Premier Sean Chen stated today that the government must press forward with the work of economic development despite a motion by opposition legislators for a no-confidence vote against the Cabinet. While the premier's status may be up in the air, Taiwan's economy cannot be put on hold, he said.
Speaking at a symposium on financial services across the Taiwan Strait, Premier Chen pointed out that Taiwan already signed a currency clearance agreement last month with mainland China, and that the Financial Supervisory Commission (FSC) has proposed plans for developing financial businesses "with cross-strait characteristics." The government is responsible for creating a favorable environment where companies can cooperate with their mainland counterparts and provide cross-strait financial services without hindrance, he added.
The Executive Yuan's latest economic stimulus plan specifically mentions this idea as a means for spurring sustainable financial growth, the premier remarked. Under an initiative on industrial restructuring, the plan lays out measures for developing financial businesses with cross-strait characteristics and building a Taiwan-centric wealth management platform for local residents.
Efforts to develop cross-strait financial services began as early as April 2009 with the signing of the cross-strait Financial Cooperation Agreement. It was further consolidated in June 2010 with the inking of the Cross-Straits Economic Cooperation Framework Agreement, which allowed Taiwanese banks and insurance companies to set up offices on the Chinese mainland.
Premier Chen also expressed his appreciation to the FSC, the Central Bank of the ROC (Taiwan) and the Mainland Affairs Council for their endeavors in this area.