Sworn in as Financial Supervisory Commission chairman yesterday, Chen Yuh-chang (蠊諿艛) said that future cross-strait financial exchanges would be based on the principle of stable financial supervision and the needs of Taiwanese industries.
Chen also said the commission would ※listen to the voice of industries§ and strive for favorable business conditions for China-based Taiwanese companies during cross-strait talks for an economic cooperation framework agreement (ECFA) with China.
※It is my hope that the financial sector will become more developed through open communication and cooperation with local industries,§ Chen told a media briefing in the evening.
※This will not only benefit the financial sector, it will also promote overall economic development,§ he said.
Chen emphasized that he would build on the efforts of his 〝predecessor, Sean Chen (蠊冲), who recently assumed the vice premiership, to include the financial sector in an ECFA early harvest list.
Sean Chen told a handover ceremony at the Cabinet office yesterday morning that he would do his best to fulfill all the tasks given to him by the premier.
Chen Yuh-chang said the FSC has great responsibility for the nation＊s financial stability as well as economic development, adding that Sean Chen established a solid foundation for domestic 〝financial policies and systems.
In response to Sean Chen＊s earlier remarks that low interest rates posed the greatest risk to financial markets in Taiwan, Chen Yuh-chang told reporters that he would respect the central bank＊s exchange and interest rates policies.
※More communication, cooperation and interaction is expected [between the FSC and the central bank,]§ Chen said.
Chen Yuh-chang met central bank Governor Perng Fai-nan (灠?欬) yesterday.
He quoted Perng as saying that the central bank hoped to engage in discussions with other government agencies over a wide range of financial issues.
Aside from promising to broadly follow her predecessor＊s financial policies, Chen Yuh-chang offered no new measures to improve financial sector operations.
Commenting on the plunge on the local bourse yesterday, Chen said that there was a strong linkage between international and Taiwanese stock markets, adding that economic fundamentals remain good.
In Taipei trading yesterday, the benchmark TAIEX declined 173.41 points, or 2.2 percent, to close at 7,598.72.
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