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US$3.7b loan to help Taiwan-funded firms
China Development Bank has agreed to provide up to 30 billion yuan (US$3.7 billion) in loans within five years to fund Taiwan-invested companies on the mainland.
The agreement is a good news for Taiwan investors, who are thirsty for capital to fund business expansion on the mainland, said Jay Shane, managing director of the Hangzhou-based Huatong Industries Inc. "We hope to enjoy better services from mainland banks," he said. A healthy development of firms invested by Taiwan compatriots on the mainland benefits China's reunification effort, he added. Chen Yunlin, minister of the Taiwan Affairs Office, said cross-Straits economic co-operation has developed rapidly in recent years thanks to the joint efforts of both sides of the Straits. By the end of June, the mainland had approved 66,028 Taiwan-invested firms, involving contracted investment of US$84.1 billion and actual investment of US$40.7 billion. By that time, cross-Straits trade volume had reached US$445.6 billion, with
Taiwan's exports to the mainland hitting US$372.7 billion.
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