offer nearly 19 billion dollars in financing to Taiwanese-funded firms on the mainland in another sign of warming ties between the longtime rivals, state media reported Sunday.
The Industry and Commercial Bank of China (ICBC) and the Bank of China will each offer 50 billion yuan (7.3 billion dollars) to Taiwanese-funded businesses, Xinhua said, adding that the China Development Bank will also offer 30 billion yuan.
It is part of a package of measures agreed during a two-day meeting in Shanghai of the Cross-Straits Economic, Trade and Cultural Forum, Xinhua reported, without giving details of the other measures.
The meeting, which finished on Sunday, was attended by Jia Qinglin, the fourth-ranking leader in China's political hierarchy, and Wu Poh-hsiung, chairman of Taiwan's ruling Kuomintang (KMT) party, reports said.
Jia vowed Saturday that China would come to Taiwan's aid if the impact of the global economic crisis worsened, according to Xinhua.
The latest move by China comes after the two sides last week inaugurated direct daily flights and postal and shipping services in a historic move hailed by both sides as cementing a new era in warming ties.
Xinhua quoted Wu as urging the forum to "make up for the time lost in the past."
He said it would also take place again next year and added that he hoped Taiwan's opposition Democratic Progressive Party would be involved next time, according to the report.
Relations between China and Taiwan have improved rapidly since the election in March of Taiwan President Ma Ying-jeou, who has promised closer ties.
His election ended eight years of rule by Chen Shui-bian, whose independence rhetoric inflamed China.
Direct transport was suspended after the two sides split in 1949 following a civil war.
China still regards Taiwan as a renegade province that must eventually come back into Beijing's political fold, by force if necessary, although Ma's election has cooled the atmosphere dramatically.
Chen, who has since been indicted for corruption, had refused the transport links, wary of getting too close to China.
But following Ma's election, top officials from both sides met in Beijing in June for the first direct dialogue between the two parties in 10 years, paving the way for a flurry of steps drawing the two sides closer together.
China to buy Taiwan flat panels to help economy: reportChinese firms will buy two billion dollars' worth of flat-screen monitors from Taiwanese companies to aid the island's economy in the face of the global downturn, state media reported.
Wang Yi, director of the Communist Party's Taiwan Affairs Office, made the announcement at a forum between officials and businessmen from the two sides that ended Sunday, the Xinhua news agency said.
Other measures agreed included a Chinese offer for Taiwanese businesses on the mainland of 19 billion dollars in financing over the next three years, Xinhua said.
The latest move by Beijing comes after the two sides last week inaugurated direct daily flights and postal and shipping services in a historic move hailed by both sides as cementing a new era in warming ties.
Taiwanese flat panel makers reacted positively to the proposed panel deal.
"It's our pleasure to see it as the global market is mired in weakening demand amid the current economic woes," said a spokeswoman for AU Optronics, the world's third biggest liquid crystal display (LCD) maker by revenue after South Korea's Samsung and LG.
Taiwan's LCD industry has been hard hit by a global economic recession. Weakening consumption in the US and Europe, in particular, has been cited as a major cause of falling sales.
AU Optronics posted a 96 percent year-on-year fall in its third quarter net profit to 860 million Taiwan dollars (26.46 million US), the lowest level in six quarters.
Rival Chi Mei Optoelectronics even posted 3.97 billion dollars in net loss for the quarter to September, compared with 13.72 billion dollars in net profit a year earlier.
But Mega Securities analyst Alex Huang said it is still too early to evaluate exactly how much commercial benefit will come from the China purchase due to a lack of details.
"We need to know how long China will do the purchase, one year, two years or three years. We also need to know what sizes of flat panels will be purchased," Huang said.
Corwin Lee of the Taipei-based Topology Research Institute said the proposed deal could help Taiwan cushion the negative impacts from waning US consumption.
"Through the purchase, Taiwan can work with China to set up sales channels on the mainland," Lee said.
Relations between China and Taiwan have improved rapidly since the election in March of Taiwan's President Ma Ying-jeou, who has promised closer ties.
His election ended eight years of rule by Chen Shui-bian, whose pro-independence rhetoric inflamed China.
Tuesday, December 23, 2008
Chinese Lends Taiwan Billions Places Large Electronics Supply Orders
Chinese Lends Taiwan Billions Places Large Electronics Supply Orders
(NSI News Source Info) Beijing - December 23, 2008: Chinese banks will offer nearly 19 billion dollars in financing to Taiwanese-funded firms on the mainland in another sign of warming ties between the longtime rivals, state media reported Sunday.
The Industry and Commercial Bank of China (ICBC) and the Bank of China will each offer 50 billion yuan (7.3 billion dollars) to Taiwanese-funded businesses, Xinhua said, adding that the China Development Bank will also offer 30 billion yuan.
It is part of a package of measures agreed during a two-day meeting in Shanghai of the Cross-Straits Economic, Trade and Cultural Forum, Xinhua reported, without giving details of the other measures.
The meeting, which finished on Sunday, was attended by Jia Qinglin, the fourth-ranking leader in China's political hierarchy, and Wu Poh-hsiung, chairman of Taiwan's ruling Kuomintang (KMT) party, reports said.
Jia vowed Saturday that China would come to Taiwan's aid if the impact of the global economic crisis worsened, according to Xinhua.
The latest move by China comes after the two sides last week inaugurated direct daily flights and postal and shipping services in a historic move hailed by both sides as cementing a new era in warming ties.
Xinhua quoted Wu as urging the forum to "make up for the time lost in the past."
He said it would also take place again next year and added that he hoped Taiwan's opposition Democratic Progressive Party would be involved next time, according to the report.
Relations between China and Taiwan have improved rapidly since the election in March of Taiwan President Ma Ying-jeou, who has promised closer ties.
His election ended eight years of rule by Chen Shui-bian, whose independence rhetoric inflamed China.
Direct transport was suspended after the two sides split in 1949 following a civil war.
China still regards Taiwan as a renegade province that must eventually come back into Beijing's political fold, by force if necessary, although Ma's election has cooled the atmosphere dramatically.
Chen, who has since been indicted for corruption, had refused the transport links, wary of getting too close to China.
But following Ma's election, top officials from both sides met in Beijing in June for the first direct dialogue between the two parties in 10 years, paving the way for a flurry of steps drawing the two sides closer together.
China to buy Taiwan flat panels to help economy: reportChinese firms will buy two billion dollars' worth of flat-screen monitors from Taiwanese companies to aid the island's economy in the face of the global downturn, state media reported.
Wang Yi, director of the Communist Party's Taiwan Affairs Office, made the announcement at a forum between officials and businessmen from the two sides that ended Sunday, the Xinhua news agency said.
Other measures agreed included a Chinese offer for Taiwanese businesses on the mainland of 19 billion dollars in financing over the next three years, Xinhua said.
The latest move by Beijing comes after the two sides last week inaugurated direct daily flights and postal and shipping services in a historic move hailed by both sides as cementing a new era in warming ties.
Taiwanese flat panel makers reacted positively to the proposed panel deal.
"It's our pleasure to see it as the global market is mired in weakening demand amid the current economic woes," said a spokeswoman for AU Optronics, the world's third biggest liquid crystal display (LCD) maker by revenue after South Korea's Samsung and LG.
Taiwan's LCD industry has been hard hit by a global economic recession. Weakening consumption in the US and Europe, in particular, has been cited as a major cause of falling sales.
AU Optronics posted a 96 percent year-on-year fall in its third quarter net profit to 860 million Taiwan dollars (26.46 million US), the lowest level in six quarters.
Rival Chi Mei Optoelectronics even posted 3.97 billion dollars in net loss for the quarter to September, compared with 13.72 billion dollars in net profit a year earlier.
But Mega Securities analyst Alex Huang said it is still too early to evaluate exactly how much commercial benefit will come from the China purchase due to a lack of details.
"We need to know how long China will do the purchase, one year, two years or three years. We also need to know what sizes of flat panels will be purchased," Huang said.
Corwin Lee of the Taipei-based Topology Research Institute said the proposed deal could help Taiwan cushion the negative impacts from waning US consumption.
"Through the purchase, Taiwan can work with China to set up sales channels on the mainland," Lee said.
Relations between China and Taiwan have improved rapidly since the election in March of Taiwan's President Ma Ying-jeou, who has promised closer ties.
His election ended eight years of rule by Chen Shui-bian, whose pro-independence rhetoric inflamed China.
offer nearly 19 billion dollars in financing to Taiwanese-funded firms on the mainland in another sign of warming ties between the longtime rivals, state media reported Sunday.
The Industry and Commercial Bank of China (ICBC) and the Bank of China will each offer 50 billion yuan (7.3 billion dollars) to Taiwanese-funded businesses, Xinhua said, adding that the China Development Bank will also offer 30 billion yuan.
It is part of a package of measures agreed during a two-day meeting in Shanghai of the Cross-Straits Economic, Trade and Cultural Forum, Xinhua reported, without giving details of the other measures.
The meeting, which finished on Sunday, was attended by Jia Qinglin, the fourth-ranking leader in China's political hierarchy, and Wu Poh-hsiung, chairman of Taiwan's ruling Kuomintang (KMT) party, reports said.
Jia vowed Saturday that China would come to Taiwan's aid if the impact of the global economic crisis worsened, according to Xinhua.
The latest move by China comes after the two sides last week inaugurated direct daily flights and postal and shipping services in a historic move hailed by both sides as cementing a new era in warming ties.
Xinhua quoted Wu as urging the forum to "make up for the time lost in the past."
He said it would also take place again next year and added that he hoped Taiwan's opposition Democratic Progressive Party would be involved next time, according to the report.
Relations between China and Taiwan have improved rapidly since the election in March of Taiwan President Ma Ying-jeou, who has promised closer ties.
His election ended eight years of rule by Chen Shui-bian, whose independence rhetoric inflamed China.
Direct transport was suspended after the two sides split in 1949 following a civil war.
China still regards Taiwan as a renegade province that must eventually come back into Beijing's political fold, by force if necessary, although Ma's election has cooled the atmosphere dramatically.
Chen, who has since been indicted for corruption, had refused the transport links, wary of getting too close to China.
But following Ma's election, top officials from both sides met in Beijing in June for the first direct dialogue between the two parties in 10 years, paving the way for a flurry of steps drawing the two sides closer together.
China to buy Taiwan flat panels to help economy: reportChinese firms will buy two billion dollars' worth of flat-screen monitors from Taiwanese companies to aid the island's economy in the face of the global downturn, state media reported.
Wang Yi, director of the Communist Party's Taiwan Affairs Office, made the announcement at a forum between officials and businessmen from the two sides that ended Sunday, the Xinhua news agency said.
Other measures agreed included a Chinese offer for Taiwanese businesses on the mainland of 19 billion dollars in financing over the next three years, Xinhua said.
The latest move by Beijing comes after the two sides last week inaugurated direct daily flights and postal and shipping services in a historic move hailed by both sides as cementing a new era in warming ties.
Taiwanese flat panel makers reacted positively to the proposed panel deal.
"It's our pleasure to see it as the global market is mired in weakening demand amid the current economic woes," said a spokeswoman for AU Optronics, the world's third biggest liquid crystal display (LCD) maker by revenue after South Korea's Samsung and LG.
Taiwan's LCD industry has been hard hit by a global economic recession. Weakening consumption in the US and Europe, in particular, has been cited as a major cause of falling sales.
AU Optronics posted a 96 percent year-on-year fall in its third quarter net profit to 860 million Taiwan dollars (26.46 million US), the lowest level in six quarters.
Rival Chi Mei Optoelectronics even posted 3.97 billion dollars in net loss for the quarter to September, compared with 13.72 billion dollars in net profit a year earlier.
But Mega Securities analyst Alex Huang said it is still too early to evaluate exactly how much commercial benefit will come from the China purchase due to a lack of details.
"We need to know how long China will do the purchase, one year, two years or three years. We also need to know what sizes of flat panels will be purchased," Huang said.
Corwin Lee of the Taipei-based Topology Research Institute said the proposed deal could help Taiwan cushion the negative impacts from waning US consumption.
"Through the purchase, Taiwan can work with China to set up sales channels on the mainland," Lee said.
Relations between China and Taiwan have improved rapidly since the election in March of Taiwan's President Ma Ying-jeou, who has promised closer ties.
His election ended eight years of rule by Chen Shui-bian, whose pro-independence rhetoric inflamed China.
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