The Cabinet was censured in a report by the Control Yuan yesterday for its failure to effectively manage China-bound investment and to respond to the exodus of industry across the Taiwan Strait.
The Cabinet's negligence was said to have led to national economic recession and increasing unemployment.
The Control Yuan also criticized the government for its lack of effective measures to deal with companies which export their capital to China, do not repatriate their profits and leave nothing in Taiwan but debts.
"The Cabinet and its subordinate agencies can't shake off blame for this situation," said Lee Shen-yi (
Lee, along with his colleagues Chao Ron-yaw (
According to the report's findings, by the end of July this year 25,033 applications to invest in China, totalling US$22.1 billion, had been approved by the investment review committee under the Ministry of Economic Affairs.
This amounted to around 40 percent of Taiwan's total foreign investments.
In addition, according to figures from the Ministry of Finance, by the end of March this year, among 975 listed companies in Taiwan, 490 of them had invested in China, with an accumulated outflow of NT$197.7 billion.
Only NT$2.34 billion has been remitted back to Taiwan, and only 27 companies have made such remittances.
This means that only 1.18 percent of the total capital outflow has been repatriated.
"The rate of remittance is too low. And this could be one reason for the hollowing out of industry in Taiwan," said Lin.
Lin added that while regulations concerning investments are clear and punishments specified, prosecutions for breaking the regulations and investing illegally were seldom launched.
"The Cabinet apparently has not carried out its policies and has no effective measures to deal with the matter," Chao said.
DEFENSE: The first set of three NASAMS that were previously purchased is expected to be delivered by the end of this year and deployed near the capital, sources said Taiwan plans to procure 28 more sets of M-142 High Mobility Artillery Rocket Systems (HIMARS), as well as nine additional sets of National Advanced Surface-to-Air Missile Systems (NASAMS), military sources said yesterday. Taiwan had previously purchased 29 HIMARS launchers from the US and received the first 11 last year. Once the planned purchases are completed and delivered, Taiwan would have 57 sets of HIMARS. The army has also increased the number of MGM-140 Army Tactical Missile Systems (ATACMS) purchased from 64 to 84, the sources added. Each HIMARS launch pod can carry six Guided Multiple Launch Rocket Systems, capable of
Tropical Storm Podul strengthened into a typhoon at 8pm yesterday, the Central Weather Administration (CWA) said, with a sea warning to be issued late last night or early this morning. As of 8pm, the typhoon was 1,020km east of Oluanpi (鵝鑾鼻), Taiwan’s southernmost tip, moving west at 23kph. The storm carried maximum sustained winds of 119kph and gusts reaching 155kph, the CWA said. Based on the tropical storm’s trajectory, a land warning could be issued any time from midday today, it added. CWA forecaster Chang Chun-yao (張竣堯) said Podul is a fast-moving storm that is forecast to bring its heaviest rainfall and strongest
GET TO SAFETY: Authorities were scrambling to evacuate nearly 700 people in Hualien County to prepare for overflow from a natural dam formed by a previous typhoon Typhoon Podul yesterday intensified and accelerated as it neared Taiwan, with the impact expected to be felt overnight, the Central Weather Administration (CWA) said, while the Directorate-General of Personnel Administration announced that schools and government offices in most areas of southern and eastern Taiwan would be closed today. The affected regions are Tainan, Kaohsiung and Chiayi City, and Yunlin, Chiayi, Pingtung, Hualien and Taitung counties, as well as the outlying Penghu County. As of 10pm last night, the storm was about 370km east-southeast of Taitung County, moving west-northwest at 27kph, CWA data showed. With a radius of 120km, Podul is carrying maximum sustained
TRAJECTORY: The severe tropical storm is predicted to be closest to Taiwan on Wednesday and Thursday, and would influence the nation to varying degrees, a forecaster said The Central Weather Administration (CWA) yesterday said it would likely issue a sea warning for Tropical Storm Podul tomorrow morning and a land warning that evening at the earliest. CWA forecaster Lin Ting-yi (林定宜) said the severe tropical storm is predicted to be closest to Taiwan on Wednesday and Thursday. As of 2pm yesterday, the storm was moving west at 21kph and packing sustained winds of 108kph and gusts of up to 136.8kph, the CWA said. Lin said that the tropical storm was about 1,710km east of Oluanpi (鵝鑾鼻), Taiwan’s southernmost tip, with two possible trajectories over the next one
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