China Offers Taiwan Investors CNY600 Billion in Bank Loans -Xinhua
06/17/2012| 09:14am US/Eastern
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BEIJING--China has pledged CNY600 billion ($95 billion) in bank loans to investors from Taiwan as part of its effort to build stronger ties with the island, the official Xinhua News Agency reported Sunday, citing a senior Chinese official.
The Industrial and Commercial Bank of China (1398.HK, 601398.SH, IDCBY), Bank of China Ltd. (3988.HK, 601988.SH, BACHY), China Construction Bank Corp. (0939.HK, 601939.SH, CICHY) and China Development Bank will provide loans to Taiwan investors on the mainland over the next three to four years, Wang Yi, director of the State Council's Taiwan Affairs Office, said in the report.
Mr. Wang made the announcement at the fourth Straits Forum in China's southeastern coastal city of Xiamen, Xinhua said.
He also unveiled other measures to strengthen the ties between mainland and Taiwan, including expanding rice imports from the island and extending validity of Taiwan residents' entry permit to the mainland from one year to two years.
In a separate Xinhua report on Sunday, China's top political advisor, Jia Qinglin, called for local authorities to speed up the construction of a coastal economic zone near Taiwan, a development which he said will help improve cooperation between the mainland and Taiwan.
Business relationship between Beijing and Taipei have been closer despite diplomatic and military rivals tensions since the end of the Chinese civil war in 1949.
-Write to Liyan Qi at liyan.qi@dowjones.com
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