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The Chinese mainland's trade with Taiwan and Hong Kong plunged 55.5 percent and 37 percent year-on-year respectively last month, the latest statistics showed.

Data from the Taiwan, Hong Kong and Macao department of China's Ministry of Commerce showed that the mainland had total trade worth of $5.03 billion with Taiwan and $9.99 billion with Hong Kong in January.

Song Hong, a researcher of the institute of world economics and politics under the Chinese Academy of Social Sciences, a government think tank, told Xinhua Tuesday that the declines were mainly caused by the financial and economic crisis.

"The mainland buys semi-manufactured or manufactured products from Taiwan to use in its exports to developed markets such as North America and Europe," Song said. "Hong Kong mainly serves as a transit station in the mainland's exports to developed countries, which are hit the most by the crisis."

According to the ministry, the mainland's imports from Taiwan stood at $3.9 billion, down 58 percent, while its exports to Hong Kong fell by 35.4 percent to $9.53 billion.

"The declines will hit the mainland's coastal regions in which Taiwan and Hong Kong businessmen invest the most, such as Guangdong province in the Pearl River Delta and Shanghai in the Yangtze River Delta," Song said.

The ministry also reported a huge decrease in the approval of Taiwan or Hong Kong-invested businesses and the amount of capital used in the mainland.

Actual use of Hong Kong investment in the mainland slid 6.2 percent to $3.91 billion. The number of approved Hong Kong projects was 716, down 48.9 percent from a year earlier.

The mainland also approved 136 Taiwan-invested projects, 37.9 percent fewer than in January 2008, and actual use of Taiwan investment dropped to $110 million , down 55.6 percent.

Song said that as existing companies have less business and fewer new companies are formed, there could be more pressure on employment, particularly of migrant workers.

"Most of the Taiwan and Hong Kong companies in the mainland are engaged in labor-intensive industries such as textiles and electronics," he said. "They often tend to hire migrant workers to cut costs."

The global financial and economic crisis has pushed down China's trade for three consecutive months. Total trade last month was $141.8 billion, 29 percent less than in January 2008.