Taiwan financial sector eyes mainland market

TAIPEI - Members of Taiwan's financial industry on Wednesday called for quickened efforts in boosting financial exchanges between the Chinese mainland and Taiwan.

This includes setting up a cross-Strait currency clearing scheme, a move which is significant in facilitating their explorations of the mainland market.

Jia-Dong Shea, chairman of the Taiwan Financial Services Roundtable, an association of the island's financial institutions, said at a seminar that the mainland will remain a major market for Taiwan's financial industry as demand for financial services is sluggish on the island.

Shea expressed the hope that Taiwan and the mainland can quicken follow-up negotiations to their landmark Economic Cooperation Framework Agreement, which has greatly bolstered cross-Strait economic and trade ties since it took effect in September 2010.

He urged both sides to open up their financial markets more for each, a move which he says will facilitate Taiwanese financial providers' efforts to capture mainland opportunities.

Susan S. Chang, chairperson of Bankers Association, told the seminar that, with cross-Strait economic ties becoming even closer and the Renminbi further moving toward internationalization, members of Taiwan's financial industry are likely to be in a better position to embrace the huge mainland market than their rivals.