The government will slow the pace of its much-touted financial reforms in the face of public misgivings about its push for rapid consolidation and privatization in the sector, Vice Premier Tsai Ing-wen (
"The Presidential Office and the Cabinet were in agreement about this decision, which was made in response to the public's concerns," Tsai told reporters.
In October 2004, President Chen Shui-bian (
Other goals were to halve the number of financial holding companies to seven and have at least one domestic financial institution operated by a foreign entity or listed overseas by the end of this year.
Those plans have drawn criticism from bank unions and opposition legislators, who say industry consolidation will only benefit a few large financial conglomerates.
The public has "misgivings about the monopolization of the financial sector, the creation of large banking conglomerates, the low-priced sale of state-owned assets and inability of state-owned banks to shoulder social responsibility," Tsai said.
Tsai did not respond directly when asked whether slowing the pace of finance reforms meant that the timetable of completing reforms by the end of the year had now been completely thrown out.
"If it is unacceptable for the public to agree to the huge changes in the financial markets and the merger and acquisition of national assets, we need to review the timetable and see whether it conforms to the public interest," Tsai said.
Tsai stressed that financial reform hadn't been suspended, but that it would now be implemented more cautiously.
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Government might drop target on banking reform
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