The sixth Cross-strait Business Forum is under way in Taipei with financial reforms as this year’s theme.
Speaking at the opening ceremony, Taiwan’s Financial Supervisory Commission Chairman, Tseng Ming-chung, said Taiwan’s finance industry is facing three trends. The latest trends are the arrival of the age of the Asian economy, the digital era, and the relaxation of a globalized market.
Tseng said his commission has taken several steps to cope with the trends, including helping the finance industry make inroads into Asia.
“I ask all financial institutions including banks, securities firms and insurance companies to go all-out to branch out into Asia," said Tseng.
"Of course, China is the focus. Besides China, other target areas include India, Indonesia and Southeast Asia.”
Meanwhile, Beijing University economist Zhang Zheng said China has recently given the green light for the establishment of three commercial banks. Therefore, Zhang said China is pushing for reforms on the internationalization of its currency RMB, cross-strait financial ties and market-driven interest rates.