Democratic Progressive Party (DPP) presidential candidate Frank Hsieh (謝長廷) said yesterday that if elected, he would remove the 40 percent ceiling on China investment and restrictions imposed on local banks on opening branches in China with certain conditions.
Hsieh unveiled his cross-strait policies in his new book titled Viva Taiwan (
Hsieh promised to replace the China-bound investment cap of 40 percent of a local company's net worth, with a "case by case" review system.
The regulation could be readjusted in accordance with the impact of an applicant's China-bound investment on its global competitiveness, local industries and local labor market, Hsieh said.
"We should put strict restrictions on industries whose China-bound investment will make more local industries move to China or compete with local industries," Hsieh said.
"But for industries that consider their China-bound investment as a step for their advancement to the global market, the cap should be relaxed to ensure their global competitiveness," he said.
Hsieh said he would encourage local banks to establish branches in China on condition that both sides of the strait complete negotiations to establish a system for financial supervision and management so that financial supervisory agencies can exercise their right of jurisdiction.
This would ensure effective supervision and management of such branch operations, he said.
"With increasing Taiwanese investment in China, there is an enormous demand for financial services. Local banks should be allowed to seize the huge business opportunities," Hsieh said.
While advocating a more liberal and flexible approach to managing Taiwan's investment in China, Hsieh also suggested opening the country to Chinese capital.
"China's banks should be allowed to set up offices in Taiwan and then regulations should be gradually relaxed to allow Chinese banks to set up branches or sub-branches," Hsieh said.
He also proposed allowing Chinese businessmen to invest in Taiwan, with the exception of investments in residential property, agriculture and high-tech industries.
He also proposed allowing more Chinese tourists to visit Taiwan, with the ultimate aim of increasing their numbers to 3,000 a day.
Hsieh said that the so-called "92 consensus," embraced by his Chinese Nationalist Party (KMT) counterpart Ma Ying-jeou (
What both sides of the strait need is consensus about "time" and "procedure," Hsieh said.
"We should have a consensus that it might take about 10 to 20 years, or even longer, for both sides to resolve disagreements, enhance mutual understanding and reach a consensus that the solution to cross-strait relations must conform to the choice of the 23 million people of Taiwan," Hsieh said.
TYPHOON: The storm’s path indicates a high possibility of Krathon making landfall in Pingtung County, depending on when the storm turns north, the CWA said Typhoon Krathon is strengthening and is more likely to make landfall in Taiwan, the Central Weather Administration (CWA) said in a forecast released yesterday afternoon. As of 2pm yesterday, the CWA’s updated sea warning for Krathon showed that the storm was about 430km southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point. It was moving in west-northwest at 9kph, with maximum sustained winds of 119kph and gusts of up to 155kph, CWA data showed. Krathon is expected to move further west before turning north tomorrow, CWA forecaster Wu Wan-hua (伍婉華) said. The CWA’s latest forecast and other countries’ projections of the storm’s path indicate a higher
SLOW-MOVING STORM: The typhoon has started moving north, but at a very slow pace, adding uncertainty to the extent of its impact on the nation Work and classes have been canceled across the nation today because of Typhoon Krathon, with residents in the south advised to brace for winds that could reach force 17 on the Beaufort scale as the Central Weather Administration (CWA) forecast that the storm would make landfall there. Force 17 wind with speeds of 56.1 to 61.2 meters per second, the highest number on the Beaufort scale, rarely occur and could cause serious damage. Krathon could be the second typhoon to land in southwestern Taiwan, following typhoon Elsie in 1996, CWA records showed. As of 8pm yesterday, the typhoon’s center was 180km
TYPHOON DAY: Taitung, Pingtung, Tainan, Chiayi, Hualien and Kaohsiung canceled work and classes today. The storm is to start moving north this afternoon The outer rim of Typhoon Krathon made landfall in Taitung County and the Hengchun Peninsula (恆春半島) at about noon yesterday, the Central Weather Administration (CWA) said, adding that the eye of the storm was expected to hit land tomorrow. The CWA at 2:30pm yesterday issued a land alert for Krathon after issuing a sea alert on Sunday. It also expanded the scope of the sea alert to include waters north of Taiwan Strait, in addition to its south, from the Bashi Channel to the Pratas Islands (Dongsha Islands, 東沙群島). As of 6pm yesterday, the typhoon’s center was 160km south of
STILL DANGEROUS: The typhoon was expected to weaken, but it would still maintain its structure, with high winds and heavy rain, the weather agency said One person had died amid heavy winds and rain brought by Typhoon Krathon, while 70 were injured and two people were unaccounted for, the Central Emergency Operation Center said yesterday, while work and classes have been canceled nationwide today for the second day. The Hualien County Fire Department said that a man in his 70s had fallen to his death at about 11am on Tuesday while trimming a tree at his home in Shoufeng Township (壽豐). Meanwhile, the Yunlin County Fire Department received a report of a person falling into the sea at about 1pm on Tuesday, but had to suspend search-and-rescue
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