China-bound investment projects exceeding US$20 million or involving sensitive technology will be required to go through a more rigorous approval process beginning June 30, officials said yesterday.
The new measure and others announced yesterday are in line with President Chen Shui-bian's (
"It is necessary for the government to assume responsibility for `risk management' to ensure that cross-strait economic and trade relations are positive for Taiwan's economy," Mainland Affairs Council (MAC) Chairman Joseph Wu (
PHOTO: LU CHUN-WEI, TAIPEI TIMES
Under the new policy, firms planning large-scale investments or transfers of key technology to China will have to increase their investment in Taiwan in proportion to their China-bound investment, and clearly explain any technology transfers, said Shih Yen-shiang (
Investors will also have to sign an agreement with the government to allow for future inspections to determine whether their China operations are in compliance with Taiwanese regulations.
More hoops
The new plan adds another step in the investment screening process before investment applications are considered by MOEA's Investment Commission, the decision-making body responsible for approving China-bound investments.
The details on the tightened screening process will be unveiled by June 30 this year and investment projects submitted after the end of June will have to comply with the new rules, Fu Don-cheng (
Regarding tourism exchanges, Taiwanese travel agencies hoping to bring Chinese tourists to Taiwan will have to pay a NT$2 million (US$61,538) deposit to the tourism bureau, up from the previous NT$1 million.
Taiwanese travel agents will also be fined NT$200,000 for each Chinese tourist who breaks away from their tour group and overstays their visa.
The government will also seek to ink more memorandums of understanding to regulate capital flows in and out of the country.
Financial Supervisory Commission Vice Chairman Lu Daung-yen (呂東英) yesterday said that Taiwan has already signed such memorandums with 18 countries including Italy, France and UK, and will enter negotiations with China this year.
Council of Agriculture Vice Chairman Hu Fu-hsiung (
Taiwanese authorities have insisted that the transfer of pandas, an endangered species, must comply with the Washington Convention on International Trade in Endangered Species of Wild Fauna and Flora, which requires exports of endangered animals to be certified by the exporting and importing countries.
Hu said the government will also propose legislation to strengthen the protection of intellectual property rights in the area of agriculture.
Palauan President Surangel Whipps Jr arrived in Taiwan last night to kick off his first visit to the country since beginning his second term earlier this year. After arriving at Taoyuan International Airport at around 6:30 pm, Whipps and his delegation were welcomed by Minister of Foreign Affairs Lin Chia-lung (林佳龍). Speaking to gathered media, the Palauan leader said he was excited and honored to be back in Taiwan on his first state visit to Taiwan since he was sworn in this January. Among those traveling with Whipps is Minister of State Gustav N. Aitaro, Public Infrastructure
President William Lai (賴清德) yesterday thanked Palau for its continued support of Taiwan's international participation, as Taipei was once again excluded from the World Health Assembly (WHA) currently taking place in Switzerland. "Palau has never stopped voicing support for Taiwan" in the UN General Assembly, the WHO and other UN-affiliated agencies, Lai said during a bilateral meeting with visiting Palau President Surangel Whipps Jr. "We have been profoundly touched by these endorsements," Lai said, praising the Pacific island nation's firm support as "courageous." Lai's remarks came as Taiwan was excluded for the ninth consecutive year from the WHA, which is being held in
RESOLUTIONS DEBATE: Taiwan’s allies said that UN and WHA resolutions cited by China and other nations ‘do not determine Taiwan’s participation in WHO activities’ A proposal to invite Taiwan to this year’s World Health Assembly (WHA) was rejected on Monday, resulting in Taipei’s absence from the annual meeting for a ninth consecutive year, although partners spoke up for Taiwan’s participation at the first day of the meeting. The first agenda item after the opening was a “two-on-two debate” on a proposal to invite Taiwan to participate at the WHA as an observer. Similar to previous years, two countries made statements in favor of the proposal, while two others expressed their opposition. Philippine Secretary of Health Teodoro Herbosa, president of the 78th WHA, accepted the WHA General Committee’s
At least three people died and more than a dozen were injured yesterday afternoon when a vehicle struck a group of pedestrians in New Taipei City’s Sansia District (三峽). The incident happened at about 4pm when a car rammed into pedestrians at an intersection near Bei Da Elementary School. Witnesses said the sedan, being driven at a high speed, ran a red light, knocking scooters out of the way and hitting students crossing the road before careening into a median near the intersection of Guocheng and Guoguang streets. The incident resulted in three deaths and 13 injuries, including the driver, a 78-year-old man
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