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Ex-premier addresses cross-strait financial forum in Beijing

TAIPEI, Taiwan -- Former Premier Sean Chen highlighted the possibility of mainland China's further easing of exchange-rate policy in his opening address at a major cross-strait financial forum in Beijing, yesterday.

As the mainland marks the 10th anniversary of its exchange-rate policy reform next year, the issue of further relaxation will be a major topic, Chen said at a forum for financial officials from Taiwan, mainland China, Hong Kong and Macau held by the newspaper Hong Kong Economic Times.

Cross-strait financial cooperation is not a zero sum game but a “version 3.0 of the Rabbit and Turtle Race” in which all competitors work together to achieve a win-win situation, Chen said. In the third version of Aesop's famous fable, Chen explained, the turtle shoulders the hare when racing in water and the hare carried the turtle when running in land and the two win the race together. The updated fable is used by experts in business administration to emphasize the importance of strategic alliances, Chen said.

In this new form of cooperation, Chen continued, businesses from both sides don't engage in cutthroat competitions but are understanding of their own advantages, learning from each other and thereby achieving even better results.

The key to cross-strait financial cooperation should be “based on human nature and respecting the ethnical way” of conducting business, Chen said.

Chen also pointed out that the “4 Ps” (Price, Product, Player, Presence) will play important roles in the future of financial liberalization.

Also speaking at the forum, China's new Taiwan Affairs Office (TAO) director, Zhang Zhijun (張志軍), highlighted that the confidence of cross-strait businesses, their mutual trust and their trust in the direction of cross-strait relations are the important fields for improvements in cross-strait economic cooperation.

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