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Cabinet to speed up rules on market liberalization

The government will speed up market liberalization by easing 97 rules and regulations by the end of this year and 23 other laws next year, the Executive Yuan said yesterday.

Since taking government in May, the Chinese Nationalist Party (KMT) administration has relaxed 44 rules and regulations, including 10 involving cross-strait economic and trade exchanges, in an effort to boost economic growth.

“Easing restrictions is a crucial element in enhancing the nation’s competitiveness,” Minister without Portfolio Chu Yun-peng (朱雲鵬) told a press conference after the Cabinet’s weekly meeting yesterday.

Premier Liu Chao-shiuan (劉兆玄), who described the laws and regulations as “unnecessary constraints,” ordered Cabinet members to speed up policy easing measures to revive the economy.

“We expect to usher in an inflow of overseas capital and talent that can help revive Taiwan’s economy and enhance local businesses’ productivity and make them internationally [competitive],” Liu said.

Liu has also asked the Executive Yuan’s Research, Development and Evaluation Commission to draw up a watch list to monitor the implementation of these policies.

In addition to measures scheduled for relaxation, the government is reviewing 179 bans that it is considering loosening at the suggestion of 40 local and foreign businesses associations, Chu said.

Among the 97 items set to be completed this year, 46 are designed to increase cross-strait exchanges in finance, transportation, investment and personal travel.

Chu said the Ministry of Economic Affairs would map out details on industries that will be open to Chinese capital by the end of this month.

The government plans to extend visa tenure granted to foreign technicians, issue more permanent residency and expand the scope of applications for visa-free entry or applications for landing visas to attract more foreign talent, Chu said.

It will also partially lift the ban on China-bound investment in high-tech industries by the end of this year, he said.
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