Abstract
The development of the financial industry has played a critical role in Taiwan's economic development. Having undergone two financial reforms, Taiwan has significantly improved the Competitiveness of its financial institutions. Therefore, Taiwan's performance in terms of its global competitiveness ranking, as published by the IMD and WEF, has been satisfactory. The signing of a Memorandum of Understanding on Cross-Strait Financial Supervisory Cooperation between Taiwan and China on financial services, and the Economic Cooperation Framework Agreement benefits Taiwan's financial sector. Moreover, Taiwan's financial industry will gain more favorable competition conditions in Mainland China than foreign banks, which will be conducive to increasing its financial competitiveness.
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