Taipei, Sept. 20 (CNA) Taiwan's investment in China for the first eight months of this year totaled US$7.19 billion, a drop of 25.08 percent from the same period of last year, according to statistics released Thursday by the Investment Commission under the Ministry of Economic Affairs.
The total cases approved for Taiwanese investment in China dropped an annual 28.68 percent for the period to 291 cases, the commission said.
As for Chinese investment in Taiwan, cases worth a total of US$135.54 million were approved for the period, a jump of 330.88 percent from a year earlier, according to official statistics.
The commission said the significant increase in Chinese investment was due to two representative offices of Chinese banks -- Bank of China and Bank of Communications -- being upgraded into branches in January, which resulted in investment totaling US$91.48 million.
Taiwan opened for Chinese investment in 2009. So far, China has invested US$311.10 million, the commission said.
As for Taiwan's investment in foreign markets, a total of US$6.75 billion was approved for the period, a jump of 257.87 percent from the same period of last year, according to the commission.
The commission cited Hsinchu-based GlobalWafers Co. Ltd.'s investment in Japan's GWafers Inc. for the research and development of semiconductor manufacturing equipment, totaling NT$2.88 billion (US$98.06 million), as one of the major reasons for the jump in Taiwan's investment in foreign market over the last eight months.
(By Huang Chiao-wen and Ann Chen)