News / Economy

Taiwan Groups Urge Caution on Banking Ties with China

FILE - A Taiwan bank is seen at Taipei's Sungshan airport.
FILE - A Taiwan bank is seen at Taipei's Sungshan airport.
Taiwan human rights groups say that opening up Taiwan to China’s financial organizations will weaken the safeguards on the personal information of Taiwanese citizens.  But Taiwan authorities stress they will conduct rigorous controls.
 
Yan Jue-an member of Taiwan Democracy Watch, speaks at a hearing in Taipei. (For VOA / Z. Yongtai)Yan Jue-an member of Taiwan Democracy Watch, speaks at a hearing in Taipei. (For VOA / Z. Yongtai)
x
Yan Jue-an member of Taiwan Democracy Watch, speaks at a hearing in Taipei. (For VOA / Z. Yongtai)
Yan Jue-an member of Taiwan Democracy Watch, speaks at a hearing in Taipei. (For VOA / Z. Yongtai)
​Yan Jue-an, a member of Taiwan Democracy Watch, said after the cross-strait service agreement is signed, more Chinese financial institutions will come to Taiwan. But he says almost all of China’s banks are state-owned, and are probably tasked with political assignments.
 
 “We can highly suspect it is equivalent to lifting the ban on the Communist Party’s political power, taking advantage of financial and economic channels to enter and intervene in Taiwan, influencing our democratic politics,” he said.
 
Yan Jue-an said that finance affects human rights and the finance industry’s improper system, as well as the people behind the scenes, pose a very serious encroachment on human rights. Yan suggested that the cross-strait service agreement should have a human rights clause.
 
Many Taiwan human rights groups expressed similar thoughts at a public hearing on Thursday, calling the opening of cross strait finance and telecommunications an “attack on democracy and human rights.”
 
Attack on National Security
 
Lai Zhong-qiang, the leader of the cross-strait agreement watch, said Taiwan’s Joint Credit Information Center (JCIC) has everyone’s credit information, which will be obtained by China’s Union Pay as well as the Bank of China through business requests. He alleged this access will attack Taiwan’s society and national security.
 
“China’s code of criminal procedures stipulates that those in charge of China’s banks cannot refuse to pass information to public security if requested. China’s banking customs are bumping against Taiwan’s poor JCIC, thus making the problem more serious,” he said.
 
Lai suggested Taiwan should put restrictions on Union Pay, allowing it to engage only in consulting services. Moreover, he said Taiwan’s banking laws must be amended to allow Chinese financial institutions to enter the JCIC only after personal information safeguards are complete.
 
Strict Controls
 
Wu Dang-jie, vice chairman of Taiwan's Financial Supervisory Commission, in Taipei.Wu Dang-jie, vice chairman of Taiwan's Financial Supervisory Commission, in Taipei.
x
Wu Dang-jie, vice chairman of Taiwan's Financial Supervisory Commission, in Taipei.
Wu Dang-jie, vice chairman of Taiwan's Financial Supervisory Commission, in Taipei.
Wu Dang-jie, vice chairman of Taiwan’s financial supervisory commission, said Chinese banks have yet to become JCIC members. But he added that in the future, if they do apply, strict controls will be carried out.
 
“New members that inquire about information in the future must obtain consent from all interested parties; arbitrary inquires will not be allowed. In the future the JCIC will conduct investigations on new members’ inquires. If it violates rules, the inquiry must be stopped, and necessary disciplinary action must be taken,” he said.
 
Wu Dang-jie indicated the cross-strait service agreement promises to allow China Union Pay to establish branch offices in Taiwan, but the goal must be consulting services such as resolving financial problems for mainland tourists’, not allowing it to issue cards in Taiwan.
 
Defending Mechanism Insufficient
 
Qiu Wen-cong, vice president of the Taiwan association for human rights, believes that the Taiwan government’s planned defense mechanism is insufficient to face national security and economic security challenges.
 
Qiu Wen-cong pointed out that Chinese banks have branches in Taiwan. Even if they are not JCIC members, they have their own customers’ information. Besides, Taiwan’s laws are unable to regulate these banks’ mother-companies in China.
 
Han Shi-xian, secretary of the Taiwan financial industry’s labor union, said that on the cross-strait service agreement it seems China gave Taiwan more benefits, but according to his observation, the goal of mainland capital coming to Taiwan is not to make money; it is out of political considerations, to the point that it can disturb Taiwan’s financial order.        
 
To protect the personal information of the Taiwan people, Han recommended the government initiate restrictions, controls and supervisory measures actively, rather than responding passively.

This article originally appeared on VOA Mandarin. 

You May Like

IS Militants Release 49 Turkish Hostages

Turkey's state-run Anadolu news agency reports that no ransom was paid and no conditions accepted for the hostages' release; few details of the release are known More

Photogallery IS Attacks Send Thousands of Syrian Kurds Fleeing to Turkey

Syrian Observatory for Human Rights says more than 300 Kurdish fighters crossed into Syria from Turkey to defend a Kurdish area from attack by the Islamic militants More

Video Sierra Leone's Ebola Lockdown Continues

Thousands of health workers are going door to door in the West African country of 6 million, informing people of how to avoid Ebola, handing out soap More

This forum has been closed.
Comment Sorting
Comments
     
by: jonathan huang from: canada
July 26, 2013 1:10 PM
glad to see China is getting more and more influence on her neighbors. Taiwan is a piece of meat in China's mouth now, so no need to fight against the trend of history, accept it will give you less pain, LOL

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Fears Ebola Outbreak ‘Beyond Our Capability to Contain’i
X
Jeff Seldin
September 20, 2014 10:28 PM
Each day brings with it new warnings about the deadly Ebola outbreak already blamed for killing more than 2,600 people across West Africa. And while countries and international organizations like the United Nations are starting to come through on promises of help for those most affected, the unprecedented speed with which the virus has spread is raising questions about the international response. VOA's Jeff Seldin has more from Washington.
Video

Video Fears Ebola Outbreak ‘Beyond Our Capability to Contain’

Each day brings with it new warnings about the deadly Ebola outbreak already blamed for killing more than 2,600 people across West Africa. And while countries and international organizations like the United Nations are starting to come through on promises of help for those most affected, the unprecedented speed with which the virus has spread is raising questions about the international response. VOA's Jeff Seldin has more from Washington.
Video

Video Iran, World Powers Seek Progress in Nuclear Talks

Iran and the five permanent members of the U.N. Security Council plus Germany, known as the P5 + 1, have started a new round of talks on Iran's nuclear program. VOA State Department correspondent Pam Dockins reports that as the negotiations take place in New York, a U.S. envoy is questioning Iran's commitment to peaceful nuclear activity.
Video

Video Obama Goes to UN With Islamic State, Ebola on Agenda

President Obama goes to the United Nations General Assembly to rally nations to support a coalition against Islamic State militants in Iraq and Syria. He also will look for nations to back his plan to fight the Ebola virus in West Africa. As VOA White House correspondent Luis Ramirez reports, Obama’s efforts reflect new moves by the U.S. administration to take a leading role in addressing world crises.
Video

Video Migrants Caught in No-Man's Land Called Calais

The deaths of hundreds of migrants in the Mediterranean this week has only recast the spotlight on the perils of reaching Europe. And for those forunate enough to reach a place like Calais, France, only find that their problems aren't over. Lisa Bryant has the story.
Video

Video Westgate Siege Anniversary Brings Back Painful Memories

One year after it happened, the survivors of the terror attack on Nairobi's Westgate Shopping Mall still cannot shake the images of that tragic incident. For VOA, Mohammed Yusuf tells the story of victims still waiting for the answer to the question 'how could this happen?'
Video

Video Militant Assault in Syria Displaces Thousands of Kurds

A major assault by Islamic State militants on Kurds in Syria has sent a wave of new refugees to the Turkish border, where they were stopped by Turkish border security. Turkey is already hosting about 700,000 Syrian refugees who fled the civil war between the government and the opposition. But the government in Ankara has a history of strained relations with Turkey's Kurdish minority. Zlatica Hoke reports Turkey is asking for international help.
Video

Video Whaling Summit Votes to Uphold Ban on Japan Whale Hunt

The International Whaling Commission, meeting in Slovenia, has voted to uphold a court ruling banning Japan from hunting whales in the Antarctic Ocean. Conservationists hailed the ruling as a victory, but Tokyo says it will submit revised plans for a whale hunt in 2015. Henry Ridgwell reports from London.
Video

Video A Dinosaur Fit for Land and Water

Residents and tourists in Washington D.C. can now examine a life-size replica of an unusual dinosaur that lived almost a hundred million years ago in northern Africa. Scientists say studying the behemoth named Spinosaurus helps them better understand how some prehistoric animals adapted to life on land and in water. The Spinosaurus replica is on display at the National Geographic museum. VOA’s George Putic has more.
Video

Video Iraqi Kurdistan Church Helps Christian Children Cope find shelter in churches in the Kurdish capital, Irbil

In the past six weeks, tens of thousands of Iraqi Christians have been forced to flee their homes by Islamic State militants and find shelter in churches in the Kurdish capital, Irbil. Despite U.S. airstrikes in the region, the prospect of people returning home is still very low and concerns are starting to grow over the impact this is having on the displaced youth. Sebastian Meyer reports from Irbil on how one church is coping.


Carnage and mayhem are part of daily life in northern Nigeria, the result of a terror campaign by the Islamist group Boko Haram. Fears are growing that Nigeria’s government may not know how to counter it, and may be making things worse. More

AppleAndroid

World Currencies

EUR
USD
0.7768
JPY
USD
108.84
GBP
USD
0.6124
CAD
USD
1.0999
INR
USD
61.042

Rates may not be current.