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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Taiwan-China business ties grow as barriers fall By ANNIE HUANG,Associated Press Writer AP - 1 hour 41 minutes ago TAIPEI, Taiwan - China and Taiwan are seeking new business ventures in each other's territories like never before as investment and travel barriers fall between the once bitter enemies amid warmer political ties. ADVERTISEMENT Much of the credit goes to Taiwanese President Ma Ying-jeou, who has rejected his predecessor's anti-China polices and found a willing partner in the Chinese leadership. Ma has moved to dismantle many of the obstacles that for years let investment and trade flow from Taiwan to the mainland but kept China's money out of island. That's setting the stage for a degree of economic integration that seemed unimaginable when Ma took office only a year ago. Sharing a common language and similar cultures, Taiwanese and Chinese companies are now discussing alliances across a wide array of sectors, including real estate, financial services and even winemaking. That doesn't mean Beijing and Taipei are anywhere close to unity under the mainland's communist leadership _ the ultimate aim of China's Taiwan policy since the two sides split amid civil war in 1949. Polls consistently show about 85 percent of the island's people oppose the idea of communist control. Ma has said that unification talks would not take place during his presidency, which would end in mid-2016 if he is re-elected. Ma says the moves toward closer economic integration are in the island's best interests, politically and economically. Tensions with China have dropped to their lowest point since the two sides separated 60 years ago, and Taiwan's stock market has surged. Beginning by lifting the island's ban on regular direct air and maritime service to the mainland, Ma moved on to liberalize conditions for Taiwanese investment on the mainland. Last month, authorities opened the doors for limited Chinese investment on the island _ which until now was largely prohibited. Fresh funds could help stimulate Taiwan's economy, which shrank by a record 10.2 percent in the first quarter from a year earlier. The most ambitious goal is an "economic cooperation" agreement that will further lower commercial barriers. Negotiations are expected to begin during the second half of this year. But Taiwan is not opening its economy totally to its neighbor. Officials say China will likely be allowed to invest in the island's computer component industry, but it is keeping its semiconductor, flat panel display and other sectors to itself, fearing the leakage of trade secrets. Already, Taiwanese officials say they will not permit state-owned China Mobile's bid to acquire a 12 percent stake in Far EasTone Telecommunications Co., apparently because of security issues. Taiwan will start out cautiously, said Weng Chien, vice president of Taipei-based Polaris Securities Ltd., mindful that China is still committed to bringing the island back into its fold _ by force if necessary. The pro-independence Democratic Progressive Party sees Ma's policies as a wedge for greater Chinese control _ which it warns could eventually crush the island's free wheeling democratic institutions. Ma rejects that claim, and his new approach toward China is generally supported by Taiwan's 23 million people, although there have been some protests. Investors have lifted the island's benchmark stock index more than 50 percent from a January low. "We are experiencing the most harmonious period in six decades," said Weng from Polaris. "The two economies can support each other as Taiwan needs China's vast market and the mainland can benefit from the island's management expertise." Until now, the trade and investment flows across the 100-mile- (160-kilometer-) wide Taiwan Strait have been largely one way. Cumulative Taiwanese investment on the mainland since the late 1980s stands at more than $100 billion and trade _ mostly Taiwanese exports _ now exceeds $110 billion annually. That's starting to change. China is encouraging mainland electronics, telecommunications and other businesses to invest in Taiwan, and more mainland tourists are now visiting the island since restrictions have been lifted. Taiwanese companies are hoping use the opportunity to expand out of low-end manufacturing to branch out into the still underdeveloped service sector. Footwear-maker Pou Chen says it will soon select a Chinese partner to jointly operate dental clinics on the mainland using the ceramic dental materials produced by its factory in the southern Chinese city of Dongguan. Another Taiwanese company, Far Glory Group, is discussing a joint venture with China's leading property developer, Country Garden Holdings Co., to build large residential complexes in both Taiwan and the mainland. Although it's too early to say if the Taiwan-China convergence will propel Asia's economic growth as a whole, it could create new business opportunities should regional companies take stakes in new ventures. Last month, the island's government agreed to allow Chinese companies to have limited, direct investments in Taiwanese stocks. While final regulations have yet to be announced, officials say they may cap Chinese ownership of a Taiwanese firm's shares at 20 percent, which would bar acquisitions but could still foster strategic alliances. "Under the alliances, the firms could jointly develop new technologies and products and penetrate each other's market," said Schive Chi, a prominent economist who heads the Taiwan Stock Exchange. Schive said economic integration may enhance, rather than undermine, the island's security. He said that large numbers of Chinese could seek medical checkups and treatment on the island, as well as buying Taiwanese property and depositing their money in the island's banks. "We may see the day when the mainlanders put both their wealth and health in the care of Taiwanese," he said. "That would help dissolve worries." Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy Taiwan-China business ties grow as barriers fallAP - 1 hour 41 minutes ago Australia retailer freezes top pay as economy bitesReuters - 2 hours 10 minutes ago Bank of Japan upgrades assessment of economyAP - 2 hours 22 minutes ago China's Shenzhen wants to spread: reportAFP - Friday, May 22 Related Articles: Business SKorea, EU aim to make progress on FTA at summitAP - 2 hours 20 minutes ago Bank of Japan upgrades assessment of economyAP - 2 hours 22 minutes ago Asian markets fall as investors rethink rallyAP - 2 hours 43 minutes ago Virgin chief hits back over sexism chargeAFP - 2 hours 59 minutes ago China's Shenzhen wants to spread: reportAFP - Friday, May 22 Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Vitamin D boosts brain power in middle-aged men ABN Amro says up to 5,000 job to go in merger Popular cereal is a drug, US food watchdog says S&P issues warning on UK economy credit rating Explorer Ranulph Fiennes climbs Everest View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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