What you don't know can't hurt you. In the administration's latest move to manipulate the economy, top number crunchers surprised the nation yesterday by refusing to make public "abnormal" consumer confidence figures.
State statisticians permanently canceled the release of a quarterly consumer confidence survey yesterday, saying the poor results reflected a lack of rationality on the part of consumers. The agency said the decision was designed to lessen the burden on Taiwan's already-shaky economy.
"We don't want to mislead the public ... as the survey results are not normal. If we publish this weird number, it would have a bad influence on both the markets and the economy," said Directorate General of Budget, Accounting and Statistics (DGBAS,
In an official written statement, the DGBAS said the survey -- under the influence of non-economic factors -- had lost its objectivity and accuracy, thereby the decision was made to withhold the information from the public. Government intervention in the economy -- a common practice in the stock, banking and industrial markets -- has taken on new meaning with the DGBAS' failure to make public the survey's findings.
The quarterly index of consumer confidence -- which the government began tabulating in 1998 -- covers six categories including the outlook on household finances, job opportunities, the domestic economy and inflation. The survey also polls public investment sentiment on the bourse and fixed assets.
Reacting to the surprise cancellation, pundits say while political and economic uncertainty has jolted consumer confidence, that's no reason to cancel the free flow of information.
"[While] based on the political situation the cancelation makes sense, consumers have a right to know, and the government has a responsibility to tell the public" [the outcome of the survey ] said Taipei University economics professor Wang To-far (
Asked whether consumers were able to complete the survey rationally -- and whether politics played a role in the decision-making process -- Wang said: "While people may be overreacting [to financial issues] they are not irrational."
Instead of blaming consumers, Wang said the political community bore the responsibility for improving the economic climate. "Until the political situation can be improved, how can consumers be asked to change their behavior?"
And the public is quite clear on the depth of Taiwan's political infighting.
"Consumers are worried about the political uncertainty, [so] the government didn't want to dampen consumer confidence further" by releasing the poll results, Primasia Securities economist Irmak Surenkok said.
But contrary to DGBAS statements that non-economic factors are at play, Surenkok says tightening pocketbooks -- both internationally and domestically -- are also key factors in the consumer confidence slide.
"A lot of people are losing a lot of money in the stock market, and that has triggered the cut in consumer consumption. [Also due to] moderation in global growth, Taiwan consumer confidence will not go up any time soon," Surenkok said.
Hit hard by political uncertainty, the nation's benchmark index has shed 40 percent of its value since the new administration took over in May.
Meanwhile, Wang hinted that while the government move may delay the revelation of more bad economic news, it remains to be seen how long the information can be kept from Taiwan's media.
ROLLER-COASTER RIDE: More than five earthquakes ranging from magnitude 4.4 to 5.5 on the Richter scale shook eastern Taiwan in rapid succession yesterday afternoon Back-to-back weather fronts are forecast to hit Taiwan this week, resulting in rain across the nation in the coming days, the Central Weather Administration said yesterday, as it also warned residents in mountainous regions to be wary of landslides and rockfalls. As the first front approached, sporadic rainfall began in central and northern parts of Taiwan yesterday, the agency said, adding that rain is forecast to intensify in those regions today, while brief showers would also affect other parts of the nation. A second weather system is forecast to arrive on Thursday, bringing additional rain to the whole nation until Sunday, it
LANDSLIDES POSSIBLE: The agency advised the public to avoid visiting mountainous regions due to more expected aftershocks and rainfall from a series of weather fronts A series of earthquakes over the past few days were likely aftershocks of the April 3 earthquake in Hualien County, with further aftershocks to be expected for up to a year, the Central Weather Administration (CWA) said yesterday. Based on the nation’s experience after the quake on Sept. 21, 1999, more aftershocks are possible over the next six months to a year, the agency said. A total of 103 earthquakes of magnitude 4 on the local magnitude scale or higher hit Hualien County from 5:08pm on Monday to 10:27am yesterday, with 27 of them exceeding magnitude 5. They included two, of magnitude
CONDITIONAL: The PRC imposes secret requirements that the funding it provides cannot be spent in states with diplomatic relations with Taiwan, Emma Reilly said China has been bribing UN officials to obtain “special benefits” and to block funding from countries that have diplomatic ties with Taiwan, a former UN employee told the British House of Commons on Tuesday. At a House of Commons Foreign Affairs Committee hearing into “international relations within the multilateral system,” former Office of the UN High Commissioner for Human Rights (OHCHR) employee Emma Reilly said in a written statement that “Beijing paid bribes to the two successive Presidents of the [UN] General Assembly” during the two-year negotiation of the Sustainable Development Goals. Another way China exercises influence within the UN Secretariat is
Taiwan’s first drag queen to compete on the internationally acclaimed RuPaul’s Drag Race, Nymphia Wind (妮妃雅), was on Friday crowned the “Next Drag Superstar.” Dressed in a sparkling banana dress, Nymphia Wind swept onto the stage for the final, and stole the show. “Taiwan this is for you,” she said right after show host RuPaul announced her as the winner. “To those who feel like they don’t belong, just remember to live fearlessly and to live their truth,” she said on stage. One of the frontrunners for the past 15 episodes, the 28-year-old breezed through to the final after weeks of showcasing her unique