Finance minister gives speech in NYC

Taiwan's industry will become internationally competitive if it deepens its reform and globalization, Minister of Finance Lin Chuan (林全) said in New York Saturday.

Lin the remarks while giving a keynote speech on Taiwan's financial reform at an academic meeting sponsored by an association of American Chinese on the US East Coast.

Lin he is optimistic about Taiwan's financial reform and the industry's globalization now that the Legislative Yuan has approved six major economic and financial bills that clear the way for the sector to sharpen its competitiveness and to go international.

According to the finance minister, promoting the financial service industry should be used as a means of countering Taiwan's rising unemployment at a time when the manufacturing sector is no longer the engine of the country's economy.

Stepping financial supervision, wiping out financial crimes and restructuring financial institutions will be the focal points of the government's financial reform, Lin said, noting that setting up a good system is the key to a country's sustainable prowess.

As long as Taiwan's fiscal and financial reform and development remain on a sound track, the country's economic progress will be secured, Lin said, adding that "we are determined to carry out the reform in depth."