2013-08-12
China Bookstore Investment Application Denied by Investment Commission
On July 31, 2013, Taiwan’s Investment Commission, under the Ministry of Economic Affairs (“IC”) announced that an investment application submitted by China Bookstore (中國書店) for operation in the wholesale of stationery articles, musical instruments and educational entertainment articles in Taiwan was denied.
The new release stated that the application was denied due to the sensitivity of this application in political, social and cultural aspects. Pursuant to Subparagraph 2, Paragraph 2 of Article 8 of the Measures Governing Investment Permit to the People of PRC, in the event an investment application by an investor contains elements that are politically, socially, or culturally sensitive, or which may impact the national security of Taiwan, such application may be rejected.
According to news reports, IC admits that this is the first time that IC actively announced a denied Chinese investment application to the media. The IC expressed its hope to take the opportunity to clarify that any Chinese investment applications, in particular applications that involve publishing affairs, will be strictly reviewed by the IC in conjunction with the Ministry of Culture on a case-by-case basis.
According to news reports, China Bookstore is not the first Chinese investor to apply for operations as the publishing-related business in Taiwan. In 2011, China National Publications Import and Export Corporation (中國圖書進出口公司) also filed an application to make investment in the business of import and export of books, and that application was also denied.
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