'Go-slow' policy frustrates business
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05/30/2001
TAIPEI: Taiwan's top business tycoon voiced frustration yesterday at the local government's curbs on investments on the Chinese mainland, heaping pressure on the island to embrace full-blown commercial links with the mainland."It's hard to survive without going to the mainland to set up factories," Wang Yung-ching, chairman of petrochemical giant Formosa Plastics Group, said. "We are forced to do so because there is no choice," Wang told a shareholders' meeting of Nan Ya Plastics, a core member of the Formosa Plastics Group. His comments were broadcast on a local cable television network. The 84-year-old Wang, one of the island's richest men, said he had no wish to shift most of his group's operations to the mainland, only those unable to survive in Taiwan. "We are very clear about what we want to do. The government should set a clear direction for ordinary people to follow," Wang said. Wang was the latest to join a chorus of calls for the government to relax its "no haste, be patient" policy restricting trade with, and investment in, the mainland. Taiwan authorities have completed a review of the investment curbs set in place by the previous administration, but an announcement on easing the restrictions was put off due to rising unemployment rate in the island. Taiwan said last week first-quarter gross domestic product grew a mere 1.06 per cent - the slowest since 1975. Jobless rate was expected to hit an annual all-time high of 3.9 per cent in 2001. The "Finance Ministry" said on Monday it plans to allow listed companies to invest up to 50 per cent of funds raised overseas in the Chinese mainland, up from the current 20 per cent. Agencies via Xinhua
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