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According to the China Times (via the AFP), Taiwan will not deploy missiles capable of hitting Shanghai, China.
 
Taiwan has Hsiung-feng 2E cruise missiles, with a range of 360 miles.

“The military had planned to further the range to 1,000 kilometres, so that they could be used to hit Shanghai,” in case Taiwan and China went to war, a source told the China Times. But the relationship between the two appear to be on the mend.
 
Although China claims Taiwan, the island country is governed separately from China. If Taiwan decides to become independent, China most likely will threaten war. Newly elected President Ma Ying-jeou envisions cooperation between his country and China. We’ll continue watching and blogging these developments.

(Source: AFP)