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TAIPEI: Taiwan will strive for preferential status for its banks in upcoming trade talks with China, a report said Monday, after China's Premier Wen Jiabao pledged to cement cross-strait ties.
The government hopes such a move would let any individual Taiwanese bank to buy up 30 per cent of any Chinese lender, as opposed to the current 20 per cent ceiling China imposes of foreign investors, the Commercial Times said.
It said Taiwan also hopes its banks will be allowed to open branches as soon as they enter the mainland market, instead of having following the prerequisite that foreign banks have to first open representative offices for two years.
The island's Financial Supervisory Commission regulator was not immediately available for comment on the report.
During a press conference at the end of China's annual session of parliament Sunday, Wen hailed the fast warming ties with Taiwan and guaranteed Beijing would "grant benefits" to Taipei in the coming trade talks.
Taiwanese officials have said they aim to hold the second round of formal trade talks with China this month to exchange lists of industries that will be entitled to a preferential status in tariffs and investments.
Taiwan and China held their first round of formal talks in January in Beijing to decide on procedural issues.
The island's government hopes the discussions will result in the Economic Cooperation Framework Agreement, which it said could lift growth and boost employment.
But the opposition Democratic Progressive Party strongly opposes the pact, saying it would demote Taiwan to the status of a local government in future talks.
- AFP/sc
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