Beijing offers Taiwan companies $19b in loans

Beijing has offered US$19 billion in loans to Taiwan companies operating on the mainland, Bloomberg reported. The loans, announced at a weekend meeting between officials from Beijing and Taipei, would see Beijing provide the loans over three years as well as purchase US$2 billion worth of flat-panel displays from Taiwan manufacturers. The loans would be provided by Industrial and Commercial Bank of China, Bank of China and China Development Bank. Mainland officials have said they will support participation by Taiwan businesses in public construction projects, energy development, electronics and Chinese medicines. Lawyers from Taiwan will also be allowed to work on the mainland. Officials hope the loans and other agreements will strengthen cross-strait financial ties.