BEIJING, March 11 China's Industry Minister,
Miao Wei, said on Saturday that self-ruled Taiwan should be more
open to Chinese investment after two high-profile cross-Taiwan
Strait deals fell through.
Taiwan's ChipMOS Technologies in November said it
had scrapped a planned $373 million stake sale to China's
Tsinghua Unigroup due to uncertainty about Taiwanese regulatory
clearance. It's the second deal in as many months between the
mainland's Unigroup and a Taiwanese firm to fall through.
The share sale was spiked due to political considerations,
industry analysts said, following intense scrutiny when the
independence-leaning Democratic Progressive Party (DPP) came to
power in Taiwan last year.
Speaking on the sidelines of the annual meeting of China's
parliament, Miao said economic cooperation between both sides of
the Taiwan Strait have made huge progress in the last three
decades since the two began a detente.
China welcomes Taiwan chip companies to invest in China, he
"Of course, we hope that openness is two-sided, not
one-sided," Miao said.
"We encourage and support Taiwanese companies to develop in
the mainland, and at the same time Taiwan should have an even
more open attitude towards mainland companies entering Taiwan."
Miao said such cooperation is good for both economies.
The DPP is traditionally less friendly toward China and
espouses the island's formal independence, a red line for
Shortly after Taiwan President and DPP leader Tsai Ing-wen
took office last May, China cut off official communication with
Taipei because she refused to accept China's view that the
democratic island is a part of China.
China deems Taiwan a wayward province to be taken back by
force if necessary. Taiwan has protected its prized chip
industry from becoming too reliant and open to China.
Defeated Nationalist forces fled to Taiwan in 1949 after
losing a civil war with the Communists.
(Reporting by Ben Blanchard; Editing by Sam Holmes)