Mainland, Taiwan financial co-op mutual benefits amid global downturn

Source: Xinhua | 03-09-2009 07:51

BEIJING, March 8 (Xinhua) -- Financial cooperation between the Chinese mainland and Taiwan has came into the spotlight these days as Chinese Premier promised to facilitate the signing of "comprehensive agreement on economic cooperation" between the two sides.

While reporting the work of his government to lawmakers on Thursday, Premier Wen said the mainland hopes to "gradually establish economic cooperation mechanisms tailored to both sides of the Straits".

These remarks, seen by many as positive signs for the two sides to enhance cooperation in meeting challenges brought about by the global financial turmoil, have fueled sizzling discussions among lawmakers and political advisors gathering here for their national annual sessions.

RECIPROCAL COOPERATION

"External trade has always been key to Taiwan's economic growth, contributing as much as 68 percent," said a scholar on Taiwan issues, Wu Nengyuan.

"Drastic drop in external demand especially in the European and the U. S. markets amid global downturn is a major problem of Taiwan," said Wu, a member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), the top political advisory body of the country.