Campaign Special ( Business Community ) - Business community looks for upturn

Local leaders yesterday extended their congratulations to President Chen Shui-bian (陳水扁) and Vice President Annette Lu (呂秀蓮), urging them to make the nation's economic development and improved relations with Beijing a top priority.

"Empowered by the people's mandate, President Chen should strive for better cross-strait relations, adopting practical mainland policies to maintain cross-strait economic prosperity," said Chen Cheng-yi (陳正毅), spokesman for the General Chamber of Commerce (GCC, 全國商總), which is chaired by the head of Eastern Multimedia Corp (東森集團), Gary Wang (王令麟).

The China syndrome

Chen Shui-bian's opponents have criticized him for his track record on China and the economy.

"Chen Shui-bian's cross-strait policies have been too vague and he needs to soon come up with a plan in preparation for the resumption of talks with China," said an industry leader, who requested anonymity.

But after the re-elected president secured over 6 million votes yesterday, China will be forced to acknowledge Chen's administration and should conduct negotiations with him, he said.

Hopes the facilitation of direct links with China have long been a common hope of the nation's business tycoons, including Wang Yung-ching (王永慶), chairman of the Formosa Plastics Group (台塑集團) and Chang Yung-fa (張榮發), chairman of the Evergreen Group (長榮集團).

A second chance

Rock Hsu, (許勝雄) president of Taiwan Electrical and Electronic Manufacturers Association (電電公會), said yesterday that he expects President Chen to do a better job with the economy during his second term.

"The DPP administration should continue to improve the nation's investment environment, making sure that the supply of water and electricity is sufficient for industry to flourish," Hsu said.

Hsu also chairman of Compal Electronics Inc (仁寶電腦), the world's second-largest notebook computer maker.

Both Chen Cheng-yi and Hsu said they hope that political gridlock and tensions could be eliminated. They also expressed a bullish view on the nation's economic future, saying that an over 5 percent economic growth rate this year is likely if overall business confidence can be restored following the election.

GCC's Chen hopes that President Chen will not backpedal on his economic and financial policies by creating trade barriers and raising taxes, which could shackle growth.

Instead focusing on forging closer economic ties with China, Chen Shui-bian concentrated his campaign on safeguarding the nation from Beijing's military threats as well as the communists' attempts at diplomatically isolating the budding democracy here.

An who requested anonymity suggested that President Chen reshuffle his economic and financial ministers to improve the Cabinet's capabilities in dealing with economic matters although the president suffers from a woefully limited talent pool.

All the president's men

"The lack of top-shelf economic and financial advisors to the president is the business community's biggest worry," he said.

Business yesterday refused to comment on political complications involving KMT candidates' call for a recount immediately following the election, but said "such a development is surely bad for the economy," adding that such actions by the oppostion party were entirely selfish.