BEIJING - Trade between the Chinese mainland and Taiwan hit $133.21 billion in the first eight months this year, up 27.4 percent from the same period last year, a mainland spokesman said Friday.

During the eight months, the mainland's companies invested $1 billion in 175 projects on the island, according to Yang Yi, spokesman for the Taiwan Affairs Office of the State Council.

From January to July, the mainland approved 1,165 Taiwan investment projects, with an actual use of investment of $1.42 billion, said Yang.

Yang said cross-Straits economic cooperation has remained sound, noting progress in the implementation of the Economic Cooperation Framework Agreement and following negotiations.

According to statistics from mainland customs authorities, during the first half this year, Taiwan enterprises have been exempted a total tariff of $314 million, up 25.6 percent year on year.

The mainland's enterprises also saved $29.63 million due to preferential tariff policies, a 13.4 percent increase from the same period last year, said Yang.

The mainland approved the first subsidiary branch of a Taiwan financial group in the mainland during the first eight months. It also approved the 11th Taiwan bank branch in the mainland, and Taiwan people living in the mainland have been allowed to open A-share trading accounts since April 1 this year.