Dec. 16 – A top official from the Tianjin municipality said that Taiwanese businesses will invest RMB20 billion or around US$2.9 billion in the city mainly in the manufacturing, agriculture and service industries.

Ren Xuefeng, the vice-mayor of Tianjin, told China Daily that the investment will include 22 joint projects. Wang Shupei, director of Tianjin commission of commerce added that agricultural products, logistics, commerce, and other modern service businesses will get a chance to develop further due to the Tianjin-Taiwan cooperation.

On December 15, the Chinese mainland and Taiwan began direct air and shipping links for the first time in almost six decades. Planes and ships can now travel directly across the Taiwan Straits without the need to detour to a third place, usually Hong Kong.

“Direct shipping across the straits will prove advantageous to the electronic industry in northern part of the country as well as the imports of agricultural products in Taiwan,” added Ren.

For the first ten months of the year, Tianjin attracted 2,014 Taiwanese companies that brought in investment worth a total of US$8.2 billion. The Chinese mainland is Taiwan’s biggest export market accounting for 32.6 percent last year.