Taiwan's top financial regulator has proposed that Taiwan banks should be allowed to invest in their Chinese counterparts as a way to gain access to a market denied them by political differences, newspapers reported on Sunday.
The Economic Daily News quoted Kong Jaw-sheng, chairman of the Financial Supervisory Commission, as saying on Saturday that it was already too late for Taiwan banks to open branches in the mainland, and that the government should no longer drag its feet on letting its banks go to China.
It was not clear whether Premier Frank Hsien would give a go-ahead. Officials were not available for comment.
Seven Taiwan banks have been waiting for approval to open branches in China. Chinese banks also want to set up operations in Taiwan.
But Taiwan says a mechanism must be established where Taiwan regulators can effectively monitor the activity of their banks in China. The mainland says anything can be discussed, as long as Taiwan first accepts Beijing's "One-China" policy.
China claims self-ruled Taiwan as its own and has threatened to bring it to the fold, by force if necessary. Taiwan has resisted.
Despite an often testy political relationship between Taiwan and China, split since a civil war ended in 1949, bilateral trade, investment and tourism have flourished.
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