Financial support to boost cross-Strait integration unveiled

China has released a series of financial support measures for its eastern Fujian Province to explore new paths for integrated development across the Taiwan Strait.

The document, made public Thursday by the People's Bank of China and the State Administration of Foreign Exchange, includes steps aimed at optimizing the financial ecosystem for a cross-Strait shared "living circle" and facilitating pilot programs for high-level opening up in the cities of Fuzhou, Xiamen and Quanzhou, which are all located in Fujian.

Banks within Fujian Province will be allowed to handle cross-Strait renminbi receipts and payments for lawful and compliant commercial housing transactions involving Taiwan compatriots in Fujian, the document said.

Also, pilot financial opening-up programs will be carried out in Fuzhou, Xiamen and Quanzhou, while measures will be taken to support cross-Strait investment and financing.

To enhance cross-Strait financial market connectivity, the country will promote the listing of more eligible high-quality Taiwan-funded enterprises in Fujian on the mainland capital market, and encourage more Taiwan-funded enterprises to participate in the development of the mainland financial market, the document stated.

Fujian, a coastal and mountainous province, has been designated as a demonstration zone for integrated development across the Taiwan Strait, according to an official circular published in 2023. The aim is to make Fujian the first-choice destination for Taiwan residents and enterprises keen to pursue development opportunities on the mainland.