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More vigorous financial cooperation between Tianjin and Taiwan

By Li Yang and Wang Yu (China Daily Tianjin Bureau)
Updated: 2009-08-04 16:04

Tianjin: Vigorous cross-strait financial cooperation is expected to gain momentum, it was revealed at a financial symposium held on July 30 in Tianjin.

"The ever-enhancing communication between Tianjin and Taiwan has facilitated further financial cooperation between us," Cui Jindu, vice-mayor of Tianjin, said at the "2nd Tianjin-Taiwan Financial Cooperation Symposium", which opened July 29. The conference is expected to further promote economic interactions between Tianjin and Taiwan.

"Many Taiwan financial institutes have begun to operate in Tianjin, and their interactions with local institutions have benefited not only their own development, but also the financial industry in Tianjin," Cui added.

Attended by more than 100 financial professionals, the symposium was part of a three-day cross-strait economic talk. More than 470 representatives from Taiwan arrived in Tianjin on July 28 to participate in the conference.

Taiwan has a longer history than the mainland in financial industry development, having launched its first stock market in 1962. Cui believes the combination of Taiwan's rich experience and Tianjin's rapid growth laid a solid foundation for Tianjin-Taiwan financial cooperation.

In recent years, Tianjin has made an effective effort in perfecting its financial establishment and exploring new opportunities, and the coastal municipality is now pinpointed to be China's new financial centre.

Cui used the example of the recently-established Tianjin International Economic and Financial Arbitration Centre, which is the first of its kind on the mainland, to illustrate the progress that Tianjin has made toward building a "complete and effective financial system".

The Tianjin Binhai New Area (BNA), which leads the city in economic growth with a year-on-year GDP growth rate of 23% for the first half of the year, will be hosting many of the newly-signed cross-strait projects. Cui labeled the BNA financial district as "different from all the other financial districts on the mainland".

The BNA Yu Jiapu CBD has become another hot spot for many Taiwan investors, designed to be an all-in-one commercial and business zone providing clients with a complete list of functions ranging from business, conference and exchange market to retail, hotel and tourism. It will provide services in areas such as market, exhibition, finance, financial training and business.

Taiwan representatives also expressed their high expectations for Tianjin-Taiwan financial cooperation, believing a combination of Tianjin's rapid economic development and Taiwan's financial expertise will create a win-win collaboration benefitting both parties. Lin Xiaoda, chairman of Polaris Securities Co Ltd, suggested measures such as establishing branch institutes, due to the lack of a cross-strait financial MOU, to enhance mutual understanding and lay the foundation for future collaboration.

On July 30, the Tianjin Municipal Government released its new ten-point stimulus policy aimed at encouraging Taiwan investors to invest in Tianjin, with key points including favorable policies in finance, investment and distribution and potential plans to establish a "Taiwan Industry Area". The new policy is expected to largely boost cross-strait economic interaction.

The "2nd Tianjin-Taiwan Financial Communication and Cooperation Symposium" will have a profound impact on the future of Tianjin-Taiwan economic cooperation due to the growing importance of financial industries, Cui said. "I hope with the consensus we have reached on this symposium we will see a more flourishing financial collaboration between Tianjin and Taiwan in the near future," he said.