Taiwan puts $10.8b in China

Taiwan puts $10.8b in China

TAIPEI (AFP): Taiwanese firms have poured more than US$10.8 billion into China in the past six years, the economic ministry said yesterday, in clear defiance of government efforts to tighten controls over ventures in the mainland.

Some 19,800 investment applications were lodged with the government's Investment Commission between 1991 and September this year.

China has put the investment figure at $14.0 billion, although the commission, which comes under the ministry, said the gap was due to different definitions of investment.

Taipei has tightened its controls over mainland investment since Taiwan President Lee Teng-hui called for a "no haste, be patient" policy late last year over the island's investment toward China.

From July 15 last year, the authorities adopted tougher rules for businesses wanting to invest, prohibiting Taiwanese nationals from investing in infrastructure and land development.