Taiwan asks state banks to ‘appropriately deal with’ China publicity | Enterprise and Economic system
Finance Minister Su Jain-rong makes remarks in response to query about dangers of investing in China.
Taiwan has requested state-owned banks to “appropriately deal with” their publicity to China, Finance Minister Su Jain-rong has mentioned, amid commerce and political tensions between Taipei and Beijing.
Taiwan’s monetary regulator mentioned final month that Taiwanese banks’ publicity to China had hit their lowest-ever stage, at a time when China has been pressuring the self-ruled island militarily and diplomatically to simply accept Beijing’s sovereignty.
Requested by a legislator at a parliamentary session on Monday whether or not state-owned banks must be reexamining their funding dangers in China, Su mentioned: “State-owned banks have already been required to actively deal with their China publicity appropriately.”
Taiwan’s large state-owned banks embody Financial institution of Taiwan, Taiwan Cooperative Financial institution Ltd, and Land Financial institution of Taiwan Co Ltd.
Taiwan complained final week that China has banned extra Taiwanese meals and beverage imports in what the federal government says is a part of a stress marketing campaign by Beijing focusing on the Taiwanese meals, agriculture and aquatic sectors.
Agriculture and foods and drinks manufacturing aren’t vital components of Taiwan’s semiconductor-oriented economy.
However the farming and fishing group is essentially primarily based in components of the island that historically assist the ruling Democratic Progressive Get together, particularly in southern Taiwan.
Su mentioned the impact on the alcoholic drinks sector from the most recent Chinese language ban was “not unhealthy”, placing the worth of the affected exports at about 1 billion New Taiwan {dollars} ($32.55m).
