Taiwan Government: Equality Key To China Financial MOU
TAIPEI -(Dow Jones)- Equality is key to the long-delayed signing of a
financial memorandum of understanding between Taiwan and China, Taiwan
government officials said Friday.
Taiwan's Financial Supervisory Commission will sign the MOU with its China
counterpart, the China Banking Regulatory Commission, FSC Chairman Sean Chen
said after briefing lawmakers on the progress of the non-binding MOU, but he
didn't provide a time frame.
"The (Taiwan) government will handle the MOU under the principles of equality
and dignity," Mainland Affairs Council Chairwoman Lai Shin-Yuan told reporters
before the briefing. "The date, venue (of the signing of the MOU) are not an
issue."
Taiwan government officials recently said the signing of the MOU would take
place before the end of the year, after an earlier mid-year target failed to
materialize. The officials didn't disclose the reasons behind the delay.
The MOU on two-way financial supervision, which will pave the way for Taiwan
and China to open their financial sectors to banks, insurance and brokerages
from the other side of the Taiwan Strait, doesn't include the extent to which
they will open their markets to each other. Taiwan plans to discuss and agree on
the market access issue under a planned economic cooperation framework pact with
China.
-By Crystal Hsu and Perris Lee Choon Siong, Dow Jones Newswires; +8862-2502-
2557; perris.lee@dowjones.com
(END) Dow Jones Newswires
11-13-090103ET
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