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Why do we develop a financial Center? In recent years southeast Asia has become a major investment area for Western investors. To take advantage of this trend, we can use Taiwan's substantial economic resources and the foreign exchange reserves to turn Taiwan's existing offshore banking unit and foreign exchange market into a financial center. By doing so, we can extend Taiwan's economic and trade networks, enhance Taiwan's pivotal role in the global economy, and improve Taiwan's competitive niche to become a regional operations center. How to do it? To attain this goal, we have to take into account the fiscal stability at home. In the short term, we will use service functions and legal framework as standards for dividing the financial market into a domestic segment and an offshore segment. Operations of the offshore market will be totally free, whereas those of the domestic market will be liberalized gradually. We are proactively improving the general conditions for the development of the financial center. In addition, we will emphasize on deepening and broadening our foreign exchange market, our offshore banking unit and our forign currency market to attract foreign financial institutions to establish a presence in Taiwan, so as to enhance Taiwan's position as a regional funding center. In the medium and long terms, we will begin with the expansion of our bond and stock markets, inprove the regulation and efficiency of the capital market, and move toward its internationalization.

Program for Implementation

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