China offers $19bln to Taiwan firms: report

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Source: AFP

BEIJING (AFP) — Chinese banks will offer nearly 19 billion dollars in financing to Taiwanese-funded firms on the mainland in another sign of warming ties between the longtime rivals, state media reported Sunday.

The Industry and Commercial Bank of China (ICBC) and the Bank of China will each offer 50 billion yuan (7.3 billion dollars) to Taiwanese-funded businesses, Xinhua said, adding that the China Development Bank will also offer 30 billion yuan.

It is part of a package of measures agreed during a two-day meeting in Shanghai of the Cross-Straits Economic, Trade and Cultural Forum, Xinhua reported, without giving details of the other measures.

The meeting, which finished on Sunday, was attended by Jia Qinglin, the fourth-ranking leader in China's political hierarchy, and Wu Poh-hsiung, chairman of Taiwan's ruling Kuomintang (KMT) party, reports said.

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[GodlessBiker]

1. If you can't beat them, buy them.

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2. I was figuring that's the way it's going to go now, more or less.

A leveraged buyout over a period of several decades. Gotta do something with all those dollars, and the US is not in a position to do much but fume at this point.