XIAMEN, Sept. 6 (Xinhua) -- Chinese Vice-Premier Wu Yi said Thursday that the mainland and Taiwan can work closely on industry cooperation to deal with the heated competition brought about by globalization and regional economic integration.

"The two sides across the Taiwan Strait can deepen cooperation on the high-tech and high value-added industries including electronics, optics and biochemicals in a bid to improve technological innovation," Wu said.

The mainland's strategies to adjust economic structure and optimize industries, and to develop the western hinterland offer lots of opportunities for the economic and trade exchanges and cooperation across the strait, she noted.

"The two sides have more necessity and favorable conditions to work together that ever before," she said at a meeting with delegates from the industrial and commercial circles from Taiwan.

The two-way trade between mainland and Taiwan hit 55.28 billion U.S. dollars in the first half of the year. The value soared more than 233 times to 107.8 billion U.S. dollars in 2006 from 46 million U.S. dollars in 1978.

The vice premier also said that the adjustments in trade policies need to be open and transparent and allow transitional periods for businesses.

The mainland has made huge revamp to its policies on export tariff rebates and processing trade this year, exerting pressure on the survival of Taiwanese companies in the mainland.

The delegates suggest the central governments taking into account all types of firms and allow peaceful transition periods before introducing trade policies changes.