BEIJING -- The Chinese mainland will create more favorable conditions for cross-Strait cooperation in the financial sector, a spokeswoman for the State Council's Taiwan Affairs Office (SCTAO) said at a regular press briefing Wednesday.

Spokeswoman Fan Liqing said future efforts will include supporting qualified Taiwanese banks' mainland branches in establishing yuan-denominated businesses and facilitating negotiations for establishing a cross-Strait currency clearance system.

Fan also briefed the press on major progress made in cross-Strait financial cooperation this year, including the approval of three Taiwanese banks to open representative offices on the mainland.

Bank regulators on both sides have promised to examine bank applications in a timely fashion, Fan said.

Chinatrust Commercial Bank, the flagship bank of one of Taiwan's biggest financial groups, was given permission to open its Shanghai branch on Nov. 8.

Two Taiwanese life insurance companies were also granted Qualified Foreign Institutional Investor (QFII) status this year, following five Taiwanese investment trust companies who were previously granted QFII status, Fan said.