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May 27, 2017

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Taiwan considers excluding banks from agreement with China: Duh

TAIPEI -- Taiwan is mulling taking out the banking sector from the long-stalled trade-in-services agreement with China and allowing further opening of banking industries across the Taiwan Strait, Economics Minister Duh Tyzz-jiun (杜紫軍) said Tuesday.

Asked if the banking sector can be opened before the agreement takes effect — an unknown point in time because the services pact is still awaiting endorsement from legislators — Duh told Hit FM radio station that Taiwan's top financial regulator, the Financial Supervisory Commission (金管會), is examining the possibility of doing so.

Dealing with banking industries separately from the rest of the agreement is not impossible as long as China agrees, according to Duh.

Many Taiwanese banking service providers are anxious to increase their presence in China since the controversial services pact has been stalled in the Legislature.

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