Chinese Mainland Banks Hope to Establish Themselves in Taiwan

Home>>China

Last updated at: (Beijing Time) Saturday, October 19, 2002

Chinese Mainland Banks Hope to Establish Themselves in Taiwan

A senior official with the People's Bank of China (PBOC), the central bank, hoped that Chinese mainland banks could establish themselves in Taiwan as soon as possible.

DISCUSSION

CHINESE

SEND TO FRIEND

A senior official with the People's Bank of China (PBOC), the central bank, hoped that Chinese mainland banks could establish themselves in Taiwan as soon as possible.

He Jianxiong, deputy head of the international business department under the PBOC, told a conference held in Beijing on Friday that the central bank has received applications from several commercial banks here wishing to set up offices in Taiwan.

The PBOC hoped that the relevant departments in Taiwan would consider the matter, he said.

It is the policy of the central bank to welcome the establishment of banks from Taiwan on the Chinese mainland, he said, adding that this has always been the policy of the PBOC.

Since last year, eight banks in Taiwan have applied to the PBOCfor setting up representative offices in Beijing and Shanghai, of which four have already received approval.

The PBOC also allows banks in Taiwan to hold shares of commercial banks on the Chinese mainland. Regulations on this issue are currently being drafted.

Commercial banks across the Straits established direct remittance in September 2002, a step widely regarded as essential to banking cooperation across the Straits.

Banks across the Straits have long been banned from developing direct business exchanges and establishing local affiliates.

Questions?Comments? Click here

Cross-Strait Exchanges must Be Treated as Domestic Affair: Spokesman

Popular Will to Realize 'Three Direct Links' Irresistible: Signed Article

Taiwanese Businesses Press for Direct Links

Why US Congress Grants Bush War Authority ( 9 Messages)

Jiang Expects In-depth Discussion with US President ( 8 Messages)

China's Automaker Invests in GM-Daewoo Joint Venture ( 10 Messages)

At least 182 Dead in Indonesian Island Blast: President ( 26 Messages)

HKSAR Expected to Have World-class University in Five Years ( 11 Messages)