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200 Taiwan Development Perspectives 2009 The deregulation observed in cross-strait economic and trade exchanges indicates Taiwan and China have favorable opportunities to make considerable progress on the negotiations of an MOU in the area of financial supervision. Taiwan’s banks and securities firms are very likely to start up their business in China and on the other hand, China QDII may be able to obtain authorized access to Taiwan’s capital market at an earliest possible date. The MOU will be an important milestone for the establishment of a sustainable partnership in developing Taiwan and China as the regional financial center in Asia and the Pacific. Besides, China is willing to further strengthen the economic and trade relationship with Taiwan after the Beijing Olympic Games of 2008 and to listen to suggestions from Taiwan businessmen. Wang Qishan, Chinese vice premier, suggested on August 28, 2008, that Taiwan and China could consider organizing a common market. It was the first time a top leader of the People’s Republic positively responded to the idea of a common market across the Taiwan Strait, first broached by Vincent Siew, vice president of the Republic of China. The advantages of a common market are obvious. Leaders in Taiwan even suggest the proposed common market cover the whole of China, including Hong Kong in a joint effort to organize a regional network of funds, talents, and merchandise trade. It was agreed at the Cross-Strait Economy, Trade and Culture Forum on April 9, 2007, exchanges in the areas of children’s education, elementary education, vocational training, and continuous education shall be carried out comprehensively. Academic cooperation in various fields – such as instructor exchanges, research, training, or scientific study between the schools of both sides – shall be greatly promoted. To cultivate professional talents and trainers for the financing industry, cross-strait cooperation in training and testing for professional certifications shall also be enhanced. The cross-strait weekend charter flights, which were successfully launched on July 4, 2008, have brought forth tremendous improvement in air transport between China and Taiwan. In addition, as the NTD and the RMB can be mutually converted at local banks on each side, the exposures of associated exchange risks are thus decreased to a lesser degree. On the other hand, however, while the people enjoy the benefits of direct conversion between the NTD and the RMB, the banks might take the risks arising from holding excessive currency issued in China or Taiwan. How to resolve the problem of excessive currency holdings and reduce the capital costs for banks as well as the currency conversion cost for the public would be a major challenge we need to cope with in developing a sound system for cross-strait currency exchange. The establishment of a monetary settlement system for the Hong Kong dollar (HKD) and the RMB has enabled Hong Kong to develop RMB call-loan markets. In other words, through the monetary settlement system established by the joint efforts of the Hong Kong Monetary Authority and the People’s Bank of China, Hong Kong can convert the RMB surplus (from the currency exchange settlements) into other foreign currencies, such as U.S. dollars. Taiwan’s Central Bank and the People’s Bank of China may follow Hong Kong’s example for the establishment of a cross-strait monetary settlement system. Currently, China appoints the subsidiary of B.O.C (Bank of China) as the primary bank handling currency settlements in Hong Kong. After direct remittances are allowed across the strait, the general public and enterprises on both sides can use the NTD or the RMB as the currency of remittance for cross-strait payment. In that case, the associated exchanges risks and handling charges will be reduced by 50 percent, as only one currency conversion is necessary to complete the transaction. If the commercial banks in Taiwan and China are allowed to accept NTD as well as RMB deposits, the China Union Pay Card and any credit cards issued by Taiwan banks can be used as authorized payment vehicles on either side of the strait. Direct wire transfers across the strait can be made through the bank accounts of the trading parties on both sides as well. For Taiwan
Strategies for Cross-Strait Financial Exchange and Cooperation under Financial Tsunami 201 and China, accepting NTD and RMB deposits will substantially improve cross-strait remittances, and lead to a win-win situation for both sides. IV. Venture Capital Industry in Taiwan and Innovations in SMEs Financing Nurtured by favorable government policy and significant financing support from banks and other financial institutions over the past few years, Taiwan’s small and medium-sized enterprises (SMEs) have grown as the driving force for economic development. Seeking for enhancement of financing for SMEs, China launched in August 2008 a series of policy initiatives, such as establishing state-owned SME-specialized banks and expanding the scale of rediscounting to strengthen the credit quality of SME loans. In addition to loans offered by banks, venture capital and private funds also play a catalyst role for the success of Taiwan’s SMEs. For China, Taiwan’s experiences on SME development provide a valuable example that is definitely worthy of emulation. 1. Venture Capital and Private Funds The Venture Capital Management Act, adopted in 1983, was abolished in 2001. For venture capital, the act provided a legal basis for tax exemptions and financing and set management standards to ensure entrepreneurs invest in only high-tech related industries. Since May 23, 2001, the previous act (approved in 1983) has been replaced by the Guideline for Venture Capital Investment, a new regulatory system. It has been 26 years since Taiwan began to develop venture capital businesses; and as of the end of 2005, the number of registered venture capital businesses reached to 268, with the overall paid-in capital amounting to NT$189.3 billion and the number of investment projects totaling 10,295. In the last decade, the venture capitals made up 60.6 percent of all the high-tech related investments in Taiwan. Compared with 2004, the amount of investments in opto-electronics, electronics, semiconductor, communications, and digital content industries declined by 49.3 percent, 33.3 percent, 64 percent, 24.4 percent, and 100 percent, respectively. However, the amount of investments in traditional, biotechnology, software, and Internet industries grew by 94 percent, 30.5 percent, 143.7 percent, and 337.3 percent. Before the 1983 act was abolished in 2001, venture capital businesses were required to have at least NT$0.2 billion of paid-in capital to get permission for operation and their investment options were restricted to the manufacturing sector only. Besides, the amount of their investments in non high-tech industries was not allowed to exceed 30 percent of their paid-in capital. To reduce risks of concentration in investments, the venture capitalists usually diversify their investments portfolios by investing in a variety of products, industries, regions, and life cycles of products or industries. Meanwhile, they also make partnerships with other venture capitalists to lower the percentage of their equity holdings in a single high-tech firm. The 1983 act was first replaced by the Scope and Guideline for Venture Capital Investment on May 23, 2001. Venture capitalists no longer had to submit their start-up requests to the Ministry of Finance for review and approval; instead, they can directly file their applications with the Department of Commerce of the Ministry of Economic Affairs for permission to operate. Once they reported their schedule for their operation to the authorities and received necessary counseling and assistance from professional institutions, they could start operation. Their investment options, however, were still confined to the manufacturing sector. Under the 2001 regulatory system, the restriction on the amount of investment in non high-tech industries was removed. In view of the tremendous contributions of the U.S. venture capitalists in making Silicon Valley as a leading high-tech hub in the world, Taiwan started to introduce venture capital to facilitate the growth of local high-tech industries. Under a government policy that is helpful to incentive creation and effective supervision, venture capitalists have been able to successfully chan-
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CONTENTS Preface Overview ix xi Foc
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Agriculture and Fisheries Impact of
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CHUANG, Yih-chyi( 莊奕琦 ) Pro
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TAN, Ching-yu( 譚瑾瑜 ) Associ
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enth effort on the part of the Foun
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ills pertinent to parliamentary ref
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