than 23 million people eligible for the NT$10,000 handouts spend them the same way as in 2023, GDP could rise 0.5 percent, an official said Universal cash handouts of NT$10,000 (US$330) are to be disbursed late next month at the earliest — including to permanent residents and foreign residents married to Taiwanese — pending legislative approval, the Ministry of Finance said yesterday. The Executive Yuan yesterday approved the Special Act for Strengthening Economic, Social and National Security Resilience in Response to International Circumstances (因應國際情勢強化經濟社會及民生國安韌性特別條例). The NT$550 billion special budget includes NT$236 billion for the cash handouts, plus an additional NT$20 billion set aside as reserve funds, expected to be used to support industries. Handouts might begin one month after the bill is promulgated and would be completed within
The National Development Council (NDC) yesterday unveiled details of new regulations that ease restrictions on foreigners working or living in Taiwan, as part of a bid to attract skilled workers from abroad. The regulations, which could go into effect in the first quarter of next year, stem from amendments to the Act for the Recruitment and Employment of Foreign Professionals (外國專業人才延攬及僱用法) passed by lawmakers on Aug. 29. Students categorized as “overseas compatriots” would be allowed to stay and work in Taiwan in the two years after their graduation without obtaining additional permits, doing away with the evaluation process that is currently required,
RSS