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.
A magnitude 6.4 earthquake struck off the coast of Hualien County in eastern Taiwan at 7pm yesterday, the Central Weather Administration (CWA) said. The epicenter of the temblor was at sea, about 69.9km south of Hualien County Hall, at a depth of 30.9km, it said. There were no immediate reports of damage resulting from the quake. The earthquake’s intensity, which gauges the actual effect of a temblor, was highest in Taitung County’s Changbin Township (長濱), where it measured 5 on Taiwan’s seven-tier intensity scale. The quake also measured an intensity of 4 in Hualien, Nantou, Chiayi, Yunlin, Changhua and Miaoli counties, as well as
Taiwan is to have nine extended holidays next year, led by a nine-day Lunar New Year break, the Cabinet announced yesterday. The nine-day Lunar New Year holiday next year matches the length of this year’s holiday, which featured six extended holidays. The increase in extended holidays is due to the Act on the Implementation of Commemorative and Festival Holidays (紀念日及節日實施條例), which was passed early last month with support from the opposition Chinese Nationalist Party (KMT) and Taiwan People’s Party. Under the new act, the day before Lunar New Year’s Eve is also a national holiday, and Labor Day would no longer be limited
COMMITMENTS: The company had a relatively low renewable ratio at 56 percent and did not have any goal to achieve 100 percent renewable energy, the report said Pegatron Corp ranked the lowest among five major final assembly suppliers in progressing toward Apple Inc’s commitment to be 100 percent carbon neutral by 2030, a Greenpeace East Asia report said yesterday. While Apple has set the goal of using 100 percent renewable energy across its entire business, supply chain and product lifecycle by 2030, carbon emissions from electronics manufacturing are rising globally due to increased energy consumption, it said. Given that carbon emissions from its supply chain accounted for more than half of its total emissions last year, Greenpeace East Asia evaluated the green transition performance of Apple’s five largest final
Taiwan is to extend its visa-waiver program for Philippine passport holders for another year, starting on Aug. 1, Minister of Foreign Affairs Lin Chia-lung (林佳龍) said on Friday. Lin made the announcement during a reception in Taipei marking the 127th anniversary of Philippine independence and the 50th anniversary of the establishment of the Manila Economic and Cultural Office (MECO) in Taiwan, the Ministry of Foreign Affairs said. The decision reflected Taiwan’s commitment to deepening exchanges with the Philippines, the statement cited Lin as saying, adding that it was a key partner under the New Southbound Policy launched in 2016. Lin also expressed hope
RSS