Word: straits
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...after losing a civil war to Mao's communists in 1949, relations between the two have been antagonistic at best. Beijing treats Taiwan as a runaway province and has blocked the democratic Taipei government from receiving diplomatic recognition or participating in many international forums. Both sides armed the Taiwan Strait to the teeth, turning it into one of Asia's most dangerous military flash points. Contact between them has been grossly restricted. A year ago, Taiwan residents couldn't take a scheduled flight or mail a letter directly to the mainland, and Taiwan-made goods had to be trans-shipped...
...liberalization of Taipei's restrictions on such investments. More than a million people from Taiwan now live in China in industrial centers near Shanghai in the east and in Guangdong province in the south. Direct transport links greatly enhance efficiency and lower costs of doing business across the strait, which could help a Taiwan economy that has struggled in recent years to find new sources of growth. In addition, a warmer China-Taiwan relationship alleviates a thorny diplomatic and security problem for the U.S. Its historic support of Taipei is a point of contention between Beijing and Washington...
...Beijing to cooperate with Taipei. During China's National People's Congress in March, Chinese Premier Wen Jiabao dangled an olive branch, saying that Beijing stands ready to "create conditions for ending the state of hostility and concluding a peace agreement between the two sides of the Taiwan Strait." (Read "Taiwan's Leader Keeps Low Profile Abroad...
...seven days to three, which means more time on Chinese store shelves and a 20% increase in profits. "After Ma got elected, everything's more convenient for businessmen," says Kuei. In a recent survey conducted by Taiwan's CommonWealth magazine, 60% of the CEOs questioned said that liberalized cross-strait relations were improving Taiwan's economic competitiveness. This positive outlook has helped fuel a 40% surge in Taiwan's stock market this year, making it one of the best-performing in Asia. "A positive relationship across the strait can help recover some of the competitive advantages we have lost...
...Still, many restrictions on cross-strait business remain. Taiwan banks, for example, can't operate on the mainland because the necessary agreements aren't in place to allow regulators from the two sides to cooperate, cutting off a key source of growth. Victor Kung, president of Fubon Financial Holding Co., says Taiwan's isolation from a burgeoning China has stunted the development of the entire economy. As costs at home have risen and the island's manufacturing has moved offshore, Taiwan has needed to foster new industries, especially in the service sector, to generate growth and jobs, but a lack...