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Seeking closer Taiwan financial links

SHANGHAI seeks more financial cooperation and exchange with Taiwan, including letting each other set up operations on the other side, Vice Mayor Tu Guangshao said yesterday.

Financial companies from Taiwan are hoping they would be able to upgrade banking and securities representative offices into branches to do business on the Chinese mainland. Taiwan insurers have set up joint ventures in Shanghai.

"A deeper cooperation with Taiwan in the financial industry is part of the means to notch up Shanghai's position as a leading financial center in the world," Tu said during the second Shanghai Financial Forum which ended yesterday in the city.

He said companies from both sides have been visiting and learning from each other.

"The exchanges between the two sides should be strengthened to build up the talent pool. Secondly, we should also speed up letting financial institutions across the strait to set up a foothold in each other's side," Tu said.

"It is a key sign of deeper financial exchange across the strait."

Shea Jia-dong, chairman of Taiwan Financial Services Roundtable, said he has asked for Taiwan banks to be allowed to upgrade their representative offices into bank branches so that they could conduct yuan-backed services and lend to Taiwan-invested companies. Representative offices can only offer liaison services.


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