TNAG-2597-FCO40-3785-Appointment-of-Chris-Patten-as-new-Governor-of-Hong-Kong--Ap-1992 — Page 60

Country

Table Seven

Deregulation of Capital Movement in Asian NIEs, 1988-90

Policies

Taiwan

Allow establishment of branches of or investment by foreign securities firms (Jan., 1988).

Set up the Overseas Economic Cooperative Association Development Fund to finance technical cooperation between foreign and local firms (Nov., 1988).

Allow ex post facto reporting of foreign investment of up to $1 million (Feb., 1989).

Allow indirect investment in China (March, 1989). Revision of the remittance regulations (May, 1989). Revisions of laws governing the establishment of foreign banks in Taiwan (March, 1990).

Further liberalize domestic remittances (July, 1990).

Singapore

Further liberalize trade, especially the trade of oil (Jan., 1989 and Oct., 1990).

South Korea

Conditional approval of FDI in trading and advertising (Jan., 1988).

Conditional approval of FDI in life insurance (March,

1988).

Abolish tax exemptions for foreign firms with export ratios exceeding 50% (July, 1988)..

Allow FDI in industries such as automobiles and

construction machinery (July, 1989).

Allow FDI in cosmetics, wholesaling and certain parts of the information industry (June, 1990).

Source:

First compiled by Japan External Trade Organization (JETRO), and modified by the authors.

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