Taiwanese companies are cutting their exposure to China just as they ramp up investment in other parts of the world in the latest sign of how growing tensions between the US and China are reshaping global supply chains.
New investments in China by Taiwanese companies declined 10.4 year on year in the first quarter of 2023 to $758 million, according to data released by Taiwan’s Investment Commission Thursday. That follows an almost 14 percent decrease in such investment last year.
In addition to the slowdown in new money, Taiwanese firms pulled a record amount of profits out of China last year, according to local media. Taiwanese listed companies repatriated NT$114 billion of investment income from China in 2022, according to a statement from the Financial Supervisory Commission on Tuesday.
China responded to Tsai’s recent trip to the US, during which she met House Speaker Kevin McCarthy, with days of military drills around the island.
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