TAIPEI, Taiwan (AP) -- A senior official says Taiwan will welcome Chinese investment in the island's infrastructure — while banning Chinese funds in the property market to prevent speculation.
Incoming Interior Minister Lee Hong-yuan says Chinese funds can help fill a Taiwanese budgetary shortfall for its infrastructure needs, estimated to reach $6.8 billion a year.
In a United Daily News report Friday, Lee told the paper that Taiwan sanctioned Chinese investment in 2009 but so far has attracted only $150 million from the mainland.
Lee said authorities must remove the remaining red tape and barriers to make investment attractive to the Chinese.
Taiwan and China split amid civil war in 1949. The island has sought closer trade ties with its rival in recent years.
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