Taiwan to let China banks, insurers set up offices

TAIPEI, April 21 (Reuters) - Taiwan's top financial regulators will allow China's banks and insurers to set up representative offices here as soon as late in May, marking the latest opening between China and Taiwan.

Chinese banks would have to rank among the top 1,000 globally to qualify to establish local offices, said an official of the island's Financial Supervisory Commission (FSC) on Monday.

The move, which comes as Taiwan's president-elect Ma Ying-jeou favours closer business ties with Beijing, is the latest indication that both sides are opening up to each other.

Taiwan last month allowed local banks to invest in a mainland lender via their offshore subsidiaries. China responded by saying it would support Taiwan banks entering the mainland market via offshore subsidiaries. [ID:nPEK169031]

China sees Taiwan as a renegade province that must ultimately be reunified with the mainland, by force if necessary. Despite such political differences, China has been the favourite overseas destination for Taiwan firms, which have pumped more than $100 billion into mainland investments. ($1 = T$30.3) (Reporting by Rachel Lee; Writing by Faith Hung; Editing by David Holmes)