The number of applications for investment in China by Taiwanese companies approved in the first five months this year has jumped more than 120% from a year earlier. That's the word from the Investment Commission of the economics ministry on Tuesday.
The reason for the increase is due to the Chinese economy's strong recovery. The growth has especially attracted many Taiwanese tech companies.
A total of 214 applications were approved for investment in China from January to May. However, the total value of approved China-bound investment by Taiwanese companies dropped more than 24% year-on-year in the five-month period to US$2.57 billion.
Meanwhile, applications for overseas investment, Chinese businesses to invest in Taiwan, and Taiwan's investment in other countries other than China all saw negative growth. The commission said reasons for the drops include rise in US interest rates and China's strict controls on investment abroad.
Source: Radio Taiwan International