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Chen's economic advisory panel gets down to business

With the recruitment of more heavyweights, President Chen Shui-bian's (陳水扁) economic advisory panel has been formally set up and will help the government create a blueprint for economic development in the aftermath of SARS, the Presidential Office said yesterday.

On May 23, Chen named Vincent Siew (蕭萬長), KMT vice chairman and president of the Chung-Hua Institution for Economic Research, to head the panel and have the panel organized in two weeks.

"In his capacity as panel convener, Siew has taken initial steps to develop the advisory program, including proposing the roster of the panel and its operational formula," said James Huang (黃志芳), a Presidential Office spokesman.

Under Siew's recommendation, Huang said, Chen will invite three experts to join the panel: Chen Po-chih (陳博志), chairman of the Taiwan Think Tank; Chen Tien-chih (陳添枝), president of the Chung-Hua Institution; and Wu Rong-yi (吳榮義), president of the Taiwan Institute of Economic Research.

"Moreover, the heads of the country's six major businessmen's associations promised to join the panel," Huang said, adding the president hopes that the panel can demonstrate new thinking and vision.

"The president hopes the panel will succeed with seven major issues, including the country's agricultural policy in the post-WTO era, the expansion of the government's infrastructure projects and the upgrading of traditional industries," Huang said.

The panel is also expected to review problems in the manufacturing, banking and aerospace sectors as well as in the taxation system, and to chart a course for making the country an Asia-Pacific operations hub.

"Chen Tien-chih will take charge of staff affairs to coordinate suggestions and proposals from members of the panel to complete overall guidelines," Huang said. "After Siew finishes his visit to Europe, the panel will propose the guidelines to the president."

Wu said yesterday that public spending on infrastructure projects appears to be the most effective way to deal with the nation's economic problems.

He said, citing estimates by the Council of Economic Planning and Development, that if the government can execute the approved NT$100 billion budget, including SARS-relief funds for public-works projects, by the end of the year, the nation's GDP may be boosted by 0.47 percent to 0.5 percent from an estimated 3 percent.

Wu said there is still room for the government to increase public spending through borrowing since the government's debt accounts for only 32 percent of GDP, which is relatively low compared with other countries such as Singapore with 95 percent.

He added that the government should take advantage of the banking sector's capital of NT$16 trillion in savings accounts, which earns little interest.
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