Regular talks on cross-Straits bank supervision
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The mainland and Taiwan usually send authorized organizations, the Association for Relations Across the Taiwan Straits (ARATS) and the Straits Exchange Foundation (SEF), to negotiate cross-Strait issues, including signing the cross-Strait Economic Cooperation Framework Agreement (ECFA).
The Chinese mainland and Taiwan signed a cross-Strait Financial Cooperation Agreement and a Memorandum of Understanding (MOU) on Cross-Strait Banking Supervision Cooperation in 2009. After the landmark ECFA signed last year, the mainland has approved nine banks from Taiwan to establish branches on the mainland, and six of them have already become operational.
In Taiwan, four banks from the mainland have been approved to establish offices, while more mainland banks are eager to enter the island for financing and trading. Commercial banks from both sides are ready to begin offering financial services for individuals and businesses.
"The two regulatory bodies are like referees," said Fan Wenzhong. "When the players are ready to enter the arena but the referees have not communicated for standardized rules, there will be a lot of risks if the game starts."
The arrival of mainland's banking regulator delegation headed by Liu Mingkang has aroused rising expectations among bankers on both sides that the top negotiators could officially announce approval for Taiwan's banks to conduct Renminbi business in the mainland as well as other good news for mainland banks in Taiwan.
However, except for a warm and friendly atmosphere as well as strong confidence to a promising cross-Strait financial cooperation and market, the two spokesmen from both sides did not give any concrete details and results of the press concerned issues.
"The press should have more patience," Fan said. "I think the establishment of a cooperation mechanism is more important since it will be an essential platform for both sides to tackle other detailed problems."
"Today's meeting is a hard-won yet good start for banking regulatory agencies of the mainland and Taiwan, and we will keep the press informed for any new information in the upcoming days of our visit," Fan said.
According to the mainland delegation's schedule, it will continue talks with Taiwan's banking regulatory agency from Tuesday to Thursday.
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