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

India Rebukes Pak Over Balochistan Blast

The attack, suspected to be a planted Improvised Explosive Device (IED) blast, targetted an APS bus carrying dozens of school children..reports Asian Lite News Hours after Pakistan levelled “baseless allegations” against India

Bangladesh Army Chief Sets Boundaries for Yunus Govt

The COAS expressed serious concerns that the Muhammad Yunus-led interim government was taking decisions while keeping the country’s Armed Forces in the dark…reports Asian Lite News Bangladesh’s Chief of Army Staff, General

India’s Creator Market Set for $1T Shift

India’s digital landscape is undergoing a significant transformation driven by the rise of its creator economy….reports Asian Lite News India’s creators currently influence over $350 billion in consumer spending annually — a

Balochistan: School Bus Targeted in Deadly Blast

The attack, suspected to be a planted Improvised Explosive Device (IED) blast, targetted an APS bus carrying dozens of school children…reports Asian Lite News Five people — three children and two adults

Trump’s $175B Dome Plan

The ambitious system is designed to create a comprehensive network of satellites capable of detecting, tracking, and intercepting incoming missiles….reports Asian Lite News US President Donald Trump announced Tuesday a $175 billion
Go toTop

Don't Miss

China’s N-expansion underlines quest for status, says UK forum

This more aggressive approach has been spurred on by increased

China’s economy faces future threat from falling birth rates

China’s recent crackdown on private education and the attempt to