Former president Lee Teng-hui (李登輝) yesterday expressed concern at the nation’s economic dependence on China, saying that it was naive to think that the local economy would improve with Chinese investment.
Lee said that he did not think direct transport links with China, cross-strait direct flights or a common market would strengthen Taiwan’s economy.
“While cross-strait relations should remain stable, they should not advance rashly, not to mention tilting in China’s favor or falling into the trap of China’s united-front tactics,” he said.
PHOTO: CNA
The people of Taiwan needed a break after a long fight over political ideology, Lee said, but it seemed a new wave of ideology has emerged declaring that Chinese investment would help improve the country’s economy.
Lee made the remarks while addressing guests at a tea party held to celebrate the relocation of the Taiwan Solidarity Union headquarters in Taipei yesterday afternoon.
Saying that Taiwan and China are two different sovereign nations, Lee said that economically, cross-strait trades were conducted in accordance with international regulations, but politically, Taiwan must insist on its sovereignty and national security.
The administration is duty-bound to address the problems caused by cross-strait exchanges such as disease prevention and uncertainties related to financial stability and social security, he said.
Last month’s presidential election proved that the era of fighting over independence or unification with China had ended and that independence or unification is a false issue.
He said it was unnecessary to address the issue on a regular basis, but the people of Taiwan have the absolute right to decide the country’s future.
While some media outlets have played up the importance of the visit of a group of Chinese property tycoons, Lee expressed concern over the possibility that Chinese could manipulate the local real estate market, saying that changes must proceed step by step.
Lee also questioned the necessity of easing the 40 percent cap on China-bound investment, as a plunge in the Chinese stock market indicated that appreciation of the Chinese yuan had driven away foreign investors.
Regarding the new administration’s plan to allow the exchange of yuan, Lee said that the exchange must take place at banks or it would run counter to the law.
While some have criticized the new Cabinet line-up as “old wine in a new bottle,” Lee said that experienced hands were better than rookies.
Lee also cast doubt on the infrastructure projects proposed by president-elect Ma Ying-jeou (馬英九), saying that he wondered where the new administration could acquire the funding as the government is in debt to the tune of NT$5 trillion (US$165 billion).
Regarding Ma’s inauguration, Lee said that he would attend if he were invited.
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