Taipei is planning to allow Chinese nationals to open accounts with the offshore securities units of Taiwanese brokerage firms while traveling in Taiwan and buy shares on the nation’s stock exchange, Financial Supervisory Commission Chairman William Tseng (曾銘宗) said yesterday.
“When Chinese visit Taiwan, they will be able to not only buy local pineapple cakes, but also buy local shares by opening accounts in Taiwan,” Tseng said.
Taiwan does not need to consult with China on the matter, he said, adding that Taiwanese nationals can also open accounts to buy shares when traveling overseas without restriction.
Photo: CNA
Taiwan opened its stock market to Chinese qualified domestic institutional investors in 2010, and the new measure will allow individuals to invest in Taiwan’s stock exchange as well.
Tseng said the government still has to work out eligibility requirements, the amount Chinese visitors will be allowed to invest and other details before the plan takes effect.
Opening accounts in Taiwan through financial services providers’ offshore units will have to be convenient for the plan to succeed, Tseng said, adding that the government must also figure out how to cooperate with travel agencies help to prevent money laundering.
“We need to draw up complementary measures,” he said.
Tseng said that liberalization is a trend, and the government cannot allow Taiwanese to buy shares overseas without allowing foreign nationals to buy stocks in Taiwan.
The commission also said that with the cross-strait service trade agreement being stalled in the legislature, is making it harder for financial institutions to expand their businesses into China, and allowing Chinese nationals to buy shares in Taiwan would offset the blow to some extent.
Tseng said individual Chinese investors may be able to buy shares in Taiwan by the end of June or in the third quarter.
Tseng also expects the country’s stock market to stabilize after it suffered a sharp decline, along with other markets around the world, on Tuesday.
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