In an era full of opportunities, financial cooperation between the Chinese mainland, Taiwan and Hong Kong should develop in a comprehensive manner. At present, renminbi offshore business has become a major hotspot for financial cooperation. However, cooperation centering on the internalization of RMB only constitutes part of the picture.

In order to enhance the growth of the real economy and financial stability, the cooperation needs to be extended into such areas as financial resources sharing and financial regulation coordination.

In the next stage, a stronger cooperative relationship is welcomed in many areas, such as credit systems, wealth management, consumer finance, information sharing, financial regulation, personnel exchange and training. This move will help promote a financial cooperation framework operating at multiple levels and in various fields, with improved financial services and international competitiveness within the region.

It is expected that such cooperation will be institutionalized, and a regular cooperation mechanism will be established based on the economic situations of the three participants, providing a powerful driving force for peaceful development across the Straits and in Hong Kong.

Since the policy of reform and opening-up was introduced, especially over the past 20 years, financial cooperation between Taiwan, Hong Kong and the Chinese mainland has proved fruitful. We are building a cooperation framework on a solid foundation.

In a time with advantages in policies, geography and people, we have every reason to believe that, as the new wave of reforms moves on and with concerted efforts by the triangle financial communities, leapfrog development in financial cooperation is bound to come, and the framework will finally become an enduring source of benefit for all people in the region.

Author: Li Wei, minister of the Development Research Centre of the State Council

Source: Economic Daily, April 26, 2014