Mainland, Taiwan eye financial cooperation
Source: Xinhua |
January 18, 2010, Monday
|
Print Edition
Print Edition
A memorandum of understanding signed by the financial regulatory authorities of the Chinese mainland and Taiwan took effect on Saturday, paving the way for financial cooperation across the Taiwan Strait.
The MOU focuses on supervisory cooperation in banking, securities, futures and insurance. It provides for thresholds and preferential policies for both sides to enter each other's market.
The MOU is expected to help create new bank branches, stake subscription and acquisition opportunities for investors from both sides in each other's market.
It also allows seven Taiwan bank offices on the mainland to upgrade to branches. They have operated on the mainland for more than two years.
Many mainland banks also plan to open branches in Taiwan, including the Bank of China, the Industrial and Commercial Bank of China, China Construction Bank and China Merchants Bank, according to the Taiwan authorities.
Zhao Rong, a BOC spokeswoman, said the bank had already completed the preparatory work for establishing its Taiwan branch. The bank would submit its application documents as soon as detailed regulations regarding financial cooperation between the mainland and Taiwan are unveiled, Zhao said.
The Taiwan authorities also relaxed requirements for mainlanders to invest in Taiwan's stock market. For the initial stage, the aggregate ceiling capital for investments in Taiwan's stock market by the mainland's qualified domestic institutional investors should not exceed US$500 million, the Taiwan authorities said on Friday.
The MOU focuses on supervisory cooperation in banking, securities, futures and insurance. It provides for thresholds and preferential policies for both sides to enter each other's market.
The MOU is expected to help create new bank branches, stake subscription and acquisition opportunities for investors from both sides in each other's market.
It also allows seven Taiwan bank offices on the mainland to upgrade to branches. They have operated on the mainland for more than two years.
Many mainland banks also plan to open branches in Taiwan, including the Bank of China, the Industrial and Commercial Bank of China, China Construction Bank and China Merchants Bank, according to the Taiwan authorities.
Zhao Rong, a BOC spokeswoman, said the bank had already completed the preparatory work for establishing its Taiwan branch. The bank would submit its application documents as soon as detailed regulations regarding financial cooperation between the mainland and Taiwan are unveiled, Zhao said.
The Taiwan authorities also relaxed requirements for mainlanders to invest in Taiwan's stock market. For the initial stage, the aggregate ceiling capital for investments in Taiwan's stock market by the mainland's qualified domestic institutional investors should not exceed US$500 million, the Taiwan authorities said on Friday.
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