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Friday July 18, 10:17 PMHong Kong, Taiwan leaders agree to strengthen economic ties
Chiang Pin-kung, chairman of Taiwan's Straits Exchange Foundation and vice-president of the ruling Kuomintang party, said Hong Kong's relationship with Taiwan was not as strong as that with the US and the European Union. "Although Taiwan is Hong Kong's fourth largest business and trading partner, there remains room for their relationship to be strengthened," he said at a press briefing Friday after meeting the city's Chief Executive Donald Tsang. The top negotiator on cross-Strait affairs said he agreed with Tsang that the exchanges between both sides on official and business levels had not been enough. Chiang said Tsang had told him during their meeting that the Hong Kong Trade Development Council would set up an office in Taipei to help Hong Kong businessmen in the island. He also said Tsang had told him that he wanted to see Taiwan set up a business group to support economic ties. Hong Kong is hoping to benefit from the easing of cross-Strait relations after Ma Ying-jeou, of the Beijing-friendly Kuomintang, was elected Taiwan's president earlier this year. Since his election there has been a thaw in ties between Taipei and China, which sees Taiwan as part of its territory awaiting reunification. Relations between the two were more strained under Ma's pro-independence predecessor. As part of Friday's agreement Taiwan will open its domestic market to the listing of Hong Kong exchange-traded funds. It also plans to allow Taiwanese ETFs to list in Hong Kong, according to Taiwanese authorities. Hong Kong-listed companies, except those 20 percent-owned by Chinese investors or based in China, would be able to list in Taiwan. On Thursday Taiwan's cabinet announced that it had lifted restrictions on some local firms investing in the mainland. |
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