November 28, 2021
1 min read

China targets Taiwan firms

In the recent past, China has started to push aggressive actions against Taiwan or those who promote Taiwan’s independence in mainland China….reports Asian Lite News

China’s recent move of penalising Taiwan’s Far Eastern Group’s mainland units for supporting Taiwan’s leadership is now threatening thousands of Taiwanese companies who promote the island’s independence.

Earlier, Far Eastern Group the conglomerate, comprising of nine listed companies with commercial interests spanning construction materials, retail, hotels, energy, and the Internet in China, Malaysia, Singapore, Thailand, and Vietnam have been accused by Beijing of sponsoring the election campaigns of Su Tseng-chang, the incumbent president in Taiwan, according to the Asia Times.

Further, the Chinese officials and state media urged the Far Eastern Group to cut ties with Taiwan’s independence proponents.

However, ruling the Democratic Progressive Party (DPP) in Taiwan has mentioned that the company did not have a clear political preference as it had donated to politicians from both the opposition Kuomintang (KMT) and the DPP.

ALSO READ: Japan PM concerned over human rights situation in China

Founded in 1937, the Far Eastern Group was a major textile product maker in Shanghai when the Republic of China (ROC) was the ruling regime on the mainland. When the ROC retreated to Taiwan in 1949, the company’s founder Hsu Yu-Ziang, Douglas Hsu’s father, also moved his businesses to the island.

The group has diversified to many other sectors, including power, construction materials, transportation, telecommunication, retail, and chemicals industries, becoming one of the five major family businesses in Taiwan, according to the Asia Times.

In 1993, the Far Eastern Group started to expand its presence in mainland China starting with the retail businesses in Shanghai. In 1996, it is Far Eastern New Century unit expanded its chemical fibre and textile businesses to Shanghai and Jiangsu

Further, in the recent past, China has started to push aggressive actions against Taiwan or those who promote Taiwan’s independence in mainland China.

On the other hand, Chinese President Xi Jinping and United States President Joe Biden held a three-hour virtual meeting on November 16 to decrease the escalating tensions in the region including the Taiwan Strait (ANI).

ALSO READ: China cuts tourism, transport amid Covid surge

Previous Story

Ethiopia risks heading to genocide UN adviser

Next Story

Sushmita’s ferocious look out in ‘Aarya 2’ motion poster

Latest from -Top News

US Urges India to Rethink Russian Oil Imports

Wright emphasised the priority of ending the conflict while strengthening US-India ties…reports Asian Lite News United States Energy Secretary Chris Wright urged India to reassess its oil imports from Russia, stressing that

Trump, Shehbaz Set for Oval Office Talks

Sharif will arrive in Washington after attending the 80th United Nations General Assembly in New York….reports Asian Lite News US President Donald Trump will hold high-stakes bilateral meetings on Thursday, including a

Farooq Abdullah Urges Dialogue After Ladakh Unrest

Dr Farooq Abdullah warned the Central government that neglecting their long-standing demands could deepen unrest in the sensitive Himalayan region….reports Asian Lite News Former Jammu and Kashmir Chief Minister and National Conference

Nepal lets Gen-Z in on the vote

Nepal clears way for Gen-Z voters with urgent ordinance, as interim PM Sushila Karki expands cabinet, prepares for March 2026 polls, and secures strong support from India….reports Asian Lite News Nepal has

Sharif presses IMF to factor floods into review

PM Shehbaz Sharif urges IMF to factor Pakistan’s flood losses into economic review as agriculture reels, while securing World Bank backing and preparing for talks with Donald Trump….reports Asian Lite News Pakistan
Go toTop

Don't Miss

‘War with US would be unbearable disaster’

Chinese Defence Minister says world was big enough for China

Nepal and China reopen key border points for bilateral trade

China, which is also one of the major development partners