China Huarong signs co-op deal with SinoPac

China Huarong Asset Management Corporation (Huarong), one of China's four State-owned asset management firms, said Friday it has signed a cooperation agreement with Chinese Taiwan-listed SinoPac Financial Holdings Co to jointly develop financial products and business models.

Under the agreement, the two companies will cooperate in business information, talent exchange, and development of new products and business models, Huarong said in a statement.

Huarong president Lai Xiaomin said the cooperation will promote cross-Straits economic exchange.

The Chinese mainland and Taiwan in June signed a landmark economic pact, the Economic Cooperation Framework Agreement (ECFA), a systematic mechanism to enhance cross-Strait economic cooperation.