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China's investments in Taiwan drops by 25 percent

2014/09/22 23:46:08

Taipei, Sept. 22 (CNA) China's investment in Taiwan dropped by 25.15 percent in the first eight months of this year, compared to the same period last year, according to statistics from the Investment Commission.

The commission attributed the drop to a stalled cross-strait trade-in-services agreement in the Legislature as well as year-end local elections, a precursor to the 2016 presidential election, which may have made investors cautious.

The statistics showed there were 86 Chinese investment projects in Taiwan in the first eight months, down 7.53 percent year-on-year.

Due to the decrease in the number of big investment projects, the total amount of investments came to US$238.996 million in the first eight months, down 25.15 percent year-on-year.

As for Taiwan's investments in China, the commission approved a total of 266 projects in the mainland, down 5.67 percent from the same period last year. However, the amount approved totaled US$6.15 billion, up 8.78 percent year-on-year.

Meanwhile, the commission approved an NT$1.35 billion investment by a Zhejiang company, the Nice Group, which specializes in making cleaning products, to allow it to acquire a 100 percent stake in Taiwan's Magic Amah, a household cleaning products manufacturer.

Commission officials said that the acquisition was due to the second generation of Magic Amah being unwilling to take over the family business.

The commission also approved an application by the Taiwan Semiconductor Manufacturing Co. to remit US$2 billion to invest in British Virgin Islands-based TSMC Global Ltd.

(By Milly Lin and Lilian Wu)