Boasting management expertise and an impressive track record in revamping state-run enterprises, the new Minister of Economic Affairs Morgan Hwang (
But Hwang's performance in his first two days in office has been rather disappointing and has served only to raise even more doubts in the minds of the public.
The issue that most concerns the business community in the New Year is President Chen Shui-bian's (
Industry heavyweights were understandably keen to get a more explicit interpretation from the new economic minister, but although Hwang tried his best, his seemingly vague and contradictory explanation left reporters attending his first press conference yesterday none the wiser.
At his inauguration ceremony on Wednesday, Hwang said that all governments need to manage their economic policies, claiming that "active management" means "managing the crucial points," and that only through active management would the best results be achieved.
But when asked what the "crucial points" are that he aims to manage at the press conference the next day, the former business professor said that he needs some time to get to know what should be managed and what should not. Still more curiously, he added that the best management would be "no management at all," with businesses abiding by the current regulations.
Hwang appeared contradictory again when he was asked how he would run the ministry.
Running the ministry should be like running a service company, the new minister said, adding that he hopes the ministry will view companies as its customers and aim to fulfill their needs.
The chances of this happening seem slim however, as while local and foreign business groups have called for more liberal regulations on China-bound investments and the lifting of the 40 percent investment cap, Hwang insists that the priority should be maintaining the best interests of the nation.
He also failed to answer questions on his vision for planning and developing local industries and improving the investment environment, replying only that he would try his best to resolve the problems companies have encountered -- indicative of a rather conservative approach to boosting the local economy.
Some may attribute Hwang's out-of-sorts performance to the fact that he has just taken up his post. However, it should be remembered that when his predecessor, Ho Mei-yueh (
Sweeping policy changes under US Secretary of Health and Human Services Robert F. Kennedy Jr are having a chilling effect on vaccine makers as anti-vaccine rhetoric has turned into concrete changes in inoculation schedules and recommendations, investors and executives said. The administration of US President Donald Trump has in the past year upended vaccine recommendations, with the country last month ending its longstanding guidance that all children receive inoculations against flu, hepatitis A and other diseases. The unprecedented changes have led to diminished vaccine usage, hurt the investment case for some biotechs, and created a drag that would likely dent revenues and
Macronix International Co (旺宏), the world’s biggest NOR flash memory supplier, yesterday said it would spend NT$22 billion (US$699.1 million) on capacity expansion this year to increase its production of mid-to-low-density memory chips as the world’s major memorychip suppliers are phasing out the market. The company said its planned capital expenditures are about 11 times higher than the NT$1.8 billion it spent on new facilities and equipment last year. A majority of this year’s outlay would be allocated to step up capacity of multi-level cell (MLC) NAND flash memory chips, which are used in embedded multimedia cards (eMMC), a managed
CULPRITS: Factors that affected the slip included falling global crude oil prices, wait-and-see consumer attitudes due to US tariffs and a different Lunar New Year holiday schedule Taiwan’s retail sales ended a nine-year growth streak last year, slipping 0.2 percent from a year earlier as uncertainty over US tariff policies affected demand for durable goods, data released on Friday by the Ministry of Economic Affairs showed. Last year’s retail sales totaled NT$4.84 trillion (US$153.27 billion), down about NT$9.5 billion, or 0.2 percent, from 2024. Despite the decline, the figure was still the second-highest annual sales total on record. Ministry statistics department deputy head Chen Yu-fang (陳玉芳) said sales of cars, motorcycles and related products, which accounted for 17.4 percent of total retail rales last year, fell NT$68.1 billion, or
In the wake of strong global demand for AI applications, Taiwan’s export-oriented economy accelerated with the composite index of economic indicators flashing the first “red” light in December for one year, indicating the economy is in booming mode, the National Development Council (NDC) said yesterday. Moreover, the index of leading indicators, which gauges the potential state of the economy over the next six months, also moved higher in December amid growing optimism over the outlook, the NDC said. In December, the index of economic indicators rose one point from a month earlier to 38, at the lower end of the “red” light.
RSS