CCTV.com - CNTV English - CCTV News

MOC: Much follow-up work to do after ECFA's signing

06-30-2010 14:23 BJT Special Report: 5th Round of ARATS-SEF Talks |

Watch Video

Play Video

The Chinese mainland and Taiwan have signed the long-awaited Economic Cooperation Framework Agreement, or ECFA. It's a move hailed by many as a milestone in cross-Strait relations. But the Ministry of Commerce says there's still a lot of follow-up work to do.

Vice commerce minister Jiang Zengwei says relevant departments on both sides will implement the pact as soon as possible.

Jiang Zengwei, Vice Commerce Ministry said "The framework agreement requires negotiations for each single pact to be carried out within six months. I think both the mainland and Taiwan still have some approval work to do."

Jiang Zengwei says the Chinese mainland framed the work schedule using World Trade Organization principles, while considering the Taiwan economy. Both sides have made concessions. The ECFA will end investment and trade barriers between the two sides, and build an economic communication system. Analysts say the opening of the service trade, especially the banking sector, will improve the overall investment environment.

Liu Xueqin, Researcher of Chinese Academy of Int'l Trade & Economic Cooperation said "Many Taiwan manufacturers are investing in the mainland. But one of the biggest obstacles for them is financing, because lenders on the mainland know little about the credit and profit situation of Taiwan companies. It's not easy for these investors to get loans. The ECFA allows Taiwan banks do business on the mainland, so these banks can provide capital for Taiwan firms."

Under the agreement, the two sides will continue negotiations for commodity trade, service trade and investment.

Editor:Xiong Qu |Source: CCTV.com

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program