The ruling parties also proposed broadening financial links including permitting Taiwanese banks to upgrade their status in China, which would allow them to provide financial services.
A consensus was reached that the two sides should establish a financial supervisory mechanism and provide a currency clearance system, Tseng said at the conclusion of a weekend forum. The meeting will offer a blueprint for further government-level talks after a nine-year suspension.
KMT officials and their Chinese counterparts concluded the meeting, which was held to expand direct financial ties as their economies face a worsening global recession. Taiwanese businesspeople have already invested an estimated US$150 billion in China and have been clamoring for Taiwanese financial companies to be permitted to offer services to ease access to financing and capital.
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