Chinese investment projects drop due to trade pact impasse
Central News Agency
2014-06-20 11:17 PM
Taipei, June 20 (CNA) Only 50 investment projects proposed by businesses from China were approved by Taiwanese authorities in the first five months of the year, marking a year-on-year drop of 10.7 percent, economics officials said Friday, blaming the decrease to the stalled trade-in-services agreement between the two sides. In terms of the value of the investment projects, the total amount to be invested amounted to US$141.56 million, which represented a year-on-year drop of 33.36 percent, according to statistics released by the Investment Commission under the Ministry of Economic Affairs Friday. The drop reflected big Chinese investment projects being held back due to the trade pact being stalled in Taiwan's Legislative Yuan. If approved, the agreement would give Taiwan's and mainland China's investors greater access to each side's service sectors. The trade-in-services pact, signed in June 2013, was strongly opposed by opposition lawmakers who feared it would open Taiwan's doors to Chinese enterprises and workers from the mainland, hurting Taiwanese small businesses and job opportunities for local people. The statistics also showed that in the first five months, 164 China-bound investment plans proposed by Taiwanese businesses were approved by the government, down 9.39 percent from the same period last year. The accumulated value of the projects stood at US$4.28 billion, down 1.76 percent, according to the tallies. (By Huang Chiao-wen and Elizabeth Hsu)
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