The Chinese mainland and Taiwan should step up cooperation to cope with the worsening global financial crisis, a mainland official said on Wednesday.

The State Council Taiwan Affairs Office would encourage and promote financial circles on both sides of the Taiwan Straits to cooperate more, share experience and work together, office spokesman Yang Yi said.

He expressed confidence that with concerted wisdom and strength of both sides, the difficulties would be overcome and the economies would prosper.

Some Taiwan-invested businesses on the mainland, mostly labor intensive, small and medium-sized, export-oriented companies, were facing pressure due to the global financial instability, he said.

The concerned departments on the mainland recognized their difficulties and was taking active measures to support them, Yang said.

These included tax refunds on some textile and garment exports, helping with industrial upgrading or transfers, he said. The government promised more measures to help businesses develop on the mainland.