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Restrictions on inbound Chinese investment need reviewing: CEPD

Restrictions on inbound Chinese investment need reviewing: CEPD

Taipei, July 16 (CNA) Taiwan needs to review its restrictions on inbound Chinese investment, including visits by Chinese business executives and potential investors, the government's top economic planner said Friday.
Speaking at a luncheon with local reporters, Christina Liu, chairwoman of the Council for Economic Planning and Development, said exports and investment are twin engines that fuel Taiwan's economic growth.
In the past, Liu said, Taiwan primarily relied on foreign trade surplus for its economic growth. But in the first quarter of this year, domestic demand contributed about 11 percent to the quarterly GDP growth of 13.27 percent, she noted.
Riding on the anticipated benefits from the newly signed economic cooperation framework agreement (ECFA) with China that offers tariff exemptions on hundreds of products and easier market access across the Taiwan Strait, the government is gearing up to attract investment, she said.
In this regard, Liu said, special efforts should be made to remove barriers to inbound investment, which is an integral part of domestic demand.
One of the government's major goals in the second half of the year is to attract investment from around the world, she noted, saying that legal restrictions on domestic investment should be eased or removed.
"Otherwise, our investment promotional drive will be dampened, " Liu said, adding that Premier Wu Den-yih has ordered a quick fix of the regulations on Chinese investment.
According to Liu, the government is organizing for delegations to go on "Taiwan road shows" abroad later this year to seek investment.
However, the targets are not only foreigners and Taiwanese expatriates, but "also domestic investors, as Taiwan is known to have huge excess savings," she added.
(By Hsieh Chun-wei and Sofia Wu)




Updated : 2021-08-04 00:02 GMT+08:00