United World Chinese Commercial Bank (世
United World, formed in 1975, will open its first China representative office in Shanghai's Pudong financial district, near the city's stock exchange. United World Chairman Gregory Wang Kuo-Hua (汪國華), President Tung Cheng-Cheng (董成城) and Chung Jih-ti (鍾日迪), the chief Shanghai representative, will attend the opening, the bank said in an invitation card for the ceremony.
United World joins half a dozen Taiwanese rivals, including Hua Nan Commercial Bank (華
"It's a symbolic step that won't have any immediate impact on the bank's earnings or business," said Jesse Wang, an analyst at ABN Amro Securities Ltd in Taipei, who has a "reduce" recommendation on United World shares. "United World can't conduct lending or deposit business until after two years, and can only apply for a license to lend yuan currency after five years." Taiwan's economy is struggling to emerge from its worst recession on record, forcing companies to look outside the island to expand business.
Chang Hwa Commercial Bank (彰
China has no diplomatic links with Taiwan. Still, that hasn't deterred an expansion of financial and trading links.
China last year imported US$24 billion of goods from Taiwan, shipping them through Hong Kong. Many Taiwan companies are relocating factories to China, which is handing out licenses to foreign banks under commitments to open its financial industry to foreigners.
The licenses give the banks the ability to monitor client businesses in China, making it easier to assess loan requests.
Chinatrust Commercial Bank (中
"This signals progress in financial cooperation across the Taiwan Strait," China's central bank Governor Dai Xianglong (戴相龍) said at a March 11 press conference, where he announced the new licenses for Chang Hwa and United World. "I also support our banks going to Taiwan."
Taiwan banks can apply to upgrade their China representative offices into full branches two years later, under the Chinese central bank's rules, to be able to take deposits and give loans.
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
CHINA POLICY: At the seventh US-EU Dialogue on China, the two sides issued strong support for Taiwan and condemned China’s actions in the South China Sea The US and EU issued a joint statement on Wednesday supporting Taiwan’s international participation, notably omitting the “one China” policy in a departure from previous similar statements, following high-level talks on China and the Indo-Pacific region. The statement also urged China to show restraint in the Taiwan Strait. US Deputy Secretary of State Kurt Campbell and European External Action Service Secretary-General Stefano Sannino cochaired the seventh US-EU Dialogue on China and the sixth US-EU Indo-Pacific Consultations from Monday to Tuesday. Since the Indo-Pacific consultations were launched in 2021, references to the “one China” policy have appeared in every statement apart from the
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from