台湾产业的金融服务和国际竞争力[文献翻译]

作者：Wea, Chi-LinTrade in Services refers to the sale and delivery of an intangible product, called a service, between a producer and consumer. Trade in services takes place between a producer and consumer that are, in legal terms, based in different countries, or economies, this is called International Trade in Services.International trade in services is defined by the Four Modes of Supply of the General Agreement on Trade in Services(Mode 1) Cross border trade, which is defined as delivery of a service from the territory of one country into the territory of other country;(Mode 2) Consumption abroad - this mode covers supply of a service of onecountry to the service consumer of any other country;(Mode 3) Commercial presence - which covers services provided by a service supplier of one country in the territory of any other country,(Mode 4) Presence of natural persons - which covers services provided by aservice supplier of one country through the presence of natural persons in theterritory of any other country.In global production networks, the production is regarded as a broad value-added process, and the up grading of industrial structure is mainly reflected by the transit from the stage of low value-added production and processing to the stages of high value-added R&D and marketing. Through asset-specific investments, Chinese enter prises can take advantage of the positive externalities and dynamic learning effect of global production network to p romote the upgrading of industrial structure, but the soundness of law system and the compatibility of technical standards also affect the performance of the upgrading of industrial structure. Chinese enter prises shouldincrease asset-specific investments for flagship firms and senior suppliers. Chinese government should create a good institutional environment for asset-specific investments, and strive to promote cross-licensing among different production stages.The paper makes a comparative analysis on the international competitiveness of financial services trade under the models of cross-border supply and commercialp resence. Our conclusions are as follows. ( 1 ) On the financial services trade under the model of cross-border supply, among the 18 economies, China′s competitiveness is very poor, it′s in the last place. (2)On the fina ncial services trade under the model of commercial presence, whether it is compared with the EastAsian economies or with the“BR IC”, China′s financial industry has become strongly competitive. But compared with developed economies, there is still a big gap. Finally, according to the empirical analysis, the paper puts forward corresponding counter measures on how to improve the international competitive power of China′s financial services trade.This financial crisis reveals the fundamental institutional defects of the international monetary system denominated by the USA, in the long run the dollarwill inevitable depreciate. However, the USA remains the largest economy, the dollar is the most important global reserve money, in the short run the stability of dollar′s value is necessary for the world, the aggressive reform will take the international monetary system into a more chaotic state. The bestway is to cultivate the other competitive powers such as EURO、Japanese Yuan、RMB as a check and balance mechanism, paving the way for a more diversified international monetary system. China should draw the lessons from the global strategy of EURO, Japanese Yuan, and create the positive conditions of a more diversified global monetary system and the globalization of RMB.90% of which are treasury bonds and bills and secured agenc China has a total holding of ＄1. 4 trillion of US assets y bonds. If the US continues its expansionary fiscal and monetary policies, the risk of dollar devaluation and replacement by EURO in the international reserve system will grow. While foreign exchange risk of dollar and its interest risk in the current recession are similar to those in historical recessions, the stock market shows great volatility. The risk of China′s holding of US asset in theshort run relies on market volatility and in the long term on US fiscal and monetary disciplines.In order to cope with the changing financial landscape, the government in Taiwan has put forth financial reform measures and supplementary packages. In this paper, we shall discuss four main themes including the establishment of Asset Management Company/Resolution Trust Corporation to help financial institutions quickly clear up bad loans, the disclosure of open public financial information to increase market transparency, the set up of a Financial Supervisions Commission to unify the work of financial supervisions and financial examinations, and the promotion of merger, shareholdings, and alliances among financial institutions to raise the competitive power of Taiwan banks in international financial markets. Each topic begins with a description of the current status, government policies and strategies, and then brings up some issues worth discussing.Copyright of Review of Pacific Basin Financial Markets & Policies is the property of World Scientific Publishing Company and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.In order to cope with the changing fanancial landscape, the government in Taiwan has put forth fanancial reform measures and supplementary packages. In this paper, we shall discuss four main themes including the establishment of Asset Management Company/Resolution Trust Corporation to help fanancial institutions quickly clearup bad loans, the disclosure of open public fanancial information to increase market transparency, the set up of a Financial Supervisions Commission to unify the workof fanancial supervisions and fanancial examinations, and the promotion of merger, shareholdings, and alliances among fanancial institutions to raise the competitive power of Taiwan banks in international fanancial markets. Each topic begins with a description of the current status, government policies and strategies, and then brings up some issues worth discussing.1. IntroductionOver the past three decades, the global economic environment has faced a dramatic change, and most countries have to restructure their fanancial markets to follow the wave of liberalization and internationalization. The United Kingdom initiated the revolution to lead the European countries toward fanancial liberalization and a Universal Banking System. This wave of fanancial restructuring has spread out into other major fanancial centers.The United States, for instance, has passed the Financial Services Modernization Act. Japan and Singapore nowadays not only allow merger between major banks, but also permit their banks to operate traditional Non-Banking Business such as securities, insurance and direct investment. generates the erection of banking institutions like those of department stores and take advantage of economy of scale in their operations. As the fanancial regulations loosen, fanancial institutions in the United States, Japan, and Europe are chasing the wave of merger. However, their targets are not necessarily located domestically. To enhance competitiveness, fanancial institutions have changed the strategy to build up cross-industry and cross-boarder alliance relationships.In linewith the developments of banking businesses, merger has become a global trend. Taiwan, without exception, is also making every effort to pursue fanancial liberalization and internationalization. We have launched several new fanancial regulations and have made some effectment on the old ones. These regulations govern entities including trust, banking, securities, fanancial institutions consolidation, RTC, bank holding company, etc.We have also set up fanancial reform measures and supplementary packages. Our goal is to immediately solve the existing problems such as over banking, vicious competition, high non-performing loan ratio, and rising operation risk. Through these efforts, we wish to raise the competitiveness of our banks and to help our banks play a more important role on the international stage. As the new century begins, Taiwanwill present quite a few fanancial consolidation cases. The Ministry of Finance (MOF) is currently pushing for the enactment of Asset Management Company(AMC)/Resolution Trust Corporation (RTC), fanancial transparency, and bank supervision system, issues of great concern to many people. Here I would like to give you some idea on what they are doing now.2. Current statusThe recent success of the universal banking systems developed in European countries inspired the United States to promulgate Financial Service Modernization Act, which allows fanancial institutions to exercise cross-industry operations and to provide legal origins for the merger of fanancial institutions. Most international cases show that mergers of fanancial institutions usually result in reducing operating cost, (for instance, through the cut-down of the redundant implementation of information system and the overlapping of branches functions and employees responsibilities), enhancing operating performance, expanding customer base, extending business scope and Financial Services & International Competitiveness of Taiwan Industry reducing risk effectively. Among these successful merger cases, for instance, Chase Manhattan and Chemical bank, declared a 17% decrease of operating cost and Bank America and Security Pacific, a 15% of the said cost. Facing the global trend of mergers and acquisitions, countries around the world are putting efforts in promoting the concepts of mergers among fanancial institutions. In Taiwan, a bank serves a population of approximately 3,700, a serving density that is next to Hong Kong and South Korea in Asia. The top three banks in Taiwan own only a 23% aggregated market share, each with 5% to 10% market share. This number is relatively low when compared with that of other countries. For examples, in Singapore, each of the top three leading banks has more than 20% market share. The total market share of these top three banks is more than 80%. In Hong Kong, the total market share of the top three banks is around 78%; in Canada, this market share is more than 60%; in the United Kingdom, this is also more than 50%. These facts show that we should accelerate the pace of fanancial merger to meet global competition.3. Government policies and strategiesThe governing model in Taiwan fanancial market, the separation of supervision and segregation of examination cannot effectively monitor the banking,securities, futures and insurances conglomerates, which have cross-industry operation. The separation of the examination and administration rights will also damage the effciency of the fanancial supervision.Benchmarking the advanced countries, is in the process of establishing a united supervision entity to cope with the trend of consolidated supervision among banking, securities, futures and insurance industries.There will be a specialized unit under the Executive Yuan to be exclusively responsible for the fanancial supervision in accordance with the Financial Supervision Administrative Commission Organization Act draft. The duties of this proposed Commission include the set-up of the fanancial monitoring system, the screening and decision-making of fanancial regulation and major fanancial policies, the announcement of the penalty measures for violators, and the declaration of avoidance of related-party transactions to ensure its public confidence. The unification of the policies and monitoring rights among the banking, securities, futures and insurances industries will facilitate the unity of the fanancial supervision and examination rights. To cope with the increasing competitive fanancial environment after Taiwan's admission to WTO, the government adopts the following strategies to enhance the competitive edge of the Taiwan banks:1. Strategy on merger among basicr fanancial institutions2. Strategy on merger between banks and other fanancial institutions3. Strategy on mega public-owned banks to lead the fanancial marketTo accelerate the merger process, in addition to the enforcement of the Merger and Acquisition Act for the fanancial institutions and the amendment of the Banking Law to lift the restriction on the investment of fanancial institutions, the government proactively leads twelve public-owned banks, with qualifications such as sizable capital and assets, sound fanancial structure and excellence in operation performance, to seek suitable merger targets. Through this merger overture, the government expects that there will exist 3-5 mega leading banks in the Taiwan fanancial market to put fully the market mechanism into play. In addition to the strengthening of the fanancial legislations to encourage mergers, the government will from time to time study and put forth measures to cope with the changes of the global fanancial environment. A whole set of strategy will be planned and people from the academic and industry areas will be invited to participate in the planning process. The government hopes that, through the supply of a sound merger infrastructure, our fanancial institutions can achieve the goals of enlarging the operating scale, expanding ranges of fanancial services, and promoting operating eficiency to provide better and more convenient services to the clients.作者：Wea, Chi-Lin译文：台湾产业的金融服务和国际竞争力服务贸易指的是在生产者与消费者之间销售和交付无形产品的服务。