In a move to further drive the country's economy, Taiwan President Tsai Ing-wen (蔡英文) said that plans to turn the island nation into a financial and asset management center are on the horizon.

The country presently derives most of its growth from exports, with China being its largest trading partner. 

With Hong Kong's position as a financial hub slowly eroding due to China's new national security laws, this could be an opportunity for Taiwan to capitalize on.

President Tsai also adds that more and more internationally renowned companies have expressed interest in this move.

She also adds that the government's goal is to sign more bilateral trade deals, including one with the United States.

Many of such international trade deals have not materialized due to fears of potentially infuriating China.

“More and more internationally renowned companies, and even more international-level capital, talent, and technology companies, are bullish about Taiwan, and coming to Taiwan and increasing their investment in Taiwan. The government will continue to adopt more open measures, open up diverse financial products, expand the scope of our wealth management business, and let Taiwan become an Asian corporate financial center and high-level asset management center,” the president said.