TSMC head to serve on committee

Morris Chang (張忠謀), chairman of Taiwan Semiconductor Manufacturing Corp (台積電), agreed to be one of the five deputy conveners of the steering committee for the planned cross-party economic advisory board yesterday.

The board is still being formed and is designed to bring the private sector, the business sector and labor together, helping various political parties to jointly address pressing economic issues.

The steering committee, headed by Secretary General to the President Yu Shyi-kun, is assigned with the task of deciding the make-up and direction of the board. In early May, President Chen Shui-bian (陳水扁) said he would chair the board.

TSMC's Chang said he was ready to serve the nation.

"The current state of Taiwan's finance and economy is really worrisome. If there is an opportunity to represent society and do something, I am willing. Therefore, I am glad to accept the invitation to serve in the position," Chang said.

Yu confirmed the decision, saying, "Chang is known for his expertise in the high-tech sector and he is able to offer some objective opinions on the government's financial and economic policies ... and therefore the president is sincere in inviting him to serve as a deputy convener of the steering committee."

According to a statement from the Presidential Office yesterday, Chang will be appointed as one of the five deputy conveners of the steering committee. The other four deputy conveners will be each from the main political parties, the DPP, KMT, People First Party and New Party.

The steering committee is scheduled to meet on July 8.

In related news, local business representatives proposed yesterday that the administration suspend the securities transaction tax temporarily, in order to revive the stock market and domestic economy.

Following a meeting yesterday morning with government officials and local business rep-resentatives, Jeffrey Koo (辜濂松), chairman of the Chinese National Association of Industry and Commerce (工商協進會) and Chinatrust Commercial Bank (中國信託商銀), suggested that the administration suspend the securities transaction tax.

Lin Kun-chung (林坤鐘), chairman of the Chinese National Federation of Industries (全國總工會), said the business representatives would jointly propose to the future advisory board that the administration suspend levying on the securities transaction tax, in order to revive local stock market and stimulate domestic economy.

The breakfast meeting was held at Chinatrust's headquarters in Taipei yesterday. A number of government officials, including Vice Premier Lai In-jaw (賴英照), central bank Governor Perng Fai-nan (彭淮南), Minister of Economic Affairs Lin Hsin-yi (林信義) and local businessmen were invited to the meeting.

"Regardless of recent polls or opinions from various business groups, suspension of the securities transaction tax has become a consensus," Lin said.

"Since the domestic economy is quite sluggish and trading volume in the stock market has been relatively low, the government can gain only limited revenue from the tax."

The breakfast meeting is considered to be an important channel for dialogue between the Chen administration and business circles.