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Government approves 11 China investment proposals

Taiwan has approved 11 applications for China-bound investment totaling US$141.76 million, the Investment Commission under the Ministry of Economic Affairs said yesterday.

The commission also approved four inbound investment applications by foreign investors and overseas Chinese for a total of US$532.86 million, it said in a statement.

Of the applications for China-bound investment, Nan Ya Plastics Corp (南亞塑膠) was given approval to invest US$37 million in a bisphenol A (BPA) unit in Ningbo in the eastern province of Zhejiang.

The commission said it approved a total of 240 China-bound investment applications valued at US$372.26 million between June 20 and July 19.

Inbound funds

During the same period, the commission approved 182 inbound investment applications worth US$189.26 million and 81 non-China, outbound applications worth US$198.85 million.

China replaced the US as Taiwan's largest market in November 2002. It is also Taiwan's leading foreign investment site, with an estimated US$80 billion invested over the years in a wide series of projects.

According to latest government statistics, indirect trade between Taiwan and China in the five months to May rose 16.9 percent from a year earlier to US$27.88 billion.

The figure accounted for 18.7 percent of Taiwan's total foreign trade during the five-month period, compared with 17.7 percent a year earlier, the ministry's Board of Foreign Trade said yesterday.

Exports to China during the period rose 12.7 percent to 19.95 billion, while imports from there were up 29.1 percent at US$7.93 billion.

Trade surplus

Taiwan enjoyed a trade surplus with China of US$12.02 billion, up 4.0 percent from a year earlier, it said. Major export items -- machinery, plastics and organic chemical products -- increased due to strong demand in China, while imports of machinery and steel expanded, the board said.

Under Taipei's ban on direct transport across the Strait, all merchandise is transshipped through third ports, mainly Hong Kong.
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