When talking about Taiwan's economic development, some always bring up the accomplishments of Sun Yun-suan (孫運璿) or K.T. Li (李國鼎). Indeed, both Sun and Li were outstanding technocrats. But the driving force behind Taiwan's economic development was not one or two people only. Rather, it was created through the participation of entrepreneurs large and small, and the people of Taiwan as a whole.
The world economy recovered and expanded after World War II. Taiwan's businesses and its people used the characteristics of an island state to profit from international trade, building many enterprises and employing numerous workers. They were the invisible hand behind the nation's economic achievements. Without them, there would be no "Taiwan miracle."
After the Economic Development Advisory Conference in 2001, the government changed its cross-strait economic and trade policy from "no haste, be patient" to "active opening, effective management." It also changed its approach to items invested in China from a "positive list" to a "negative list" approach. As a result, Taiwanese businesses of all sizes have invested in China over the past six years.
From the business sector's perspective, junior staff sent to China six years ago have already become competent and experienced managers following several years of training. The outflow of such manpower, which should have stayed in Taiwan to contribute to its economic growth, is yet another significant loss -- in addition to those caused by capital and technology outflows.
Economic entities select different goals during different stages of development. The average national income now exceeds US$13,000 per person annually. The nation has left the initial development stage behind and now sits somewhere between a developing and a mature economy.
In future, Taiwan's economic development should pursue not only increasing growth, but also work to raise the quality of life. The government's "two-trillion, two-star" project aims to increase the production value of the domestic semiconductor and the flat-panel display industry to NT$1 trillion (US$32.4 billion) this year, and promote the digital and biotech sectors as two rising-star businesses. While the semiconductor and flat-panel display industries seem to be successful, no obvious results can be seen in the digital and biotech industries.
Finding an industry to drive overall economic development while pursuing economic growth and quality of life is the most urgent task facing the nation today. This will only work if government and business figures cooperate closely, setting the right goals and making every effort to achieve them.
Taiwan is an island. With its flourishing international trade, geographical advantages, and high-quality manpower, it should not be so difficult to perpetuate economic development.
If we can target both the US and EU markets -- where Taiwan made its fortune in the past -- and precisely define a new industry to drive growth while the government and civil sectors cooperate with each other, it should not be hard to stimulate domestic business and boost the economy.
Mike Chang is an accountant.
Translated by Eddy Chang
Recently, China launched another diplomatic offensive against Taiwan, improperly linking its “one China principle” with UN General Assembly Resolution 2758 to constrain Taiwan’s diplomatic space. After Taiwan’s presidential election on Jan. 13, China persuaded Nauru to sever diplomatic ties with Taiwan. Nauru cited Resolution 2758 in its declaration of the diplomatic break. Subsequently, during the WHO Executive Board meeting that month, Beijing rallied countries including Venezuela, Zimbabwe, Belarus, Egypt, Nicaragua, Sri Lanka, Laos, Russia, Syria and Pakistan to reiterate the “one China principle” in their statements, and assert that “Resolution 2758 has settled the status of Taiwan” to hinder Taiwan’s
Can US dialogue and cooperation with the communist dictatorship in Beijing help avert a Taiwan Strait crisis? Or is US President Joe Biden playing into Chinese President Xi Jinping’s (習近平) hands? With America preoccupied with the wars in Europe and the Middle East, Biden is seeking better relations with Xi’s regime. The goal is to responsibly manage US-China competition and prevent unintended conflict, thereby hoping to create greater space for the two countries to work together in areas where their interests align. The existing wars have already stretched US military resources thin, and the last thing Biden wants is yet another war.
As Maldivian President Mohamed Muizzu’s party won by a landslide in Sunday’s parliamentary election, it is a good time to take another look at recent developments in the Maldivian foreign policy. While Muizzu has been promoting his “Maldives First” policy, the agenda seems to have lost sight of a number of factors. Contemporary Maldivian policy serves as a stark illustration of how a blend of missteps in public posturing, populist agendas and inattentive leadership can lead to diplomatic setbacks and damage a country’s long-term foreign policy priorities. Over the past few months, Maldivian foreign policy has entangled itself in playing
A group of Chinese Nationalist Party (KMT) lawmakers led by the party’s legislative caucus whip Fu Kun-chi (?) are to visit Beijing for four days this week, but some have questioned the timing and purpose of the visit, which demonstrates the KMT caucus’ increasing arrogance. Fu on Wednesday last week confirmed that following an invitation by Beijing, he would lead a group of lawmakers to China from Thursday to Sunday to discuss tourism and agricultural exports, but he refused to say whether they would meet with Chinese officials. That the visit is taking place during the legislative session and in the aftermath