Fujian, Taiwan insurance cooperation

( chinadaily.com.cn )

Updated: 2015-06-12

A platform for cooperation on insurance between Fujian and Taiwan was set up in Xiamen on June 11, China News Service reports.

The platform, taking advantage of the Fujian Pilot Free Trade Zone (FTZ) and the Road and Belt Initiative, will be dedicated to exploring new insurance products and curbing insurance crimes, said Zeng Yuqiong, board chairwoman of the Taiwan Insurance Institute, at the ongoing Straits Financial Forum.

Xiamen and Taiwan share geographical conditions and cultures. And the Fujian FTZ can serve as platform for carrying out cooperation in insurance. For example, the two places are both subject to typhoons, and they can share experience in casualty insurance and seek room for cooperation through the platform, she added.

Fujian has been actively making innovations in cross-Straits financial communications over the past few years. Several Taiwan financial institutions, including the Taiwan Cooperative Bank, Chang Hwa Bank, Hua Nan Bank and First Financial Holding Co, have opened branches in Fujian. Furthermore, the Haixia Equity Exchange has started offering financial services for Taiwan-funded enterprises in cities of Xiamen and Zhangzhou, said Wu Guopei, president of the Fujian Finance Association.

The Fujian FTZ is expected to open up financial sectors and roll out more financial services, which is a good opportunity for cross-Straits financial cooperation, said Ye Zhonghui, deputy general manager of First Financial Holding Co.

Jian Hongwen, vice chairman of the Taiwan Financial Services Roundtable, opined that insiders of financial communities on the mainland and Taiwan are bullish about the Road and Belt Initiative, believing that it will bring tremendous business opportunities to Taiwan.

The Road and Belt Initiative, put forward by President Xi Jinping in 2013, promotes business and cooperation between China and countries and regions along the Silk Road Economic Belt and the 21st Century Maritime Silk Road.

The Silk Road Economic Belt is to be established along the ancient trade route that stretched northwest from China's coastal area through Central Asia, the Middle East and on to Europe. The Maritime Silk Road will run through the country's southern part to Southeast Asia.