Minister of Economic Affairs Yiin Chii-ming (尹啟銘), who has come under fire for predicting the TAIEX could rise as high as 20,000 under the Chinese Nationalist Party (KMT) administration, expressed regret yesterday for the “distortion” of his remarks by the media.
The prediction, which Yiin reportedly made ahead of a televised forum with business leaders before the KMT administration took office in May, has been harshly criticized in the wake of the local bourse’s slump over the past month.
After hitting a high of 9,309 on May 20, the TAIEX has fallen amid a global stock market slump. On Tuesday, it plunged 289.26 points, or 3.94 percent, to close at 7,051.85, and it failed to rebound yesterday.
Yiin said yesterday that he had said the economy would gradually improve after the new government unveiled its economic blueprint and its policies were implemented.
While he agreed that the TAIEX would rise if the economy improved, it was the host and other participants at the forum who said the index “could top 10,000 and even reach 20,000,” he said.
On Tuesday Yiin had said that he was “joking around” with business leaders when he agreed that the prediction made by others was reasonable.
Democratic Progressive Party (DPP) lawmakers, however, demanded yesterday that Yiin apologize for what they called his “reckless and arrogant” attitude.
DPP Legislator Chiu Yi-ying (邱議瑩) said it was not a time to joke when the stock market had lost nearly NT$6 trillion (US$197.3 billion) since President Ma Ying-jeou’s (馬英九) inauguration and the economic misery index has hit its highest level in 27 years.
“This summer is the coldest summer” in Taiwan, she said.
“It is unbelievable that instead of putting forth measures to deal with the situation, Yiin said he was just joking to say the TAIEX could rise to 20,000,” she said.
DPP Legislator Yu Jan-daw (余政道) said Yiin should step down because his statement had misled investors, causing them huge losses.
DPP caucus whip William Lai (賴清德) said the most serious problem with Premier Liu Chao-shiuan’s (劉兆玄) Cabinet was that it was made up of reckless, arrogant officials who are totally unaware of the public’s problems.
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