These academics and media outlets are repeating the same language and pressure they have applied to their campaign to promote the relocation of businesses to China over the past decade.
Taiwan’s banks are attracted by the potential profit that China offers — which is supposed to be several times what they can make in Taiwan. When Taiwanese businesses first started relocating to China, they made profits for a short time, but now our young generation are paying the price.
The same thing will play out again and Taiwanese banks will make handsome profits for a limited period.
One can only wonder who will pay the price for the resulting neglect of the domestic banking market 10 years down the road. The public as a whole, or will the next young generation become yet another lost generation?
Taiwan is not the US, and we cannot afford not to worry about this issue.
Huang Tien-lin is a former national policy adviser to the president.
Translated by Perry Svensson