Taiwan's cost of living is actually very affordable. Definitely lower than Japan's. I am pretty sure it is lower than Shanghai's.
Check it out if you want. If you are employed there for 5 years, you can get permanent residence. However, the economy and development isn't a booming as the mainland. Sometimes, the chaos of Mainland China is what keeps us here.
Having worked for Taiwanese based companies, I'm not really a fan of working there. Japanese companies aren't all that great in my experience either.
Although the opportunities in China, especially for small business owners, are in serious decline.