Taiwanese officials Saturday played down reports that Beijing will only allow Taiwanese banks to set up shop in the Middle Kingdom if Taipei recognizes it is part of "one China."
Chinese Finance Minister Xiang Huaicheng (項懷誠) late Friday reportedly said Taiwanese bank branches were a possibility only under the one-country principle -- Beijing's stipulation that Taiwan is an integral part of China.
"That doesn't fall into Xiang Huaicheng's domain," Taiwan's Vice Minister of Finance Sean Chen (
"In China, that's the domain of the central bank. I don't think he is in a position to answer any questions regarding banking supervision," Chen said.
Chinese Vice Finance Minister Jin Liqun said Taiwanese acknowledgement of the "one-China" principle could open up new areas of commerce between the two sides.
"I think under the one-China principle there is huge potential for businesspeople in Taiwan and China," he said.
The disagreement came in the wake of a bilateral meeting between Xiang and his Taiwanese counterpart Yen Ching-chang (
The 30-minute meeting apparently avoided all contentious matters and ended with the two finance ministers appearing smiling side by side in front of waiting reporters.
"The two sides had many common views on economic issues," Xiang said after shaking hands with Yen.
A proposal to allow Taiwanese banks to set up branches in China was among a series of measures proposed last month by a Taiwan advisory panel of politicians and businessmen.
The steps, which President Chen Shui-bian (
The package of proposals forms a break with a more cautious investment policy which Taiwan introduced in 1996 over fears its economy could become hostage to China if serious tensions were to break out.
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