China, Taiwan to sign financial accord next year

“The signing of a memorandum of understanding will open up many opportunities for Taiwanese financial institutions to expand businesses on the mainland,” she said yesterday. Chang, who also heads Taiwan’s Bankers Association, was formerly a vice chairman of the Financial Supervisory Commission.

The agreement will pave the way for Taiwan’s banks and brokerages to set up units in China, upgrade their representative offices to branches and invest in mainland banks, Chang said in Beijing, where she is attending a financial forum on ties across the Taiwan Strait organized by the People’s Bank of China.

China is “supportive” of Taiwan’s banks expanding on the mainland, Han Mingzhi, director of the China Banking Regulatory Commission’s international department, said yesterday. Han also urged Taiwan to revise “restrictive” terms on mainland banks investing in Taiwan.

China and Taiwan are expected to meet early next year for another round of negotiations. Chen Yunlin, China’s top envoy to Taiwan, met with Taiwan’s president, Ma Ying-jeou, during a five- day visit from Nov. 3 and signed agreements to establish 108 weekly direct flights across the Taiwan Strait. They also agreed on shipping and postal links.

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