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.
The US government has signed defense cooperation agreements with Japan and the Philippines to boost the deterrence capabilities of countries in the first island chain, a report by the National Security Bureau (NSB) showed. The main countries on the first island chain include the two nations and Taiwan. The bureau is to present the report at a meeting of the legislature’s Foreign Affairs and National Defense Committee tomorrow. The US military has deployed Typhon missile systems to Japan’s Yamaguchi Prefecture and Zambales province in the Philippines during their joint military exercises. It has also installed NMESIS anti-ship systems in Japan’s Okinawa
‘WIN-WIN’: The Philippines, and central and eastern European countries are important potential drone cooperation partners, Minister of Foreign Affairs Lin Chia-lung said Minister of Foreign Affairs Lin Chia-lung (林佳龍) in an interview published yesterday confirmed that there are joint ventures between Taiwan and Poland in the drone industry. Lin made the remark in an exclusive interview with the Chinese-language Liberty Times (the Taipei Times’ sister paper). The government-backed Taiwan Excellence Drone International Business Opportunities Alliance and the Polish Chamber of Unmanned Systems on Wednesday last week signed a memorandum of understanding in Poland to develop a “non-China” supply chain for drones and work together on key technologies. Asked if Taiwan prioritized Poland among central and eastern European countries in drone collaboration, Lin
TRAGEDY STRIKES TAIPEI: The suspect died after falling off a building after he threw smoke grenades into Taipei Main Station and went on a killing spree in Zhongshan A 27-year-old suspect allegedly threw smoke grenades in Taipei Main Station and then proceeded to Zhongshan MRT Station in a random killing spree that resulted in the death of the suspect and two other civilians, and seven injured, including one in critical condition, as of press time last night. The suspect, identified as a man surnamed Chang Wen (張文), allegedly began the attack at Taipei Main Station, the Taipei Fire Department said, adding that it received a report at 5:24pm that smoke grenades had been thrown in the station. One man in his 50s was rushed to hospital after a cardiac arrest
ON ALERT: Taiwan’s partners would issue warnings if China attempted to use Interpol to target Taiwanese, and the global body has mechanisms to prevent it, an official said China has stationed two to four people specializing in Taiwan affairs at its embassies in several democratic countries to monitor and harass Taiwanese, actions that the host nations would not tolerate, National Security Bureau (NSB) Director-General Tsai Ming-yen (蔡明彥) said yesterday. Tsai made the comments at a meeting of the legislature’s Foreign Affairs and National Defense Committee, which asked him and Minister of National Defense Wellington Koo (顧立雄) to report on potential conflicts in the Taiwan Strait and military preparedness. Democratic Progressive Party (DPP) Legislator Michelle Lin (林楚茵) expressed concern that Beijing has posted personnel from China’s Taiwan Affairs Office to its
RSS