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The Cross-strait Economic Cooperation Framework Agreement (ECFA) took effect on 12 September 2010. The second phase of the early harvest scheme was implemented on 1 January 2011. Taiwan has opened to China the design service companies (excluding interior design and industrial design companies), the jointly exhibition services, the sports and enter-tainment services, and the China banks can set up branch offices in Taiwan. On the other hand, China has opened to Taiwanese design service companies, hospital operators, aircraft mainte-nance companies, banks, insurance companies and securities firms.
Starting from 1 January 2011, Taiwanese banks may set up branches in China after having established a representative office for more than one year. They may offer yuan services to Taiwanese customers in China if their branch office makes profits in the first year of operations and may extend those services to other customers after two years of profitable operations.
Taiwanese insurance companies may set up insurance companies in China if their group has a capital of more than US$5,000,000,000, they have operated for more than 30 years and they have set up a representative office in China for more than two years.
The Taiwan Stock Exchange and the Taiwan Futures Exchange will be listed as Qualified Domestic Institutional Investors of China.
Also, Taiwanese companies may set up wholly-owned aircraft maintenance companies or design service companies in China and Taiwanese hospitals can set up wholly-owned hospitals in certain areas of China.
