Pingtan enhances financial cooperation with Taiwan

The Pingtan Comprehensive Pilot Zone in East China's Fujian province is continuing to push forward financial reforms in an effort to become a hub for financial industries on the Chinese mainland and Taiwan, according to a news report on July 8.

Statistics show that as of this May, more than 2,255 financial institutions and quasi-financial institutions had begun operating in the zone, 6.87 times more than in October 2015.

In pursuing its ambitious plan to become a regional hub for the cross-Straits financial industry, Pingtan will promote the development of nascent financial services, according to an implementation plan released in 2015.

Pingtan launched a pilot project to grant financial credit to Taiwan firms and compatriots in 2019, and a total of 48 financial credit certificates had been issued by the end of this May, including 4.95 million ($707,355) yuan in loans offered to two Taiwan firms and 12 Taiwan compatriots.

Taiwan businessman Chen Meng-pang, a beneficiary of the policy, received a loan of 200,000 yuan from the Pingtan Rural Commercial Bank.

"The financial credit certificate offers a green channel for us, and we can enjoy special benefits when opening an account and bank clearing, which can help Taiwan enterprises deal with cash flow pressure," said Chen.

In recent years, the Pingtan Comprehensive Pilot Zone has made great strides in promoting cross-Straits cooperation and development in the financial sector, and a new credit investigation system has been launched to help Taiwan compatriots purchase homes and start businesses on the mainland.

In addition, exclusive bank cards were launched for Taiwan residents by Pingtan with the aim of providing more convenient financial services and ensuring Taiwan residents can enjoy the same treatment as locals in terms of healthcare, education, housing, and transportation.