I. The evolution of Taiwan's foreign investment
Taiwan’s foreign investment began in 1959 with investment in Malaysia. Since then, Southeast Asia has been the main area for Taiwan’s foreign investment. After 1987, Taiwan’s foreign investment was mainly made by small and medium-sized enterprises to transfer labor-intensive export industrial production bases to developing countries and regions with relatively low labor prices in East Asia to reduce labor costs and make up for the appreciation of the New Taiwan dollar in 1987. The resulting loss of export competitiveness is reduced. Therefore, the main flow of investment is the four ASEAN countries, mainland China, and Vietnam after the 1990s. During the financial crisis, Taiwan’s foreign investment shifted from East Asia to the Americas (United States and Central and South America): the share of the United States and Central and South America’s total foreign investment in Taiwan increased from 22.1% in 1997 to 45.7% in 1998 and 1999. 39.9% of the total share of East Asia (China, Hong Kong, Singapore, Thailand, Vietnam) fell from 67.1% in 1997 to 46.9% in 1998 and 39.8% in 1999. This is because Taiwan's multinational enterprises have used the tax-free zones in China and the United States as their capital pools and transit stations, as well as the investment prospects of the United States and Central and South America. After the financial crisis, some Taiwanese businessmen began to turn to mainland investment again, attracted by favorable factors such as low labor costs and abundant natural resources in the huge cities of the mainland.
According to statistics from 2007, in Taiwan's foreign investment, investment in mainland China reached 9.97 billion US dollars, accounting for 60.6% of total investment. In addition, the investment in the British Virgin Islands, the second largest investment area of ​​Taiwanese businessmen, accounts for 10% of the total investment. This part of the investment is actually a response to the Taiwanese government's policy of limiting the urgency of fortune to the mainland, that is, first investing in the British Virgin Islands and then switching from the Virgin Islands. To the mainland of China, this part of the investment is also called a roundabout investment in the mainland of the motherland.
Second, Taiwan's investment in the mainland
With the continuous improvement of the mainland economic system reform, the continuous opening of economic and trade policies toward Taiwan, and the sustained and steady economic growth, Taiwanese businessmen have also experienced a gradual development process. The evolution of Chinese mainland investment in mainland China has gone through four stages. The first phase began in 1979, when the Taiwan authorities implemented a three-no-go policy, prohibiting cross-strait civil exchanges, and Taiwanese investment in the mainland was extremely rare. Therefore, this stage can also be called the pilot stage of Taiwanese investment in the mainland. From the late 1980s to 1991, the second stage of Taiwan’s investment in the mainland. At this time, the total investment of Taiwanese businessmen increased, the scale of individual projects gradually expanded, and the investment industry was dominated by labor-intensive industries. The investment areas were concentrated in Fujian and Guangdong. The mode of operation is mainly based on the export processing industry with two heads outside. In 1991, the Taiwan authorities announced that they would allow Taiwanese businessmen to invest in the mainland indirectly, setting off a third-stage Taiwanese investment boom in mainland China. However, things were not smooth. In 1996, in order to avoid the phenomenon of the hollowing out of the island industry due to the over-investment of Taiwanese businessmen on the mainland, Lee Teng-hui vigorously promoted the southward policy and attempted to cool down the investment in the mainland. In addition, due to the subsequent impact of the Southeast Asian financial crisis after 1997, The investment scale of Taiwanese businessmen fell back in the second half of the third phase. From the perspective of industrial structure, the proportion of capital- and technology-intensive industries has begun to rise at this stage, and the investment region has shifted from the Pearl River Delta to the Pearl River and the Yangtze River Delta. In 2001, due to pressure from joining the WTO and the severe economic downturn on the island since 2000, the Taiwan authorities adopted a policy of active openness and effective management, which has relaxed restrictions on Taiwanese investment in the mainland, triggering Taiwanese businessmen’s Another climax of mainland investment, at this stage, Taiwanese businessmen set off a large-scale investment in high-tech industries with the consulting industry as the core. The scale of investment in individual projects has expanded and the investment area has further spread.
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