China asks Taiwan to open economy further | business | Hindustan Times
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China asks Taiwan to open economy further

China has asked Taiwan to open its $390-billion economy wider to investment from the global economic powerhouse after the signing of a landmark trade pact and a warming of political relations, the island nation’s news agency said.

business Updated: Jul 06, 2010 22:48 IST

China has asked Taiwan to open its $390-billion economy wider to investment from the global economic powerhouse after the signing of a landmark trade pact and a warming of political relations, the island nation’s news agency said.

Beijing asked Taiwan in writing to open further to Chinese investors and has expressed interest in sectors that Taiwan plans to develop over the next decade to diversify its tech-led economy, the Central News Agency reported.

The request follows an economic cooperation framework agreement (ECFA) that slashes tariffs on about 800 items.

The Chinese investment is expected to lift six Taiwan industries identified by the government for fast development, including biotech, green energy, tourism, healthcare, high-end agriculture, creative arts and are expected to see a combined output of T$3.37 trillion ($100 billion) by 2012.

China opened trade talks with Taiwan in 2008 after six decades of hostilities. Taiwan now allows limited Chinese investment in manufacturing, infrastructure, services and the stock market.