Taiwan's economy won't improve until the TAIEX hits 7,000, former president Lee Teng-hui (
As the country faces a worsening recession, Lee -- while stumping for Taiwan Solidarity Union (TSU) candidate Chen Chien-ming (陳建銘) -- presented proposals which he believe would be conducive to aiding the struggling economy and help ease rising unemployment.
To give the sagging economy a shot in the arm, Lee suggested that laws should be revised to raise the ceiling on government debts. Government debts cannot be more than 15 percent of the total annual budget.
PHOTO: SUNG CHI-HSIUNG, TAIPEI TIMES
Lee said the government should issue NT$400 billion to NT$500 billion worth of public bonds to generate funds for spending on infrastructure.
Lee also said the government should cut the business tax from five percent to three percent and come up with measures to encourage consumption and create job opportunities.
The TAIEX closed yesterday at 4,172.63 and "the economy won't be better until the index rises to 7,000," Lee said.
To achieve this end, Lee advised creating incentives to attract foreign capital to Taiwan.
The former president also shared his views on how the government can help the nation adjust to its entry into the WTO.
He said the government should create initiatives to reduce the impact membership will have on Taiwan's business and agricultural industries. For example, Taiwan should set up industrialized zones, making use of cheap labor and raw materials from China to create products to be exported to US and European markets.
In related news, the national association of the friends of Lee Teng-hui (
Huang denied that the association is directly linked to the TSU, saying that "the organization was founded to reshape the Taiwanese identity, and we hope to consolidate this strength to create a better Taiwan."
Given Lee's cozy relations with the TSU and the timing of the new association's establishment, many think it was formed solely to campaign for TSU candidates running in the Dec.1 elections. A number of directors of the regional associations of the friends of Lee Teng-hui are reportedly TSU candidates.
But TSU officials tried to play down the political involvement of the association.
"The association of the friends of Lee Teng-hui is not affiliated with the TSU, neither are all of the members of the association supporters of the TSU," said Shu Chin-chiang (蘇進強), secretary general of the TSU, adding that DPP members belong to the association.
But Chu conceded that the TSU and the association "are on good terms because the two share common ideologies."
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