Monday saw officials, entrepreneurs, and economists from the Mainland, Taiwan, and Hong Kong gather in Shanghai for a financial forum. It's the first such talks held by the three sides since the signing of a cross-strait financial memorandum of understanding in November.
Forum participants say Shanghai is the center for cross-strait exchange and cooperation. So far, Taiwan has invested in six-thousand projects in Shanghai, for a total of five billion US dollars. With the signing of the memorandum of understanding, they believe three-way cooperation is promising.
Li Yang, Vice President of China Academy of Social Sciences said "We should work on currency cooperation among the mainland, Taiwan and Hong Kong as the next step. We should take advantage of new chances and fully use Shanghai as a platform."
When the financial memorandum of understanding goes into effect in January, financial institutions from Taiwan can open branches on the mainland. The MOU will let mainland banks gradually enter Taiwan's market. Financial insiders from Taiwan say the building of Shanghai as an international financial center creates new opportunity for both sides.
Zhang Xiulian, Chairman of Taiwan Banker Assoc. said "Taiwan and the mainland can fully cooperate in the financial area, bringing into full play their own advantages and building more competitive strengths."
Many financial institutions in Taiwan are now making preparations to enter the mainland market, hoping to win a relaxation in investment conditions at the upcoming cross-strait talks on market entry. They hope to play an active role in Shanghai's financial operations, asset management, and financial services. |
