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|Wednesday, November 07, 2001, updated at 16:21(GMT+8)|
Taiwan Authorities to Open Direct Taiwan Investment in MainlandAccording to report from Taipei by People Online correspondents Yao Xiaomin and Wu Xia, on the morning of November 7, Taiwan "Administrative Yuan" adopted the executive plan for the "implementation of investment in the mainland, active opening, and effective management" put forward by the department concerned, formally liberalizing direct investment in the mainland and abolishing the investment ceiling of US$50 million. Thus far, the "no haste, be patient" policy, which had been in force for five years and was criticized and censured by domestic and overseas public opinions, formally came to an end in history.
The "no haste, be patient" policy was put forward by Lee Teng-hui at the Taiwan "administrators meeting" in September 1996, his aim was to block and cool down rising heat of investing in the mainland by Taiwan businessmen. Practice over the past few years has proved that this policy violates the economic law, goes against popular will and has thus aroused strong condemnation and opposition by Taiwan businesspeople and public opinions inside and outside the Island. In August this year, Taiwan "economic development meeting" reached a consensus on relaxing the "no haste, be patient", and adjusting the policy of investing in the mainland.
After the conclusion of the "Administrative Yuan" meeting, Taiwan "Mainland Affairs Council" chairman Tsai Ying-wen, "economic minister" Lin Hsin-yi, and "information bureau" director Su Cheng-ping immediately held a press conference at which they clearly explained matters about implementing the policy of "active opening and effective management" on investing in the mainland.
The main contents of the present policy adjustment are:
However, this policy still contains various restrictions on the Taiwan business investment and uncertain factors, for example, high-tech industries and infrastructure construction enterprises going to invest in the mainland are placed under strict control; , the current regulations on the ceiling of accumulative total or proportion of investment made in the mainland by individuals and enterprises are still retained; establishing an investment trend regulatory mechanism, whereby the competent department will regularly or, when necessary, invite relevant organizations to examine and deliberate various factors, so as to decide where or not to readjust the standard for the accumulative total investment amount made by individual enterprises, etc.
Lin Hsin-yi disclosed that a plan will be worked out before December 31 this year for the policy of opening enterprises' direct investment in the mainland and will be put into effect on January 1, next year.
By People's Daily Online
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