The Cabinet is reviewing a proposal by the Ministry of Economic Affairs to further open domestic industries to Chinese investment, Minister of Economic Affairs Shih Yen-shiang (施顏祥) said yesterday.
Speaking after presenting a report at a legislative committee hearing, Shih said the ministry’s proposal would allow Chinese capital to be invested in more than 90 percent of business categories in the manufacturing sector and about 50 percent in the service sector.
When asked when a decision would be announced, Shih said he could not offer a timeline since the issue was being reviewed by inter-ministerial meetings, but he did expect an announcement in the first half of this year.
The final list of industries that could be targeted by Chinese capital and the conditions under which investments can be made still needs to be approved by the Cabinet, Shih said.
Although Chinese companies have only invested US$100 million in Taiwan so far, they have helped create more than 5,000 jobs, he said.
Shih said he hoped more jobs would be created in the future through investment from China under effective government supervision.
According to the ministry, 42 percent of business categories in the manufacturing and service sectors are currently open to Chinese investment following two rounds of liberalization — in 2009 and last year.