China announces economic ties with Taiwan

CHINA: The Chinese mainland announced here on Sunday 10 measures of economic cooperation with Taiwan aimed at jointly coping with the global financial crisis.

The measures include the support for the development of Taiwanese-funded companies in the mainland, promotion of two-way investment and so on, said Wang Yi, director of the Taiwan Work Office of the Communist Party of China Central Committee, at the conclusion of the 4th Cross-Straits Economic, Trade and Cultural Forum.

Details about the measures and policies include: To support the development of Taiwanese-funded enterprises on the mainland.

The mainland’s policies for supporting small and medium-sized enterprises (SMEs) also apply to Taiwanese-funded SMEs.

To support Taiwanese-funded enterprises to participate in the mainland’s projects to expand domestic demand.

To improve the financing services for Taiwanese-funded enterprises. The Industry and Commercial Bank of China and Bank of China have recently decided to offer 50 billion yuan (7.3 billion U.S. dollars) each financing Taiwanese-funded enterprises in two to three years, including SMEs. China Development Bank will offer another 30 billion yuan financing Taiwanese-funded enterprises in three years in addition to its previous 30 billion yuan for them.

Other moves include the support for the transformation and upgrading of Taiwanese-funded enterprises on the mainland, to encourage and support their self-renovation, promote cross-Straits two-way investment, beef up industrial cooperation between the mainland and Taiwan, jointly promote the development of flat panel display, explore cross-Straits agricultural cooperation, expand the sales of Taiwan’s fresh farm products on the mainland, and allow Taiwan residents to operate as lawyers on the mainland.

Shanghai, Monday, Xinhua