A senior official with the People's Bank of China (PBOC), the central bank, hoped that Chinese mainland banks could establish themselves in Taiwan as soon as possible.
He Jianxiong, deputy head of the international business department under the PBOC, told a conference held here on Friday that the central bank has received applications from several commercial banks here wishing to set up offices in Taiwan.
The PBOC hoped that the relevant departments in Taiwan would consider the matter, he said.
It is the policy of the central bank to welcome the establishment of banks from Taiwan on the Chinese mainland, he said, adding that this has always been the policy of the PBOC.
Since last year, eight banks in Taiwan have applied to the PBOC for setting up representative offices in Beijing and Shanghai, of which four have already received approval.
The PBOC also allows banks in Taiwan to hold shares of commercial banks on the Chinese mainland. Regulations on this issue are currently being drafted.
Commercial banks across the Straits established direct remittance in September 2002, a step widely regarded as essential to banking cooperation across the Straits.
Banks across the Straits have long been banned from developing direct business exchanges and establishing local affiliates.
(Xinhua News Agency October 18, 2002)
