| Taiwanese Entrepreneur Calls for Taiwanese Authorities to Ease Restriction on Cross-Strait Financial Cooperation |
| Monday,September 10,2007 Posted: 13:26 BJT(0526 GMT) Xinhua |
During the Cross-Strait Economic Cooperation Development Forum on September 7, Yan wenxi, Director General of the Taiwan Chamber of Commerce and Industry made an appeal to Taiwanese authorities to lift restrictions on financial cooperation cross the Taiwan Strait by allowing Taiwanese banks to set up branches and business outlets in the mainland to service Taiwanese enterprises operating in the mainland and to provide funding for them. Mr. Yan said that allowing Taiwanese banks to set up branches and business outlets in the mainland will accelerate Taiwanese enterprises’ cash flow and improve their competitiveness and operating results, and it will also enable Taiwanese banks to benefit from the rapid economic growth in the mainland by expanding their operating scale and improving their international competitiveness. Under the current rules of Taiwanese authorities, a Taiwanese enterprise’s investment in the mainland must not exceed 40% of its net value, hampering the cash flow to the mainland. Mr. Yan points out that Taiwanese business people experience significant funding difficulty in the mainland because Taiwanese financial institutions are not allowed to operate in the mainland, thereby unable to provide RMB working capital for mainland-based Taiwanese enterprises. Taiwanese business people in the mainland also have insufficient credit guarantee and inadequate understanding of the mainland’s financial policies. |
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