Prelude to MOU Signing Began
(2008/11/06 16:59)
The cross-strait financial summit is seen as the prelude to the signing of Memorandum of Understanding. The MOU is slated for signing next spring. SEF Chairman Jiang Bin-Qun proposed a Greater China Foreign Reserves mechanism to fight the financial crisis, while the Central Bank of China suggested the alliance of strong Asian economies to form a mutual fund program.
Compared to the 1997 Asian financial storm, this year's crisis is much more severe. Strait Exchange Foundation's chair, PK Chiang is concerned about the impact of the global financial crisis on cross-strait economy, stressing the importance of an alliance to counter such storms. Additionally he mentioned an Asian mutual fund system.
There is an ASEAN Plus Three. I'm thinking that it's possible to form a Greater China Bloc by combining China, Taiwan, and Hong Kong, pooling these regions' foreign reserves. I believe this is stabilizing for the economy. Representatives sat in two opposite rows. Taiwan's delegate consisted of Taiwan Bank chairwoman Zhang Xiulian, Financial Supervisory Commission vice chairperson Li Jizhu, among others. China's enjoy constituted Bank of China CEO Li Lihui, Industrial Bank executive, Yang Kaisheng, plus representatives from the Chinese financial supervisory commission and foreign reserve management.
It's expected that the financial circles in Taiwan and China will open doors to each other, while easing restrictions on QDII. Chinese investment in Taiwan will rise from the current 3% to 10%, an increase from NT$33.7 billion to a trillion. �L
We're thrilled to find that Taiwan is gradually opening doors to new financial opportunities. These are news we love to hear.�L
Concurrent with the meeting's progress, Taiwan and China will speed up trade and financial exchanges. The people of Taiwan are hoping that the meeting will be constructive for the country's economy.�L
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