Mon, Oct 26, 2015 - Page 8 News List

Ma crippled nation’s fiscal standing

By Huang Tien-lin 黃天麟

Although the Financial Supervisory Commission has loosened various measures in order to stimulate the market, its failure to boost trading volume shows how serious the problem really is.

In August, the stock market once dropped by 22.6 percent to 7,203 points, with stock market investors suffering great financial losses, while a group of vultures and certain financial companies benefited from the decline.

The government must make policies based on the well-being of the public. It should not curry favor with special groups for the sake of their preferences or business benefits. There is nothing wrong with major Taiwanese banks entering the Asian market, but they should not do it as if they were Chinese banks.

“Going West” might bring short-term profit to local bank operators, but would it be beneficial to Taiwanese depositors, too? The answer to that question is “No.” It would only bring losses, as increasing numbers of people start depositing yuan.

Have securities investors benefited from going West? Once again, the answer is “No.” Most Taiwanese investing in the Shanghai Stock Exchange have been trapped as the exchange index has dropped.

Have all Taiwanese people benefited from this? No, they have not. They are still struggling with low starting salaries of NT$22,000 per month. As for national security, if Taiwan puts its financial resources completely in Beijing’s hands, then how is it going to survive?

The Chinese saying that best describes the past eight years is: “A general’s fame is established at the expense of numerous people lives.”

Huang Tien-lin is a former presidential adviser.

Translated by Eddy Chang

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