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People's Daily Online>>China Business

Mainland banks to set up branches in Taiwan

By Liu Shiping (People's Daily Overseas Edition)

14:35, February 03, 2012

Edited and translated by People's Daily Online

At the beginning of the Year of the Dragon, the Bank of China and the Bank of Communications obtained the approval for establishing branches in Taiwan from the island's economic administrative departments. Now the opening of the branches waits only for a "finishing touch."

According to the approvalby Taiwan's economic administrative departments, the working capital of the Bank of China’s branch is approximately equivalent to 1.2 billion Taiwan dollars; while that of the Bank of Communications is approximately equivalent to 1.55 billion Taiwan dollars.

Industry insiders estimated that the branches of the two banks are expected to open and start operation in the first half of this year.

According to analysis, after enduring major trials at the beginning of the year, the cross-strait relations are expected to usher in new opportunities in the coming year, take new steps forward, and open new horizons.

"We will accelerate cross-strait financial cooperation, establish cross-strait currency settlement mechanism as soon as possible, and explore cross-strait mutual shareholding and other new forms of cooperation between Taiwan and mainland banks. We will put on key agenda for cross-strait industrial cooperation and strive for breakthrough. We will strengthen communication with relevant departments in Taiwan, and effectively provide necessary environment and conditions for mainland capital to enter the island," Wang Yi, director of Taiwan Affairs Office of CPC Central Committee and Taiwan Affairs Office of the State Council said in the recently published New Year's message.

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