Asians are guardedly optimistic about the region's economic prospects in the months ahead after braving a year of war, disease, bombings and other setbacks, a poll showed yesterday.
"There is no sense of euphoria yet," according to The Straits Times Asia Poll, which queried 204 lawmakers, senior government officials, think-tank experts and CEOs in 11 cities.
The optimism about the region in the next six months is laced with concerns that the upswing is the result of fiscal and financial incentives, among them tax breaks and easier credit, given by governments to kick-start growth.
However the continuing boom in the Chinese economy and the upswing in the US have triggered hope, the poll said.
In Taiwan, Indonesia and the Philippines where elections are due soon, economists and country watchers are worried governments are opting for soft reforms or letting them take a back seat as they keep an eye on voters.
Singaporeans, Thais, Malaysians and Chinese are most optimistic about better prospects within six months, the poll found.
Those queried in SARS-hit Taiwan seemed most optimistic about a better life in the year ahead. Otherwise only a quarter expect a significant change in their lifestyle.
A top Taiwan economic think tank last week said it has trimmed its 2003 GDP growth forecast to 3.51 percent from the previous estimate of 3.53 percent due to the SARS outbreak.
The economy should post a sequential improvement over the remainder of the year on the back of a gradually recovering global economy and the government's stimulus measures, the Taiwan Institute of Economic Research said.
"Corruption, political reforms and the need to cut red tape are woes across the region," the poll said.
At the top of their wish lists, Asians want governments to deregulate, stimulate competition, let go of their hold on state-owned institutions and reform taxes.
In Southeast Asia, many realize the region's economies need to redirect their resources and find new niches, given the emergence of China and India.
China has claimed a breakthrough in developing homegrown chipmaking equipment, an important step in overcoming US sanctions designed to thwart Beijing’s semiconductor goals. State-linked organizations are advised to use a new laser-based immersion lithography machine with a resolution of 65 nanometers or better, the Chinese Ministry of Industry and Information Technology (MIIT) said in an announcement this month. Although the note does not specify the supplier, the spec marks a significant step up from the previous most advanced indigenous equipment — developed by Shanghai Micro Electronics Equipment Group Co (SMEE, 上海微電子) — which stood at about 90 nanometers. MIIT’s claimed advances last
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has appointed Rose Castanares, executive vice president of TSMC Arizona, as president of the subsidiary, which is responsible for carrying out massive investments by the Taiwanese tech giant in the US state, the company said in a statement yesterday. Castanares will succeed Brian Harrison as president of the Arizona subsidiary on Oct. 1 after the incumbent president steps down from the position with a transfer to the Arizona CEO office to serve as an advisor to TSMC Arizona’s chairman, the statement said. According to TSMC, Harrison is scheduled to retire on Dec. 31. Castanares joined TSMC in
EUROPE ON HOLD: Among a flurry of announcements, Intel said it would postpone new factories in Germany and Poland, but remains committed to its US expansion Intel Corp chief executive officer Pat Gelsinger has landed Amazon.com Inc’s Amazon Web Services (AWS) as a customer for the company’s manufacturing business, potentially bringing work to new plants under construction in the US and boosting his efforts to turn around the embattled chipmaker. Intel and AWS are to coinvest in a custom semiconductor for artificial intelligence computing — what is known as a fabric chip — in a “multiyear, multibillion-dollar framework,” Intel said in a statement on Monday. The work would rely on Intel’s 18A process, an advanced chipmaking technology. Intel shares rose more than 8 percent in late trading after the
FACTORY SHIFT: While Taiwan produces most of the world’s AI servers, firms are under pressure to move manufacturing amid geopolitical tensions Lenovo Group Ltd (聯想) started building artificial intelligence (AI) servers in India’s south, the latest boon for the rapidly growing country’s push to become a high-tech powerhouse. The company yesterday said it has started making the large, powerful computers in Pondicherry, southeastern India, moving beyond products such as laptops and smartphones. The Chinese company would also build out its facilities in the Bangalore region, including a research lab with a focus on AI. Lenovo’s plans mark another win for Indian Prime Minister Narendra Modi, who tries to attract more technology investment into the country. While India’s tense relationship with China has suffered setbacks