Economic Coordination

Posted by laurapayne on May 21, 2014 in News |

Economic coordination on both sides of the Taiwan Street the former Vice President of the Republic of China (Taiwan), Vincent C. Siew explained that it is essential that Taiwan was from more free trade agreements, and wide participation in regional economic integration, so that Taipei and Beijing could solidify mutual trust, which would lead to more interaction. According to Siew, both Taiwan and mainland China would be under pressure to upgrade their industries. While Taipei and Beijing have signed 19 agreements, there is still a great challenge to initiate more cooperation. “Siew, a long-time civil servant with extensive business experience, made these remarks at an opening ceremony of a cross-strait business leaders’ Summit” in Nanjing, mainland China. The two-day event attracted hundreds of officials and business leaders on both sides.

Among them were Chiang Pin-kung, Chairman of Taiwan the third Wednesday Club”and the former head of Taiwan’s Straits Exchange Foundation and Yu Zhengsheng, Chairman of the mainland-Chinese National Committee of the Chinese people’s political consultative conference. The lack of coordination between Taipei and Beijing regarding economic strategic development and governance undermines the synergy and in some cases leads to negative results. As a result of the differences in the institutional framework and regulations on both sides, remains a big gap between the expectations of the private sector and the reality in relation to market access. Over the years, have developed the industries in mainland China more competitive than complementary and result in double investment and a huge waste of raw materials. The huge gap between Taiwan’s and mainland China’s economy makes it difficult the free flow of capital, talent and technology to each side of the Taiwan Strait. The former Vice President expected that the meeting will serve as a platform for the private sector to enable strategic collaborations. So that both sides would be helped to meet their specific challenges, and to strengthen the breadth and depth of relations to each side of the Taiwan Strait. To belong also the creation of new models for industrial cooperation, the provision of design proposals, and enhancing collaboration for small and medium-sized enterprises. Siew urged an accelerated introduction of the cross-strait trade in services agreement”, and to settle on negotiating a goods trade agreement and a mechanism to trade disputes. Just as a solid base could be created for the promotion of free trade and for more business cooperation.

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