China Development Bank has agreed to provide up to 30 billion yuan (US$3.7 billion) in loans within five years to fund Taiwan-invested companies on the mainland.
Headquarters of the China Development Bank is seen in this picture taken on August 22, 2005. [newsphoto]According to a deal signed yesterday between the bank and the Taiwan Affairs Office of the State Council, Taiwan-funded companies planning to invest in such areas as infrastructure, basic industries and high-tech sectors - which are supported by the bank - will be eligible for the loans.
The agreement is a good news for Taiwan investors, who are thirsty for capital to fund business expansion on the mainland, said Jay Shane, managing director of the Hangzhou-based Huatong Industries Inc.
"We hope to enjoy better services from mainland banks," he said.
A healthy development of firms invested by Taiwan compatriots on the mainland benefits China s reunification effort, he added.
Chen Yunlin, minister of the Taiwan Affairs Office, said cross-Straits economic co-operation has developed rapidly in recent years thanks to the joint efforts of both sides of the Straits.
By the end of June, the mainland had approved 66,028 Taiwan-invested firms, involving contracted investment of US$84.1 billion and actual investment of US$40.7 billion.
By that time, cross-Straits trade volume had reached US$445.6 billion, with Taiwan s exports to the mainland hitting US$372.7 billion.
The mainland has become Taiwan s biggest export market and largest source of trade surplus, Chen said. It has also become the largest recipient of direct investment from the island.
Headquarters of the China Development Bank is seen in this picture taken on August 22, 2005. [newsphoto]According to a deal signed yesterday between the bank and the Taiwan Affairs Office of the State Council, Taiwan-funded companies planning to invest in such areas as infrastructure, basic industries and high-tech sectors - which are supported by the bank - will be eligible for the loans.
The agreement is a good news for Taiwan investors, who are thirsty for capital to fund business expansion on the mainland, said Jay Shane, managing director of the Hangzhou-based Huatong Industries Inc.
"We hope to enjoy better services from mainland banks," he said.
A healthy development of firms invested by Taiwan compatriots on the mainland benefits China s reunification effort, he added.
Chen Yunlin, minister of the Taiwan Affairs Office, said cross-Straits economic co-operation has developed rapidly in recent years thanks to the joint efforts of both sides of the Straits.
By the end of June, the mainland had approved 66,028 Taiwan-invested firms, involving contracted investment of US$84.1 billion and actual investment of US$40.7 billion.
By that time, cross-Straits trade volume had reached US$445.6 billion, with Taiwan s exports to the mainland hitting US$372.7 billion.
The mainland has become Taiwan s biggest export market and largest source of trade surplus, Chen said. It has also become the largest recipient of direct investment from the island.