Taiwan officials said yesterday they are preparing to sign a memorandum of agreement on financial supervision with Taiwan, according to an article on cctv.com.
“We are ready to sign the memorandum with Taiwan,” said Yang Yi, a spokesperson for the State Taiwan Affairs Council. “As to the location, time and form of the signing, the Chinese mainland will have no problem.”
Sean King, vice president of Park Strategies, discussed the disconnection between the Taiwan and China economic relationship with CNBC’s Martin Soong and Emily Chan on Oct. 1.
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Sean King, who is leading the public policy firms’ push into Asia, said it is hard for him, or anyone, to predict what the communist leaders in China are thinking. King is heading Park Strategies’ newly opened office in Taipei, Taiwan.
Sean King said Taiwan is interested in getting back on the “world stage,” and hope to do so by striking free-trade agreements with China.
China and Taiwan have already established deals to expand tourism and transportation links.
Sean King referenced a recent poll that showed 60 percent of Taiwanese support a free-trade agreement with China.
“They all support the economic openings but for them, that’s where it stops,” King said. “For the Chinese leaders, that’s where it starts and that’s where the disconnect happens. They are really talking different languages past each other.”
After the Financial Service memorandum is settled, negotiations are expected to begin in December on the Economic Cooperation and Framework Agreement. That would form a free-trade agreement area.
“Like it or not, the fact is that the world’s supply chain and economy goes through southeastern China today,” King said. “So, if you’re not there you are missing out on the world. That’s why Taiwan wants this.”