State Council to support deeper economic cooperation across Taiwan Straits
Published: Sep 13, 2023 01:23 AM
Fuzhou Area of China (Fujian) Pilot Free Trade Zone Photo: VCG

Fuzhou Area of China (Fujian) Pilot Free Trade Zone Photo: VCG

China's State Council said it will support the building of globally competitive industrial bases and advanced manufacturing clusters across the Taiwan Straits amid efforts to deepen economic and trade integration, according to guidelines issued on Tuesday.

The State Council said it will support the construction of new industrial demonstration bases in eligible regions, and strengthen industrial cooperation between East China's Fujian Province and Taiwan to enhance the resilience and security of cross-Straits industrial supply chains, according to the guidelines.

Efforts will be made to support the development of globally competitive industrial bases and advanced manufacturing clusters, such as the petrochemical complex in Gulei, Zhangzhou city, East China's Fujian Province and the power battery industry in Fujian's Ningde city.

These industrial collaborations are being developed on the basis of mutual complementarity of resources and will promote mutual benefit in economic and trade cooperation between Fujian and Taiwan island, Zhang Wensheng, deputy dean of the Taiwan Research Institute at Xiamen University, told the Global Times on Tuesday.

Zhang noted that Fujian and Taiwan have a long history of petrochemical cooperation, and have already formed an industrial chain. And in Ningde, there is a thriving electric battery industry, offering further potential to strengthen cross-Straits cooperation.

In terms of financial cooperation, the State Council said it will support the development of a multi-level cross-Straits financial market, innovate methods of cross-Straits social capital cooperation and encourage more eligible high-quality Taiwan enterprises in Fujian to go public in the Chinese mainland.

The guidelines also include policies aimed at optimizing the operational environment for Taiwan businesses. Efforts will be made to support Fujian in creating a first-class international business environment and to encourage the Fujian Free Trade Zone to expand its pilot program for Taiwan businesses.

The guidelines also support the development of Taiwan's agriculture, fisheries, and small businesses operating in Fujian, encouraging Taiwan's fishermen and farmers to participate in the mainland's rural revitalization and providing them with more convenience in land use and financing to expand into mainland markets.

Furthermore, the guidelines emphasize the importance of cooperation in science, technology, and innovation across the Taiwan Straits, as well as promoting the digitalization of enterprises.

Zhang said that the guidelines covered various aspects related to cross-Straits economic integration and promote economic development for both sides of the Straits.

Investment from Taiwan businesses in the Chinese mainland has seen strong momentum this year.

According to data from the Ministry of Commerce, in the first seven months, the number of newly established Taiwan companies in the mainland has increased by 26.5 percent year-on-year and the amount of Taiwan investment in the mainland was up by 19.2 percent year-on-year.