Taiwan pushes for expansion of cross-Straits tourism

Taiwan stocks fell below the key 7,000-point level yesterday to their lowest intraday mark in nearly two years, in what many say is a sign of a lack of confidence in the stock market.

Taiwan's consumer price index in June rose 4.97 per cent from a year earlier, the highest in eight months.

Chiang stressed that the cross-Straits charter flight and travel arrangement will have a positive impact on Taiwan's economic development.

It has been estimated that 3,000 mainland visitors arriving daily will bring in 60 billion Taiwan dollars ($1.97 billion) annually.

Shao said the mainland holds huge potential for Taiwan's tourism sector, and both sides should strive for a long-term and sustainable development of cross-Straits tourism.

In line with the agreement between the ARATS and SEF, Taiwan will receive a maximum of 3,000 mainland tourists from 13 mainland provinces and municipalities daily in the first year, and will raise the quota as it expands weekend charter flights to daily charter flights and, eventually, to regular flights.

The mainland will first open Beijing, Shanghai, Guangzhou, Xiamen and Nanjing for the charter flights, and will gradually add Chengdu, Chongqing, Hangzhou, Dalian, Guilin and Shenzhen, with possibly more locations if needed.

Taiwan will have eight terminals for the latest service: Taipei, Taoyuan, Kaohsiung, Taichung, Penghu, Hualien, Kinmen and Taitung.

The service, which started on July 4, includes 36 return flights for every weekend, running each Friday to the following Monday, with the number scheduled to increase according to demand.