Sixty percent of Taiwanese companies operating in China are planning to move or set up manufacturing operations out of the country. That was the word from Vice President Lai Ching-te on Tuesday as he spoke at the Global Taiwan Business Forum. Lai was citing a recent survey by a Taiwanese federation of industries.
The industry survey found that 60% of Taiwan businesses operating in China are planning to move or set up manufacturing sites outside of China. The study also found that ten percent of respondents have decided to completely leave China. Lai says that China’s political instability has driven Taiwanese firms to move their business elsewhere.
Lai says companies have had to deal with many obstacles, including the US-China trade war, the COVID-19 pandemic, and the war in Ukraine. Despite these issues, he says Taiwanese businesses have worked to create a more stable global supply chain.
The vice president adds that trading with China has become more difficult due to several embargoes on Taiwanese goods. He says that means Taiwan needs to build a more reliable trade network.