Taiwan is 'on track' for China financial accords

“We have basically reached a consensus in our negotiations with the mainland on the broad direction of the MOUs,” Lu said by telephone in Taipei yesterday. He said the process hasn't been accelerated because Taiwan's Premier Wu Den-yih has been working on his new Cabinet.

Lu said the aim is to sign the memorandum of understanding, which still needs to be submitted for approval to Taiwan's Cabinet and Mainland Affairs Council, by the end of this year. Taiwan and China are working to sign a MOU to form a supervisory mechanism for financial services companies operating in both markets. The accord would allow more investment in each other's banking, insurance and securities industries, after agreeing on a framework for cooperation on April 26.

Wu named the head of the island's biggest oil company as economics minister as the ruling Kuomintang party seeks to stem fallout from its handling of the deadliest storm in 50 years.

Shih Yen-shiang will take over from Yiin Chii-ming, Wu said at a press conference in Taipei. Wu's predecessor Liu Chao-shiuan stepped down to take responsibility for the government's response to Typhoon Morakot last month.

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