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

    Video As Refugees Perish, Greek Graveyards Fill

    Before burial at overflowing cemeteries, unidentified dead being swapped for DNA, in case some day relatives come to learn their fate

    Russian Opposition Leader Sues Putin for Conflict of Interest

    Alexei Navalny tells VOA in exclusive interview why transfer of $2 billion from country’s wealth fund to company with ties to President Putin’s son-in-law triggered lawsuit

    How Diversity Has Changed America

    Over the past four decades, the level of diversity in the United States has increased most in these four states

    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.
    As Refugees Perish, Greek Graveyards Filli
    X
    Hamada Elsaram
    February 11, 2016 8:01 PM
    Aid workers on the Greek island of Lesbos say they are struggling to bury the increasing number of bodies of refugees that have been recovered or washed up ashore in recent months.  The graveyards are all full, they say, yet as tens of thousands of people clamor to get out of Syria, it is clear refugees will still be coming in record numbers. For VOA, Hamada Elrasam reports from Lesbos, Greece.
    Video

    Video As Refugees Perish, Greek Graveyards Fill

    Aid workers on the Greek island of Lesbos say they are struggling to bury the increasing number of bodies of refugees that have been recovered or washed up ashore in recent months.  The graveyards are all full, they say, yet as tens of thousands of people clamor to get out of Syria, it is clear refugees will still be coming in record numbers. For VOA, Hamada Elrasam reports from Lesbos, Greece.
    Video

    Video To Fight Zika, Scientists Target Mosquitoes

    Mosquitoes strike again. The Zika virus outbreak is just the latest headline-grabbing epidemic carried by these biting pests, but researchers are fighting back with new ways to control them. VOA's Steve Baragona takes a look.
    Video

    Video Mosul Refugees Talk About Life Under IS

    A top U.S. intelligence official told Congress this week that a planned Iraqi-led operation to re-take the city of Mosul from Islamic State militants is unlikely to take place this year. IS took over the city in June 2014, and for the past year and a half, Mosul residents have been held captive under its rule. VOA's Zana Omar talked to some families who managed to escape. Bronwyn Benito narrates his report.
    Video

    Video Scientists Make Progress Toward Better Diabetes Treatment, Cure

    Scientists at two of the top U.S. universities say they have made significant advances in their quest to find a more efficient treatment for diabetes and eventually a cure. According to the International Diabetes Federation, the disease affects more than 370 million people worldwide. VOA’s George Putic reports.
    Video

    Video NATO to Target Migrant Smugglers

    NATO has announced plans to send warships to the Aegean Sea to target migrant smugglers in the alliance's most direct intervention so far since a wave of people began trying to reach European shores.
    Video

    Video Russia's Catholics, Orthodox Hopeful on Historic Pope-Patriarch Meeting

    Russia's Catholic minority has welcomed an historic first meeting Friday in Cuba between the Pope and the Patriarch of Russia's dominant Orthodox Church. The Orthodox Church split with Rome in 1054 and analysts say politics, both church and state, have been driving the relationship in the centuries since. VOA's Daniel Schearf reports from Moscow.
    Video

    Video Used Books Get a New Life on the Streets of Lagos

    Used booksellers are importing books from abroad and selling them on the streets of Africa's largest city. What‘s popular with readers may surprise you. Chris Stein reports from Lagos.
    Video

    Video After NH Primaries All Eyes on South Carolina

    After Tuesday's primary in New Hampshire, US presidential candidates swiftly turned to the next election coming up in South Carolina. The so-called “first-in-the-South” poll may help further narrow down the field of candidates. Zlatica Hoke reports.
    Video

    Video US Co-ed Selective Service Plan Stirs Controversy

    Young women may soon be required to register with the U.S. Selective Service System, the U.S. government agency charged with implementing a draft in a national emergency. Top Army and Marine Corps commanders told the Senate Armed Services Committee recently that women should register, and a bill has been introduced in Congress requiring eligible women to sign up for the military draft. The issue is stirring some controversy, as VOA’s Bernard Shusman reports from New York.
    Video

    Video Lessons Learned From Ebola Might Help Fight Zika

    Now that the Ebola epidemic has ended in West Africa, Zika has the world's focus. And, as Carol Pearson reports, health experts and governments are applying some of the lessons learned during the Ebola crisis in Africa to fight the Zika virus in Latin America and the Caribbean.
    Video

    Video Smartphone Helps Grow Vegetables

    One day, you may be using your smartphone to grow your vegetables. A Taipei-based company has developed a farm cube — a small, enclosed ecosystem designed to grow plants indoors. The environment inside is automatically adjusted by the cube, but it can also be controlled through an app. VOA's Deborah Block has more on the gardening system.
    Video

    Video Illinois Voters Have Mixed Emotions on Obama’s Return to Springfield

    On the ninth anniversary of the launch of his quest for national office, President Barack Obama returned to Springfield, Illinois, to speak to the Illinois General Assembly, where he once served as state senator. His visit was met with mixed emotions by those with a front-row seat on his journey to the White House. VOA's Kane Farabaugh reports.
    Video

    Video Exhibit Turns da Vinci’s Drawings Into Real Objects

    In addition to being a successful artist, Renaissance genius Leonardo da Vinci designed many practical machines, some of which are still in use today, although in different forms. But a number of his projects were never realized — until today. VOA’s George Putic reports.
    Video

    Video Heated Immigration Debate Limits Britain’s Refugee Response

    Compared to many other European states, Britain has agreed to accept a relatively small number of Syrian refugees. Just over a thousand have arrived so far -- and some are being resettled in remote corners of the country. Henry Ridgwell reports on why Britain’s response has lagged behind its neighbors.
    Video

    Video Russia's Car Sales Shrink Overall, But Luxury and Economy Models See Growth

    Car sales in Russia dropped by more than a third in 2015 because of the country's economic woes. But, at the extreme ends of the car market, luxury vehicles and some economy brands are actually experiencing growth. VOA's Daniel Schearf reports from Moscow.

    World Currencies

    EUR
    USD
    0.8812
    JPY
    USD
    112.18
    GBP
    USD
    0.6939
    CAD
    USD
    1.3961
    INR
    USD
    68.436

    Rates may not be current.