Sixteen Taiwan-funded projects were inked in Shanghai Thursday, the latest move to boost the integrated development of the Yangtze River Delta, one of China's most economically-active regions.
The signing ceremony involved 15 investment projects with a total investment of around 45 billion yuan (6.39 billion U.S. dollars) and a financial support project expected to offer Taiwan enterprises in the Yangtze River Delta a credit limit of 50 billion yuan in two years.
"The Yangtze River Delta is a region with one of the most vigorous economies, the highest degree of openness and the strongest innovation capability on the mainland," said Lee Cheng-hung, head of the Association of Taiwan Investment Enterprises on the Mainland.
China released a master plan last Sunday to integrate regional development of the Yangtze River Delta, which contributed about one-fourth of the country's GDP.
With the advantages in terms of its location, infrastructure, supply chain and internationalization, the Yangtze River Delta has long been at the forefront of Taiwan investment in the mainland market.
Lee said the Yangtze River Delta is one of the regions with the largest amount of investment from Taiwan and is home to nearly 40 percent of Taiwan enterprises on the mainland.
"The new plan would provide strong support and a broader platform for the development and industrial transformation of Taiwan companies," he said.
A typical example is the industrial land upgrade project of the CIMIC Group, a leading Taiwan-funded provider of a range of products and services including construction materials, fast-moving consumer goods and health facilities.
The company will cooperate with the local government to reconstruct its industrial area of over 400,000 square meters in Shanghai into an eco-friendly and intelligent industrial park, as part of its efforts to achieve industrial transformation.