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

Karzai's Legacy: Missed Opportunities?

Afghanistan's president leaves behind a much different nation than the one he inherited, yet his legacy from 13 years in power is getting mixed reviews More

US Urges Restraint in Hong Kong Protests

Protesters angered by Beijing's decision to only approve candidates that it sanctions for Hong Kong's leadership elections in 2017 More

Archive of Forgotten UCLA Speeches Offers Snapshot of History

Recordings of prominent voices in social change, politics, science and literature from 1960s, early 1970s now available on YouTube 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.
Treasure Hunters Seek 'Hidden Treasure' in Central Kenyai
X
Gabe Joselow
September 29, 2014 6:20 PM
Could a cave in a small village in central Kenya be the site of buried treasure? A rumor of riches, left behind by colonialists, has some residents dreaming of wealth, while others see it as a dangerous hoax. VOA's Gabe Joselow has the story.
Video

Video Treasure Hunters Seek 'Hidden Treasure' in Central Kenya

Could a cave in a small village in central Kenya be the site of buried treasure? A rumor of riches, left behind by colonialists, has some residents dreaming of wealth, while others see it as a dangerous hoax. VOA's Gabe Joselow has the story.
Video

Video Iran's Rouhani Skeptical on Syria Strikes

Iranian President Hassan Rouhani expressed skepticism Friday that U.S.-led airstrikes in Iraq and Syria could crush Islamic State militants. From New York, VOA’s Margaret Besheer reports the president was also hopeful that questions about Iran’s nuclear program could be resolved soon.
Video

Video US House Speaker: Congress Should Debate Authorization Against IS

As wave after wave of U.S. airstrikes target Islamic State militants, the speaker of the Republican-controlled House of Representatives says he would be willing to call Congress back into session to debate a formal, broad authorization for the use of military force. VOA’s Michael Bowman reports from Washington, where legislators left town 10 days ago for a seven-week recess.
Video

Video Ebola Patients Find No Treatment at Sierra Leone Holding Center

At a holding facility in Makeni, central Sierra Leone, dozens of sick people sit on the floor in an empty university building. They wait in filthy conditions. It's a 16-hour drive by ambulance to Kailahun Ebola treatment center. Adam Bailes was there and reports on what he says are some of the worst situations he has seen since the beginning of this Ebola outbreak. And he says it appears case numbers may already be far worse than authorities acknowledge.
Video

Video Identifying Bodies Found in Texas Border Region

Thousands of immigrants have died after crossing the border from Mexico into remote areas of the southwestern United States in recent years. Local officials in south Texas alone have found hundreds of unidentified bodies and buried them in mass graves in local cemeteries. Now an anthropologist and her students at Baylor University have been exhuming bodies and looking for clues to identify them. VOA’s Greg Flakus has more from Waco, Texas.
Video

Video Ebola Robs Liberians of Chance to Say Good-Bye to Loved Ones

In Liberia, where Ebola has killed more than 1,500 people, authorities have worked hard to convince people to allow specialized burial teams to take away dead bodies. But these safety measures, while necessary, make it hard for people to say good bye to their loved ones. VOA's Anne Look reports on the tragedy from Liberia.
Video

Video Reconstruction? What Reconstruction? Life After War in Gaza

It’s been a month since Israel and the Palestinians agreed to a ceasefire to end 52 days of an air and tank war that left 60,000 homes in Gaza damaged or destroyed and 110,000 homeless. Sharon Behn reports that lack of reconstruction is leading to despair.
Video

Video US, Saudi Arabia and UAE Hit Islamic State's Oil Revenue

The United States, Saudi Arabia and the United Arab Emirates have bombed oil facilities operated by Islamic State militants in Syria. It was a truly collaborative effort, with the two Arab countries dropping the majority of the bombs. The 12 refineries targeted were estimated to generate as much as $2 million per day for the terrorist group. VOA Pentagon correspondent Carla Babb has the story.
Video

Video Russia's Food Sanctions Raise Price Worries, Hopes for Domestic Production

Russia retaliated against Western sanctions imposed for its actions in Ukraine by halting food imports from the West. The temporary import ban on food from Australia, the European Union, Norway and North America has Russian consumers concerned that they could face a sharp increase in food prices. But in an ironic twist, the restrictions aimed at the Kremlin have made Russia's domestic food producers hopeful this can boost their business. VOA's Daniel Schearf reports from Moscow.
Video

Video Washington to Pyongyang: 'Shut This Evil System Down'

U.S. Secretary of State John Kerry is calling on North Korea to shut down prison camps and other human rights abuses following a United Nations Commission of Inquiry into "widespread and systematic human rights violations." VOA State Department Correspondent Scott Stearns reports from the United Nations.
Colonel Steve ‘Spiros’ Pisanos left Greece and came to the U.S. to learn to fly. He flew fighters for the Allies in World War II, narrowly escaping death multiple times.Colonel Steve ‘Spiros’ Pisanos left Greece and came to the U.S. to learn to fly. He flew fighters for the Allies in World War II, narrowly escaping death multiple times.

AppleAndroid

World Currencies

EUR
USD
0.7866
JPY
USD
109.25
GBP
USD
0.6139
CAD
USD
1.1120
INR
USD
61.428

Rates may not be current.