Breaking News, World News and Taiwan News.

Updated Thursday, December 30, 2010 11:12 am TWN, The China Post news staff

Sponsors
▪	Save 75% for all hotels in Shanghai, Beijing and whole China. Lowest rates for Flights in China.
▪	Get the best deals for Guangzhou Hotels or choose from more than 10,000 hotels in 499 Chinese cities.
▪	Find great real time deals on China Flights. Book flights to China or China domestic flights 24/7.
▪	Buy china wholesale products from reliable chinese wholesalers on DHgate.com!

China to open six new service sectors to Taiwan

TAIPEI, Taiwan — Starting Jan.1, six more mainland service industries, namely design, medical, aircraft maintenance, banking, securities and insurance, will open to Taiwanese companies, the Xinhua News Agency reported yesterday, citing Yang Yi, spokesman of the Chinese State Council's Taiwan Affairs Office, who spoke at a routine press conference held in Beijing.

The six industries were among the 11 service sectors that mainland China has promised to open to Taiwanese firms, which were listed in the early harvest program of the cross-strait economic cooperation and framework agreement (ECFA).

Five service sectors were already opened to Taiwanese companies, including accounting, computer services, conference-providing services, research and development, and film.

In response, Vice Economic Minister Liang Kuo-hsin said that Taiwan will also open four service sectors to mainland Chinese firms, with the opening to kick off soon after both sides revise relevant rules and regulations.

Liang said that his ministry has yet to receive official confirmation from Beijing concerning the opening of the six service sectors to Taiwan. Based on the Xinhua News report, Liang said, mainland China should have completed internal preparations for the opening of the six service sectors.

Also starting Jan. 1, mainland China will reduce tariffs on imports of 539 Taiwan products, and the total amount of tariff reductions on the products is estimated to reach US$472 million, which was calculated based on the imports of the products in 2009.

Taiwan has agreed to reduce duties on 267 items imported from the mainland.

The implementation of the early harvest program is only the first step in implementing the ECFA. As negotiations continue, cross-strait trade will increase and even more people will benefit. Under the agreement, the two sides will continue to discuss agreements on commodities trade, services trade and investment.

Also yesterday, Taiwan's Vice President Vincent Siew said at a forum on cross-strait economic and trade development in the post-ECFA era that signing the ECFA is of great significance to Taiwan, as it is pivotal for Taiwan to develop its global economic interests and terminate cross-strait political struggles.

Siew said that both sides will move to set up cross-strait economic cooperation councils to proceed with negotiations on commodity trade, services trade, investment protection and the settlement of disputes, so as to effectively expand trade and investment exchanges across the Taiwan Strait.

Subscribe to The China Post and save 25%. Click here