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Taiwan Quick Take

■ Cross-strait Ties
New Party head visits China
Following in the footsteps of its fellow pan-blue camp members, the Chinese Nationalist Party (KMT) and the People First Party (PFP), the New Party's 30-member delegation left the nation for an eight-day tour of China. Like the trips taken to China by the KMT and the PFP in May, the Chinese Communist Party (CCP) has arranged for the visiting party chairman, Yok Mu-ming (郁慕明), to give a speech at a local university and meet with Chinese President and CCP head Hu Jintao (胡錦濤). The delegation arrived in Guangzhou yesterday. After paying its respects at the Mausoleum of the 72 Martyrs today, the delegation will continue its "voyage of the people" in Nanking. The delegation is also scheduled to visit with Taiwanese businessmen in Dalian, after which it will head to Beijing. While in Beijing, Yok is scheduled to make a speech at Renmin University and will meet with Hu.

■ Insurance
Taiwan fourth-highest
Taiwan has the world's fourth-highest insurance penetration rate, as the Taiwan general public has shown increasingly higher willingness to buy insurance polices of all kinds, the Directorate General of Budget, Accounting and Statistics (DGBAS) reported yesterday. Taiwan's insurance penetration rate -- combined premium income as a percentage of nominal GDP -- stood at 12.6 percent in 2003, the fourth-highest in the world, behind only South Africa (15.9 percent), the UK (13.4 percent), Switzerland (12.7 percent) and Japan (10.8 percent), DGBAS officials said. The figure increased to 13.9 percent in last year, also one of the world's top percentages, the officials added. Combined premium income for life and people alone totaled NT$1.3 trillion (US$42 billion) last year, underpinned by continued strong economic and social development, as well as better individual financial well-being, according to DGBAS. Meanwhile, Taiwan's insurance density totaled NT$62,520 last year, up 53.8 percent over that posted in 2001, when the figure stood at NT$40,660, DGBAS officials said.

■ Trade
Taiwan ranks 15th globally
Taiwan was the world's 15th-largest foreign trader last year, ahead of Singapore in 16th place but behind Hong Kong and South Korea in 11th and 12th spots, respectively, the Directorate General of Budget, Accounting and Statistics (DGBAS) reported yesterday. Taiwan's foreign trade totaled US$349.3 billion last year, accounting for 1.9 percent of the global volume and marking an annual increase of 26 percent over the 2003 level, the DGBAS said, citing the latest statistics compiled by the WTO. Taiwan's exports and imports totaled US$181.4 billion and US$167.9 billion, respectively, last year, both the world's 15th-largest, the DGBAS said, adding that Taiwan was the world's 15th-biggest exporter and the 16th-largest importer in 2003. According to WTO statistics, the world's foreign commerce amounted to US$18.6 trillion last year, up by 21 percent year on year. Exports and imports surpassed the US$9 trillion level, both reflecting a growth rate of more than 20 percent. The US remained the world's No. 1 economic power with foreign trade worth US$2.3 trillion, followed by Germany and China. China replaced Japan as the world's third-largest foreign trader, thanks to its booming outbound and inbound commerce, which jumped by 35 percent and 36 percent, respectively, compared to the year-earlier levels.

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