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China's central bank said Wednesday it has given approval to four domestic commercial banks to open representative offices in Taiwan.
While the four banks - China Merchants Bank, Shanghai Pudong Development Bank, the Industrial Bank and ICBC (Asia) Ltd - won't be allowed to conduct business, they can conduct research and collect information.
However, authorities in Taiwan Province have yet to give the green signal to the banks.
Liu Tinghuan, vice governor of the , made the announcement at a conference in Taipei, saying the central government was awaiting a response on the decision from authorities in Taiwan.
Taiwanese officials had no immediate comment on Liu's remarks.
Industry insiders said that increasingly active business ties between the Chinese mainland and the island province is luring commercial lenders on both sides of the Taiwan Straits to try and penetrate into each other's market.
In early 2002, regulators on both sides allowed several Taiwan banks, including the United World Chinese Commercial Bank and Chang Hwa Bank, to set up representative offices on the Chinese mainland.
Taiwan is the mainland's fourth-largest trading partner, with trade value between the two economies reaching US$44.6 billion last year, according to the Ministry of Commerce.
Now, any banking business, except for remittance, between Taiwan banks and mainland clients has to be done via a third financial institution outside the mainland.
(Shanghai Daily November 6, 2003)
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