MOUs on three financial sectors to be inked: FSC

Chen made the remarks in response to press reports that Taiwan and China might sign the MOU for cooperation on the insurance sector first, and then the other two sectors following an alleged “secret meeting” between Chen and Chairman Wu Dingfu of the China Insurance Regulatory Commission on Wednesday. Wu is in Taipei attending the conference of the International Association of Insurance Supervisors.

Chen denied the alleged “secret meeting” with Wu, saying that he attended the IAIS banquet on Wednesday night to welcome the arrival of over 100 insurance supervisors from the U.S., Australia, New Zealand, Germany and mainland China, among others, including Wu.

The FSC chief said that some news media misleadingly reported that his meeting with Wu bode well that both sides of the strait might sign the MOU on insurance cooperation first. “Such news reports are totally groundless and too imaginary.”

It's impossible for both sides to first sign the insurance cooperation MOU alone, as the MOUs on cross-strait cooperation in the three sectors of banking, insurance and securities should be signed simultaneously, rather than one by one, Chen told reporters.

Chen reiterated that as relevant negotiations are under way and on schedule, the MOUs on financial cooperation across the strait might be signed in July or August. Earlier, Chen said at a legislative session that it's never too late if the MOUs are inked in July.

Meanwhile, a delegation of lawmakers from the finance committee of the Legislative Yuan will visit Beijing and Shanghai July 1-5 to pave the way for the signing of the MOUs on financial cooperation across the Taiwan Strait.

The delegation will be headed by Lawmaker Lai Shyi-bao of the ruling Kuomintang, with members including Vice Finance Minister Tseng Chung-ming, Vice Chairman Wu Dang-chieh of the FSC, and representatives from government-linked banks such as Bank of Taiwan, Land Bank of Taiwan, Taiwan Cooperative Bank and Mega Bank.

Lai told reporters that the delegation will visit the China Banking Regulatory Commission, China Insurance Regulatory Commission, China Securities Regulatory Commission, and major Chinese government-run and private banks to better understand the operations of financial institutions of mainland China, and exchange views on cross-strait financial cooperation and exchange of branch offices on each other's side.

In addition, the delegation will visit the Shanghai Securities Exchange to learn more about its operations.

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