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Asia-PacificJanuary 31 2011

Taiwan and China edge ever closer

A new agreement between Taiwan and mainland China has begun to open up the financial markets to each country's banks. And with domestic growth slowing in Taiwan, its banks are now looking to expand their operations by targeting the many Taiwanese businesses that have become established in China's provinces.
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Taiwan and China edge ever closerBilateral memorandums of understanding were signed last year between Taiwanese and Chinese regulators

After many years of waiting, the gap between Taiwanese investment into China and the absence of Taiwan's banks on the mainland has narrowed.

Following years of political deadlock, the door was opened in November 2009 with the signing of bilateral memorandums of understanding between Taiwanese and Chinese financial regulators, which paved the way for supervision in the banking, insurance and securities sectors.

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