Mainland, Taiwan sign financial deal
26-04-2009
Envoys from the mainland and Taiwan have signed a series of landmark agreements laying the groundwork for a flood of financial services investment to flow across the Taiwan Strait.
The centerpiece of the latest round of cross-strait negotiations - the third in a year - is an agreement setting up a regulatory framework for financial services firms on both sides of the Taiwan Strait to invest and do business in each others' markets.
The two sides also agreed to gradually establish a clearing system between the Taiwan dollar and the yuan; and increase the number of direct cross straits flights from 108 to 270 a week.
The mainland's top Taiwan negotiator, Chen Yunlin, also agreed to set up a comunication mechanism between the two sides, during talks in Nanjing with his Taiwanese counterpart Chiang Pin-Kung.
The negotiators also agreed to crack down on major crimes such as kidnapping and human trafficking as well as economic crimes involving money laundering and fraud.
