TAIPEI, June 16 (AP) -- Despite political tension, Taiwan's cumulative investment in rival China has grown as high as US$150 billion, three times higher than previously estimated, the island's government said Friday.

The Mainland Affairs Council -- the Cabinet-level body in charge of relations with China -- didn't offer a precise figure, but said the maximum range of its estimate was US$150 billion (€119 billion).

A previous estimate by the Ministry of Economic Affairs put the island's cumulative investment in China at US$49.4 billion (€39 billion) as of the end of April.

The latest estimate is based on projections made by local academics and on balance of payment data, the Mainland Affairs Council said in a statement to be presented to an economic forum later Friday.

Taiwan is reluctant to let the island become too dependent on China's booming economy for security reasons, and maintains a range of restrictions on investments by Taiwanese companies in China.

The two sides split amid civil war in 1949, but Beijing still threatens to use force if the democratic island moves toward formalizing its independence.

Taiwan still bans normalized direct transport links with China, though the two sides announced Wednesday they are preparing to allow passenger charter flights across the Taiwan Strait during four major public holidays each year, starting as early as October. Cargo charter flights will also be allowed for the first time on a case-by-case basis.

In the latest example of Taiwanese investments in China, container shipper Wan Hai Lines Ltd. announced Friday it will invest 32.6 million New Taiwan dollars (US$1 million; €790,000) in a new logistics company in Shanghai.

The project has already received approval from the island's government, the company said in a filing to the Taiwan Stock Exchange.

The new company, named Blue Ocean Logistics Inc., will begin operations in the fourth quarter of this year, said John Chen, Wan Hai's vice president of finance.

Wan Hai will set up the new company through its wholly owned Hong Kong unit Dawin Logistic (International) Ltd., Chen said.