Taiwan will strive for preferential status for its banks in upcoming trade talks with China, a report said yesterday, after Chinaese Premier Wen Jiabao (溫家寶) promised to cement cross-strait ties.
The government hopes such a move would allow any individual Taiwanese bank to buy up 30 percent of any Chinese lender, as opposed to the current 20 percent ceiling China imposes of foreign investors, the Chinese-language Commercial Times said.
It said Taiwan also hoped its banks would be allowed to open branches as soon as they enter the Chinese market, instead of following the prerequisite that foreign banks have to first open representative offices for two years.
The Financial Supervisory Commission was not immediately available for comment on the report.
During a press conference at the end of China’s annual session of parliament on Sunday, Wen hailed the fast warming ties with Taiwan and guaranteed Beijing would “grant benefits” to Taipei in the coming trade talks.
Taiwanese officials have said they aim to hold the second round of formal trade talks with China this month to exchange lists of industries that will be entitled to a preferential status in tariffs and investments.
Taiwan and China held their first round of formal talks in January in Beijing to decide on procedural issues.
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