Calls for Act to Be Amended to Block Chinese Investment|港資中資難分 立委提修兩岸人民關係條例
Some civic groups and legislators in Taiwan have expressed concerns that the line between Hong Kong capital and Chinese capital is becoming more indistinct. They therefore say the Act Governing Relations Between the People of the Taiwan Area and the Mainland Area needs to be amended to include "layered reviews" and enact stricter examination standards for Chinese capital.
Some civic groups are worried about the effects of the national security law on Hong Kong's economic independence and expressing concerns that the line between Hong Kong capital and Chinese capital is becoming more indistinct. The Act Governing Relations Between the People of the Taiwan Area and the Mainland Area has not been amended since it was enacted in 2003. One Democratic Progressive Party legislator recently proposed amending the act to prevent Chinese investment from using foreign investment or Hong Kong investment to evade review and China from harming national security through economic infiltration.
Yu Pun Hoi is in Hong Kong and supports the government in Beijing. However, he said I am not Chinese capital, I am a Hong Kong person, and my Nan Hai Corporation is a Hong Kong-listed company. In reality, he is using Hong Kong and foreign investment to invest in Taiwan. How can you regulate this?
The Ministry of Economic Affairs reviews companies to see whether Chinese enterprises have a "controlling" stake, but there are cases where foreign or Hong Kong investment is used or a third country is involved to invest in Taiwan, making it hard to ascertain who has a controlling stake. Civic groups say the review criteria should be applicable to cases where Chinese natural persons have a "significant influence" on an enterprise registered in a third country and the definition should not be limited to "control."
We have presently changed to layered reviews. In other words, for any layer, a capital holding of more than one-third is considered to be control. If you enjoy significant economic benefits or significant subsidies in China, then you cannot directly or indirectly control fourth estate companies in Taiwan.
One legislator proposed amending the act to carry out "layered reviews" for any form of Chinese capital holding that exceeds one-third and add a "red media" clause to prevent entities whose turnovers in China account for 30 percent or more of total revenue, or that have received over NT$1 million in subsidies at one time or more than NT$5 million within five years from the Chinese government or military from investing in the Taiwanese cable television and broadcasting industry.
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