Wang Yung-ching slams politicians over economy

Formosa Plastics Group Chairman Wang Yung-ching (王永慶) yesterday urged the government to end the political discord and instead focus on economic development, including opening direct links with China.

Wang spoke to reporters after hosting a dinner Wednesday with other local magnates including Taiwan Semiconductor Manufacturing chairman Morris Chang (張忠謀) and Quanta Computer Inc chairman Barry Lam (林百里) to discuss the state of the economy.

"We hope the government pays more attention to the economy," said Wang. "The economy should be the top priority, not politics," he said.

Wang's remarks crystallized sentiment among the local business community which has watched as the stock market has shed 40 percent of its value since Chen Shui-bian (陳水扁) took office in May.

Since that time Chen's administration has been locked in a standoff with the opposition-dominated legislature that has threatened to recall the president over his decision to axe the Fourth Nuclear Power Plant.

Wang said that while the attempted recall was not the focus of discussion during Wednesday's dinner meeting, he did express disbelief at the inability of politicians to cooperate.

"The political fighting must stop," said Wang. "Why can't they just sit down and talk?" he said.

The Presidential Office was quick to spread the blame for the political squabbling, with an official saying that while it would heed the advice from the nation's business leaders, the advice was also directed at the opposition parties.

The official conceded, however, that the new government should of course shoulder most of the burden of instability in the political spectrum.

Premier Chang Chun-hsiung (張俊雄) also responded to the remarks saying that the Cabinet had "urged everyone to return to the work of the nation and not become involved in political scuffles."

"By taking a sincere attitude in working hard to improve efficiency, the confidence of the people will return," Chang said.

Wang also urged the government to ease the ban on the direct three links with China saying that the ban is useless and that it, along with restrictions on investment across the Strait, are more reminiscent of policies in a planned economy than those of a free market economy.

"If businesses want to invest anywhere around the world, including China, the government shouldn't stop them," said Wang. "Opening the `three links' can strengthen Taiwan's competitiveness," he said.

Wang, who has been a strong critic of the government's "no haste, be patient," policy on investment in China said that investment in the mainland and further afield was an "irreversible trend."

The 83-year-old tycoon also scoffed at the official line against establishing direct links and investing in China, that claims doing so would endanger national security.

"People have been going there for years despite the ban and there has been no danger," said Wang. "What dangers are there? None," he said.

Wang has a reputation for bucking the official China investment policy by sinking large amounts of capital there via third countries like the US.