Fri, Apr 24, 2009 - Page 12 News List

Ministry promises to consult industries on opening to investment from China

By Shih Hsiu-chuan  /  STAFF REPORTER

The government will seek opinions from industry representatives before opening the door to Chinese capital, Minister of Economic Affairs (MOEA) Yiin Chii-ming (尹啟銘) said yesterday.

“We will have related government authorities consult with stakeholders before implementing the policy of opening up,” Yiin said at a press conference after a weekly Cabinet meeting.

The Executive Yuan on Wednesday completed a review of draft measures that would allow Chinese capital to invest in local businesses or create ventures.

Yiin said the government would progressively liberalize restrictions on Chinese investment.

The areas to be opened to Chinese investment would not be disclosed until a consensus had been reached at the third round of cross-strait negotiations, he said.

Yiin outlined three guidelines for the liberalization: It should promote an industry’s competitiveness, generate mutual benefit for both sides of the Taiwan Strait and not hamper an industry’s development.

In related news, Minister Without Portfolio Chu Yun-peng (朱雲鵬) yesterday dismissed remarks made earlier in the day by Fu Don-cheng (傅棟成), a vice chairman of the Mainland Affairs Council.

Fu said a consensus had been reached among various government agencies that the cap on the portion of a company’s capital that may come from China via a third country or territory would be lifted from 20 percent to 30 percent.

The MOEA had suggested relaxing the restriction to 50 percent.

Chu said the Cabinet would continue to consider the matter.

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