By: Tsai Yi-chu and Frances Huang
Taipei, May 30 (CNA) Overseas earnings of Taiwanese banks got a boost from the government’s New Southbound policy, seeing their first-quarter incomes raked in from the countries covered by the policy hitting a new high since President Tsai Ing-wen (蔡英文) took office on May 20, 2016, according to data released Tuesday by the Financial Supervisory Commission (FSC).
In the first quarter, banks’ earnings posted in the countries targeted by the policy hit the highest level of NT$1.72 billion (US$56.95 million) since the policy was unveiled.
The initiative aims to forge closer economic ties with the 10 nations of the Association of Southeast Asian Nations (ASEAN), along with South Asia, Australia and New Zealand, to lower economic dependence on China by diversifying investment and trade. [FULL STORY]