Trade between the Chinese mainland and Taiwan has reached unprecedented heights, signaling a new chapter in cross-strait economic relations. Recent data from China’s General Administration of Customs reveals that total trade between the two sides hit $292.97 billion in 2023, marking a 9.4 percent increase compared to the previous year.
Strengthening Economic Ties
In the first three quarters of the year, 5,725 Taiwan-invested enterprises were established on the Chinese mainland, a 5.6 percent rise year-on-year, according to the State Council Taiwan Affairs Office. The Chinese mainland and Hong Kong continue to be the largest sources of Taiwan’s trade surplus and its primary import and export destinations.
Following policy initiatives set by the Communist Party of China Central Committee in September last year, the total value of China’s import and export of goods surpassed 43 trillion yuan, exceeding expectations and setting a historic high. This growth represents not just an increase in volume but also an enhancement in trade quality.
Deepening Integration and Cooperation
The Chinese mainland is committed to promoting cross-strait economic exchanges and strengthening industrial cooperation. Efforts are underway to create platforms that enable Taiwan businesses to expand their presence on the mainland and capitalize on opportunities arising from China’s modernization.
In recent years, policies have been refined to facilitate better integration. These measures have removed numerous barriers, making it easier for people and businesses from Taiwan to live and operate on the mainland.
Shared Opportunities in Emerging Industries
Despite global economic challenges and technological shifts, cross-strait industrial cooperation is opening new doors. Experts highlight that the Chinese mainland’s vast market, complete supply chains, and advanced infrastructure complement Taiwan’s strengths in industries like semiconductors, precision machinery, and industrial internet.
Emerging sectors such as new energy, biomedicine, cultural creativity, and high-end services offer fertile ground for collaboration. The mainland’s focus on high-quality development, domestic demand expansion, and strategic industries like AI and green technologies provide Taiwan businesses with opportunities to integrate further into production and supply chains.
Challenges and the Path Forward
While challenges exist, including external pressures and political complexities, the impressive trade data indicates that cooperation remains beneficial for both sides. Attempts to “decouple” the two economies are seen as misguided, with collaboration offering a more promising path toward mutual growth and innovation-driven development.
Looking Ahead
As the Chinese mainland and Taiwan continue to strengthen their economic ties, the focus remains on building a modern industrial system that benefits people on both sides of the Strait. With shared interests in technological advancement and market expansion, the future of cross-strait economic cooperation looks promising.
Reference(s):
cgtn.com
