Taiwan lifts mainland investment restrictions for 577 firms

Taiwan announced more details on its plan to loosen restrictions for mainland investment and said 577 of its largest companies will have restrictions lifted, the Wall Street Journal reported. To qualify, companies had to have their headquarters in Taiwan, more than 50 employees, annual revenue of over US$15 million, annual expenses of at least US$824,300 and at least two overseas units. The cabinet also raised investment ceilings for smaller firms to 60% of a company’s net worth, up from between 20% and 40%. The new rules will take effect next month. The moves come as Taiwan’s Kuomintang government seeks to boost ties with China to improve the island’s economy.