As the world's economies become increasingly interdependent, Taiwan has now established a partnership with the international economic system. Main-taining competitiveness and employing relatively cheap Chinese labor have therefore become crucial for many Taiwanese businesspeople.
In recent years, the number of Taiwanese businesspeople doing business in China has risen inexorably. Taiwan has become one of the major sources of China's foreign capital. As the Chinese economy rapidly grows, we should not ignore the trend that China is gradually replacing Taiwan's role in the international community.
In particular, since Taiwan entered the WTO last year, it has experienced the pressures of globalization even more acutely. The country also faces political localization, industrial transformation and changes to the external environment. Moreover, the local media have excessively glorified China, making quite a few Taiwanese lose confidence in their nation's economy. They think highly of the rise of a Chinese economic superpower and look down on the economic development of Taiwan.
A lot of foreign capital that had been flowing into Taiwan is now going to China as a result of the changes to the world economic system. But this does not mean that this country has no chance to further prosper. We should not lose confidence in ourselves because of short-term economic phenomena. It would be wrong to judge the nation's future based on short-term economic prosperity and ignore other elements of social development -- such as freedom, democracy and the popularization of knowledge -- which can take a long time to achieve.
Taiwan and China are two different societies in terms of social development. Taiwan's society today is a free, diverse and open one, and people have the "right to know." Many structural problems can be solved through democratic mechanisms. Its social development is therefore relatively stable.
China is not yet a democratic country. The Chinese government can still control the dissemination of news and restrict the circulation of information through the state apparatus. No news is not always good news. The future development of China is unpredictable. The people of Taiwan should never be fooled by its beautiful illusion.
Taiwan has to know both itself and its major competitors to face the challenges from China and of globalization. Competition is now for capital, technologies and talent rather than for traditional products. In other words, the nation needs to keep up in the race for global resources to en-sure its economic development.
Taiwan should not covet China's relatively low production costs. Instead, it has to strive to upgrade its industries and technologies, and to cultivate more talent. This is the best way to ensure the nation's sustainable development. The current economic downturn is just temporary. Taiwan's economy will find its way if we have hope and confidence, and strive for it with one heart.
Chen Lung-chu is chairman of the Taiwan New Century Foundation.
TRANSLATED BY EDDY CHANG
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