More Taiwan funds flow in Fujian

Fujian enjoyed a much closer economic tie with Taiwan in 2017, according to a government conference held in Fuzhou, the provincial capital, Tuesday.

The trade volume between the two regions totaled 77.46 billion yuan ($12.2 billion) in the past year, ranking fourth among the provincial areas on the mainland in trade volume with Taiwan.

The figure represented 18.3 percent of growth over the previous year, the fastest growth rate over the past five years, the meeting said.

In 2017, Taiwan inked 1,051 investment contracts with Fujian with the cumulative value of $ 3.64 billion, up by 20 percent year-on-year.

The actual use of investment from the island reached $ 1.86 billion, accounting for more than 20 percent of total foreign direct investment in the province, which stood at 57 billion yuan in 2017.

Agriculture was still a magnet for Taiwan investors. In 2017, Taiwan's investment in the sector reached $ 120 million, placing Fujian first among the provinces in terms of the scale of investment in the sector.

Meanwhile, Taiwan saw more diversified portfolios in Fujian, as the province has been pioneering the reform and opening up to Taiwan as national FTZ.

In addition to agriculture, other sectors include petrochemicals, electronic information, medical care, biotechnology as well as precision machinery manufacturing.

Looking ahead, Fujian is set to strengthen and upgrade partnerships with Taiwan in the three sectors of electronic information, machinery manufacturing and petrochemicals, said Zhou Lianqing, member of the Standing Committee of Fujian CPC Provincial Committee at the meeting.

He also noted that the government would roll out more policies and measures to ensure that Taiwan enterprises and compatriots receive the same treatment as the ones on the mainland,and encourage more talents to seek employment and start businesses in Fujian.