Exhibitors from the Chinese mainland and Taiwan province chat during an expo in Xiamen, Fujian province. — Xinhua
Beijing: China has unveiled a package of policy steps to support building its coastal Fujian province, located opposite Taiwan, into a pilot zone for advancing cross-strait economic integration – a move which experts say will tap into cooperation potential in new areas and deliver concrete benefits for businesses on both sides.
The guideline highlighted five major areas of focus – supporting Fujian in expanding opening-up toward Taiwan, promoting cross-strait trade, deepening integration of strategic industries, facilitating integration of Taiwan businesses operating in Fujian into domestic circulation and accelerating the integrated development of key regions.
The guideline was jointly issued by the Commerce Ministry, the Taiwan Affairs Office of the State Council, the National Development and Reform Commission and the Industry and Information Technology Ministry on Monday.
According to the guideline, Fujian will be supported to take strides toward aligning its pilot free-trade zone with international economic and trade rules and promoting institutional opening-up, so as to explore a regulatory framework conducive to cross-strait economic integration.
Fujian is encouraged to leverage its geographical proximity and advance such key reform initiatives as cross-strait trade in goods and mutual recognition of professional qualifications on a priority basis.
Moreover, Fujian will be guided to capitalise on the opportunities presented by the Regional Comprehensive Economic Partnership agreement, in an effort to attract projects from Taiwan in industries such as petrochemicals, textiles, machinery and cosmetics to establish a strong presence in the province, it said.
Cross-strait trade saw significant growth in 2022, with the total volume between Fujian and Taiwan registering 103.67 billion yuan. Exports to Taiwan experienced a surge of 22.9%, data from the provincial commerce bureau in Fujian showed.
In addition, as of June last year, there were more than 12,000 Taiwan enterprises doing business in Fujian, and the actual utilisation of capital from Taiwan has exceeded US$32bil, according to official data.
The success of cross-strait economic cooperation can be attributed to the complementary advantages and shared resources between Fujian and Taiwan, said Yin Cunyi, a professor at Tsinghua University’s School of Public Policy and Management.
Both regions possess unique strengths in various industries, including manufacturing, technology and services. Through collaboration and the exchange of expertise, these strengths have been effectively leveraged, contributing to growth and development of both sides, Yin said.
Going forward, the strengths of Fujian in digital economy, integrated circuits, new energy, lithium batteries, petrochemicals and textiles will be fully harnessed to build demonstration bases for new-type industrialisation in regions where conditions are ripe, the guideline said.
It added that it aims to create industry clusters that pool advantages from both sides and bolster global competitiveness.
In particular, greater support will be channelled to Fujian to promote construction of the experimental zone for cross-strait cooperation in integrated circuits.
Meanwhile, the province will place great emphasis on the development of key functional zones to facilitate the development of Taiwan’s leading sectors, it said. — China Daily/ANN
