The Mainland Affairs Council (MAC) said yesterday it would set up a communication network with Taiwanese businessmen in Hong Kong and Macau to effectively regulate the way they direct their investments.
The measure came after Taiwan's investments in Hong Kong soared by nearly 300 percent last year, as a result of a Closer Economic Partnership Arrangement (CEPA) between Hong Kong and China, the council said.
Rejecting China's proposal to sign a CEPA with Taiwan, the council regarded the pact as part of China's strategy to achieve unification with Taiwan through trade.
Last year, Taiwan poured US$640 million in investments into Hong Kong, a 283.86 percent increase compared with the amount in 2002, said Chang Yung-shan (
This happened because local, Chinese and overseas investors may set up new manufacturing operations in Hong Kong, in order for the products to qualify under CEPA rules of origin, according to which they would not be subject to tariffs in the Chinese market, Chang said.
Taiwanese businesses monthly investments in Hong Kong and vice versa from January to October last year were largely the same in terms of volume, but investments in Hong Kong sharply increased in November and December, the council said.
According to the council, this coincided with the Hong Kong Trade and Industry Department's announcement of the application procedures for a Certificate of Hong Kong Origin on Nov. 14 last year.
Most investments from Taiwan went to Hong Kong's financial and insurance sectors, with electrical and electronics products the next most popular, the council said.
"Hong Kong's financial system is sound but China's is poor. We are discussing with the CEPA how to effectively regulate Taiwanese investments in Hong Kong," Chang said.
"The pact could only work under the `one country, two systems' formula," he said.
Analyzing political developments in Hong Kong, Chang said China has been increasingly emphasizing the "one country" part of the formula.
The "two systems" part is under threat as China tries to wrest control of Hong Kong's democracy, he said.
Hong Kong investments in Taiwan dropped by 32.33 percent last year, amounting to only US$44 million. Hong Kong businessmen invested mainly in Taiwan's retail industry and electrical and electronics products, Chang said.
The overall trade volume between Taiwan and Hong Kong last year was US$30.1 billion, a 7.79 percent decrease compared with 2002, he said.
The volume of trade between Taiwan and China via Hong Kong amounted to US$12.7 billion from January to November last year, a 15.95 percent increase compared with the same period in 2002.
Taiwanese products exported to China via Hong Kong reached US$10.77 billion from January to November last year, an increase of 14.32 percent compared to 2002.
The value of Chinese products exported to Taiwan amounted to US$1.95 billion between January and November last year, a 25.85 percent increase from the same period in 2002, the council said.
US President Donald Trump said "it’s up to" Chinese President Xi Jinping (習近平) what China does on Taiwan, but that he would be "very unhappy" with a change in the "status quo," the New York Times said in an interview published yesterday. Xi "considers it to be a part of China, and that’s up to him what he’s going to be doing," Trump told the newspaper on Wednesday. "But I’ve expressed to him that I would be very unhappy if he did that, and I don’t think he’ll do that," he added. "I hope he doesn’t do that." Trump made the comments in
NOT AN OPENING: Trump’s violation of international law does not affect China’s consideration in attacking Taiwan; Beijing lacks capability, not precedent, an official said Taiwanese officials see the US’ capture of the president of Venezuela as a powerful deterrent to Beijing’s aggression and a timely reminder of the US’ ability to defeat militaries equipped with Chinese-made weapons. The strikes that toppled Venezuelan President Nicolas Maduro signaled to authoritarian leaders, including Chinese President Xi Jinping (習近平), US President Donald Trump’s willingness to use military might for international affairs core to US interests, one senior official in Taipei’s security circle said. That reassured Taiwan, the person said. Taipei has also dismissed the idea that Trump’s apparent violation of international law could embolden Beijing, said the official, who was not
A cold surge advisory was today issued for 18 cities and counties across Taiwan, with temperatures of below 10°C forecast during the day and into tonight, the Central Weather Administration (CWA) said. New Taipei City, Taipei, Taoyuan and Hsinchu, Miaoli and Yilan counties are expected to experience sustained temperatures of 10°C or lower, the CWA said. Temperatures are likely to temporarily drop below 10°C in most other areas, except Taitung, Pingtung, Penghu and Lienchiang (Matsu) counties, CWA data showed. The cold weather is being caused by a strong continental cold air mass, combined with radiative cooling, a process in which heat escapes from
Snow this morning fell on Alishan for the first time in seven years, as a strong continental cold air mass sent temperatures plunging across Taiwan, the Central Weather Administration (CWA) said. The Alishan weather station, located at an elevation of about 2,200m in central Taiwan, recorded snowfall from 8:55am to 9:15am, when the temperature dropped to about 1°C, the CWA said. With increased moisture and low temperatures in the high-altitude Alishan area, the conditions were favorable for snow, CWA forecaster Tsai Yi-chi (蔡伊其) said. The last time snow fell at the Alishan weather station was on Jan. 10, 2018, while graupel fell there
RSS