Pingtan State Asset Investment Group, Fujian province will get a loan worth 500 million yuan ($77 million) from Taiwan's Chang Hwa Bank and Pingtan branch of Shanghai Pudong Development Bank, as per an agreement the company signed with the two banks on Dec 28.

With 300 million yuan from the Pingtan branch of Shanghai Pudong Development Bank and 200 million yuan from Taiwan's Chang Hwa Bank, the loan will be used for the group's Jinjingwan Business Operation Center project.

A local official said that this agreement can be considered a landmark because it is the first cooperation between banks in Pingtan and Taiwan and the first loan that Taiwan financial institutions offered to Pingtan companies.

This financial cooperation across the Straits will help the county expand its fund-raising channels as well as attract more Taiwan financial institutions to invest in Pingtan, added the official.

The official also explained that this is a significant move of local authorities to promote opening up and innovation of the finance sector by encouraging local enterprises to obtain funds from financial institutions in other countries and regions.

Ping Jiantai, president of Fuzhou branch of Chang Hwa Bank said that they saw great potential in Pingtan and expected to contribute to its development through such cooperation.