60260 This happens also because a cargo ship service is not allowed between the two countries.
60261 If they did not have to go through Hong Kong, which would be a blow to it, the Taiwan-China route would be a new gold mine.
60262 The US was so quick to notice the chance.
60263 US Secretary of Transportation Federico Pena, who visited Taiwan in December, requested the Taiwanese government to let the US take part in the direct traffic when realized.
60264 Though this is the US secretary of transportation's first visit to Taiwan based on the Clinton Administration's new policy toward Taiwan which approves of exchanges of economic ministers, Mr. Pena was very quick to get right down to business.
60265 Though Taiwanese authorities use this issue as political leverage, saying, "Taiwan won't approve the direct traffic until China changes its anti-Taiwan policy," the business world is calling for the direct traffic for cost reduction.
60266 With the Cabinet reshuffle in Taiwan at the end of last year, Xiao Wan Chang, an advocate of the direct service, was appointed as the minister in charge of Taiwan's policy toward China.
60267 Many people have a view that the US made the move judging that the direct service will be realized soon.
60268 Though China, opposing Pena's visit to Taiwan, rejected his visit, which was originally scheduled in January, it is China that wants the direct service the most.
60269 The move of the US, which makes the direct transportation more likely, is also beneficial for China.
60270 We can lose sight of how the political game among three countries, the US, China, and Taiwan, develops if we only look at the conflict on the surface.
60271 The Office of the US Trade Representative gave a notice of sanctions worth totally 2.8 billion dollars against China on the 31st, saying it has not taken effective reform measures to protect intellectual property rights.
60272 The sanctions go in to effect as of February 4th.
60273 Xinhua news agency says People's Bank of China, the central bank of China, will raise the interest rate on loans to financial institutions, which we call the official discount rate, by 0.24% on average, starting 1st.
60274 This means the interest rate on loans for a year will be 10.62%.