A financial cooperation agreement between Taiwan and China will pave the way for greater access by the Taiwanese financial sector to the Chinese market, Financial Supervisory Commission (FSC) Chairman Sean Chen said yesterday.
The agreement is one of three accords expected to be signed today in Nanjing at the third meeting between Straits Exchange Foundation Chairman Chiang Pin-kung (江丙坤) and his Chinese counterpart, Association for Relations Across the Taiwan Strait Chairman Chen Yunlin (陳雲林).
Sean Chen said the agreement would provide a framework for future negotiations on three separate memorandums of understanding (MOUs) regarding cooperation on financial supervision and regulation in the banking, securities and futures, and insurance sectors.
Once the MOUs are signed, the two sides will officially enter talks on market access, he said.
“For the Taiwanese financial sector, this would be like obtaining an admission ticket to the Chinese market,” he said.
Norman Yin (殷乃平), a professor of financial studies at National Chengchi University, said the MOUs would serve as a platform from which the Taiwanese financial sector could enter the Chinese market, which he said was very important for the sector’s development.
Yin said Taiwan’s financial market had shown signs of saturation in recent years, mainly as a result of excess banking capacity, making the exploration of new markets more urgent than ever.
He said the vast Chinese market offered very good opportunities for Taiwan and would help enhance the competitiveness of the financial sector.
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