金融英语阅读：Mainland banks to enter Taiwan

会计考友

　　Taiwan's banking authority has given two mainland banks the green light to open offices in the island province Thursday, marking a milestone in financial sector easing across the Straits.
( j  V0 G9 \7 v6 O' H0 L1 j　　The Bank of China and the Bank of Communications are the first two mainland banks to gain approval from the Taiwan Financial Supervisory Commission to set up representative offices.
) A5 Q! u: S+ v; @7 M　　Representative offices of the two banks will be allowed to conduct non-business activities including establishing local industry contacts and gathering financial market information.
　　Under the cross-Straits Economic Cooperation Framework Agreement signed in June, mainland banks can apply to set up branches in Taiwan after operating for one year as representative offices.
6 M* u. A! ]! M7 r, Q　　Last week, the China Banking Regulatory Commission granted approval to four Taiwanese banks to set up branches in the mainland as well.
　　The Land Bank of Taiwan and the First Commercial Bank will establish branches in Shanghai, while Taiwan Cooperative Bank and Chang Hwa Bank are eying locations in Jiangsu Province.
　　The new market access will provide business opportunities for mainland banks in terms of growing tourism, trade and investment across the Straits, said Guo Tianyong, a finance professor with Beijing's Central University of Finance and Economics.
　　Taiwanese banks also are keen on entering the mainland market where interest margins are as high as 3 percent compared with 0.8 percent in Taiwan, according to Shen Chung-Hua, finance professor with Taipei's National Taiwan University.
　　Taiwanese banks will also face their fair share of challenges including having to wait for one year after market entry before they can conduct business using the mainland yuan. In addition, the Taiwan university professor asserts these banks probably won't be allowed to engage in lending to large, lucrative public works projects such as railways, roads and airport facilities in China.