Mainland works to protect Taiwanese investors

BEIJING - A high-level working conference will open on Friday to discuss measures to protect the rights and interests of Taiwan investors on the Chinese mainland.

The conference will be attended by officials from 33 central government departments, said Fan Liqing, spokeswoman for the State Council Taiwan Affairs Office, at a Wednesday press conference.

According to Fan, the conference will be part of efforts to implement a cross-Straits agreement on investment protection and promotion.

Mainland and Taiwanese negotiators signed a long-awaited investment protection agreement last month in which both sides promised to give "just and fair treatment" to their respective investors and investment projects, as well as provide them with full protection and security.

The two sides agreed to gradually lift restrictions on investment projects, create a fair investment environment, promote two-way investment and establish a related dispute settlement mechanism.

Earlier this month, Wang Yi, director of the State Council Taiwan Affairs Office, said authorities will use seven specific measures to help implement the agreement, including holding an inter-ministerial conference on Taiwanese investor protection and improving relevant laws.

Over the last two years, the Economic Cooperation Framework Agreement (ECFA) has provided economic and social benefits for both sides of the Taiwan Straits and has won support from the public, Fan said.

Mainland customs authorities said the mainland had imported $8.72 billion worth of goods from Taiwan under the ECFA's early harvest program as of July, with $2.63 billion in tariffs exempted.

Taiwan's customs authorities said the mainland saved $38.82 million in tariff cuts for its exports to the island.

Service trade between the two sides has also significantly progressed, Fan said.

Three banks in Taiwan have opened branches on the mainland and two mainland-based banks have opened branches in Taipei, she said.

Fan said both sides will promptly implement an agreement on currency clearing signed last month.