Back to list

Cross-strait financial exchanges unaffected by stalled pact: official

2012/06/21 20:49:36

Taipei, June 21 (CNA) Taiwan and China need more time to hammer out the details of an investment protection agreement, but the delay in negotiations will not affect financial exchanges between the two sides, a Taiwanese financial regulator said Thursday.

The financial exchanges across the Taiwan Strait are based on the bilateral Economic Cooperation Framework Agreement (ECFA) and on a cross-strait banking supervisory framework, said Lee Jih-chu, vice chairwoman of the Financial Supervisory Commission. Therefore, the glitch in the investment agreement negotiations will not have any impact on the exchanges, she added.

A round of high-level talks between Taiwan on China that was scheduled for June 29 has been postponed, reportedly because of differences over the issue of protecting the personal safety of Taiwan businesspeople in China.

Economics Minister Shih Yen-shiang said "the differences are not big," but they arose from to China's recent reform of its criminal law.

The Taiwan government wants to ensure the highest level of protection for Taiwanese businesspeople in China, Shih said.

He also said the two sides are in the final stages of negotiations on the pact and it will be finalized soon.

The negotiations are being led by Taiwan's Straits Exchange Foundation (SEF) Chairman Chiang Pin-kung and his Chinese counterpart, Chen Yunlin, president of the Association for Relations Across the Taiwan Straits (ARATS).

The SEF and ARATS are quasi-official bodies responsible for cross-strait negotiations in the absence of official ties.

(By Wu Chin-chun and Ann Chen)
Enditem /pc