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Sunday, December 21, 2008

Chinese banks:-Help finance Taiwan investors

China pledged on Sunday to make available to Taiwanese investors in the mainland 130 billion yuan ($18.99 billion) in financing over the next three years, in Beijing's latest effort to reach out to political rival Taiwan. Ties between China and Taiwan, separated since the end of the Chinese civil war in 1949, have warmed since Taiwanese president Ma Ying-jeou took office in May. On Monday the two sides opened direct daily passenger flights, new shipping routes and postal links for the first time in six decades. [ID:nTP350629]

Wang Yi, head of China's Taiwan Affairs Office, made the financing pledge at a meeting with Taiwanese politicians in Shanghai.
Three banks would provide the money, he said. Industrial and Commercial Bank of China and Bank of China would provide 50 billion yuan each.
Policy bank China Development Bank would provide 30 billion yuan, in addition to another 30 billion yuan pledged previously, Wang said. He provided no other details of the financing.
His remarks were part of a flurry of economic diplomacy by China, which has so far suffered less from the global economic crisis than its neighbours and is presenting itself as a stabilising force in the region. ($1=6.844 Yuan) (Reporting by Ben Blanchard; Editing by Tomasz Janowski)

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