The financial relationship between the two areas improved on 1 May 2009 in a move described as "a major milestone" by "The Times". The ROC's financial regulator, the Financial Supervisory Commission, announced that Chinese investors would be permitted to invest in Taiwan's money markets for the first time since 1949. Investors can now apply to purchase Taiwan shares that do not exceed one tenth of the value of the firm's total shares. The move came as part of a “step by step” movement which is supposed to relax restrictions on Chinese investment. Taipei economist Liang Chi-yuan, commented: “Taiwan's risk factor as a flash point has dropped significantly with its improved ties with Chinese. The Chinese would be hesitant about launching a war as their investment increases here.” China's biggest telecoms carrier, China Mobile, was the first company to avail of the new movement by spending $529 million on buying 12 percent of Far EasTone, the third largest telecoms operator in Taiwan.