While many are rushing to China to take advantage of its cheap land and labor, Lee cast doubt on the permanence of that market and urged the government to put national security first.
If the trend continues, Taiwan runs the risk of short-changing itself, especially in the high-tech field, Lee said.
"We can't just jump into China blindly. If we keep pumping resources into there, Taiwan will not have enough talent and experts in the high-tech field and will no longer be able to develop," Lee said.
"The communists will first steal your money and then start to exploit you. Over 70 to 80 percent of Taiwanese businessmen who invest their money in China lose it in the end."
Lee criticized the recent decision by the Economic Development Advisory Conference to open up direct links with China, saying that Taiwan had no reason to do so prior to entry into the WTO.
Instead, Lee suggested that the government first focus on the financial sector's problem with bad bank loans and improve the investment environment for foreign capital.
Lee tried to draw a line between the newly formed party and some politicians, alluding to James Soong and the PFP.
"I am not just like someone who says all the time `people first,' and that I love the people, but takes a lot of money and puts it some place that no one knows," Lee said, apparently referring to Soong.
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