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Oct 20. 2009, No. 069

  • Date:2009-10-20

MAC public opinion survey: The signing of a cross-strait MOU will be conducive to the sound order of financial exchanges

How does the public feel about the signing of a cross-strait memorandum of understanding (MOU) on cross-strait financial supervision? The Mainland Affairs Council today announced the results of its latest public opinion survey. According to the survey, 46.3 percent of the public approve of signing the MOU with mainland China; 60 percent say the MOU will be conducive to improving the order of cross-strait financial exchanges; and 53 percent think it will have a positive influence on the development of Taiwan's financial industry. In addition, when it comes to talks to be held in the future with mainland China on opening financial markets, 70 percent of the public say Taiwan should impose stricter restrictions on Mainland banks than on foreign banks.

To date, Taiwan has signed financial supervision MOUs with 32 countries and areas. Under such circumstances, the opinion survey inquired about the public’s views on whether there is a need to sign a financial supervision MOU with mainland China. According to the survey results, over half of the public (52 percent) say such an MOU is necessary. The MAC indicates that in accordance with mainland China’s regulations, only after the MOU has been signed will it be possible for Taiwan's banks and securities firms to upgrade their Mainland offices to the status of branches or to become shareholders of Mainland securities companies, respectively. With regard to allowing Mainland financial institutions to enter the Taiwan market, the Financial Supervisory Commission will establish a threshold to avoid causing an impact on Taiwan’s domestic financial market with a view to meeting the public's expectation.

According to the Cross-strait Financial Cooperation Agreement signed between the two sides at the third Chiang-Chen Talks, the supervisory agencies of the two sides have discussed the signing of three MOUs on the banking, securities and futures, and insurance industries. Progress has been made and arrangements will be made as soon as possible to complete the signing of these MOUs.

The MAC commissioned the TVBS Poll Center to conduct this telephone survey of adults aged 20 and over in the Taiwan Area on October 16 and 18, 2009. A total of 1,084 effective samples were collected, with a sampling error of about 3 percent, based on a 95 percent confidence level.

Appendix Ι: Summarized Results of the Public Opinion Survey on the “Memorandum of Understanding on Cross-Strait Financial Supervision” (October 16 and 18, 2009)

Appendix ΙI: Percentage Distribution of the Questionnaire -- "The Public's Views Regarding the Memorandum of Understanding on Cross-Strait Financial Supervision" (October 16 and 18, 2009)