A view of the Taiwan Straits is seen from Xiamen port, in East China's Fujian Province. Photo: IC

The Democratic Progressive Party (DPP) authorities on the Taiwan island aim to reduce reliance on the Chinese mainland, which won't bode well for the island, the head of the Association of Taiwan Investment Enterprises said on Saturday, urging both sides across the Taiwan Straits to strengthen cooperation for mutual economic development.

At a gathering of business leaders on Saturday, marking China's traditional Lantern Festival, Ding Kunhua, honorary chairman of The Association of Taiwan Investment Enterprises, highlighted the interdependent relationship between the Chinese mainland and Taiwan. "The policies of the Democratic Progressive Party to reduce dependence on the mainland could cause unbearable disaster for Taiwan", Ding said, according a cctv.com report.

Facing rising global uncertainty, Ding emphasized the complementary structure of the economies and industries of the two sides, while praising Chinese people's hardworking, intelligent, and resilient nature, and stressed the need for collaboration and mutual development, stating that only through cooperation can the economies thrive.

The gathering was attended by approximately 200 representatives across the Taiwan Straits, several business representatives from Taiwan spoke at the event, expressing hopes and confidence for expanding businesses in the Chinese mainland, according to a report by the Xinhua News Agency.

Attending the event include Chairman of the General Chamber of Commerce Lai Chengyi, Delta Group's Chairman Hai Yingjun, and Minth Group's founder Qin Ronghua, who expressed their commitment to deepening cross-Straits industrial cooperation and sharing opportunities under high-quality development.

Affected by various political and economic reasons, trade across the Taiwan Straits experienced a significant decline in 2023, dropping by 10.7 percent to reach 1,885.2 billion yuan ($262 billion). Specifically, Taiwan's exports to the mainland decreased by 10.5 percent to 1,403.3 billion yuan, according to data from the General Administration of Customs (GAC).

The slump in cross-straits commerce further altered Taiwan's economic expectations for 2023. The projected GDP growth rate of the island for 2023 is only 1.4 percent, marking a 14-year low.