President Ma Ying-jeou (馬英九) said yesterday that the government understood the public’s frustration with current economic hardship but urged people to unite in the face of adversity and have faith in the country.
“The public must feel some resentment toward the recent commodity price hikes. The government must accept the public’s resentment instead of dodging it,” Ma said yesterday morning while receiving representatives of the Chinese National Federation of Industries at the Presidential Office.
The president said that the country’s economic fundamentals remained good in spite of the recent price hikes and the stock market slide.
He added that the government was seeking long-term solutions to improve the investment environment and boost the economy, while waiting for a rebound in the global economy that could bolster Taiwan’s economic performance.
Ma reiterated his message later in the afternoon and called on the public to face the economic situation calmly and rationally. He said that the nation has survived many economic challenges, including the Asian financial crisis of 1997 to 1998.
“We Taiwanese people should believe in ourselves. We need not worry about future challenges because Taiwanese are not easily intimidated,” he said.
Ma’s remarks came in the wake of gasoline and commodity price hikes and a slide in share prices on the TAIEX, with shares closing 3.94 percent lower on Tuesday — their lowest level in 20 months.
Ma said the price hikes and fall in share prices were both reactions to the global situation and that the government would focus on improving the investment environment rather than interfering with the market to seek short-term solutions.
“We are doing everything we can to improve the economy even though no immediate effects can be seen. Whenever [hardship hits us], I believe the country is able to take advantage of the situation and rise again,” he said.
He said that the Ministry of Economic Affairs, the central bank and other Cabinet agencies were working hard to stabilize consumer prices, improve the nation’s investment climate and boost the economy.
He also said he understood that the public was upset that real incomes were eroding as commodity prices rise, but the government would face the problem in a calm and reasonable manner.
As long as the economy remains fundamentally strong, the nation should enjoy economic prosperity once the global economy recovers, he said.
The performance of the TAIEX did not improve yesterday on Ma’s statement. Share prices closed little changed as profit-taking reversed early gains sparked by Wall Street’s overnight rebound, dealers said.
The weighted index closed down 0.05 percent at 7,048.25, on turnover of NT$117.42 billion (US$3.86 billion). Risers led decliners 1,191 to 915, with 456 stocks unchanged.
Additional reporting by AFP
Also see: FSC’s Susan Chang appointed head of Taiwan Financial, Bank of Taiwan
PRAISE: Japanese visitor Takashi Kubota said the Taiwanese temple architecture images showcased in the AI Art Gallery were the most impressive displays he saw Taiwan does not have an official pavilion at the World Expo in Osaka, Japan, because of its diplomatic predicament, but the government-backed Tech World pavilion is drawing interest with its unique recreations of works by Taiwanese artists. The pavilion features an artificial intelligence (AI)-based art gallery showcasing works of famous Taiwanese artists from the Japanese colonial period using innovative technologies. Among its main simulated displays are Eastern gouache paintings by Chen Chin (陳進), Lin Yu-shan (林玉山) and Kuo Hsueh-hu (郭雪湖), who were the three young Taiwanese painters selected for the East Asian Painting exhibition in 1927. Gouache is a water-based
A magnitude 4.1 earthquake struck eastern Taiwan's Hualien County at 2:23pm today, according to the Central Weather Administration (CWA). The epicenter of the temblor was 5.4 kilometers northeast of Hualien County Hall, at a depth of 34.9 km, according to the CWA. The earthquake's intensity, which gauges the actual effect of a temblor, was the highest in Hualien County, where it measured 2 on Taiwan's 7-tier intensity scale. The quake also measured an intensity of 1 in Yilan county, Taichung, Nantou County, Changhua County and Yunlin County, the CWA said. There were no immediate reports of damage or injuries.
OFF-TARGET: More than 30,000 participants were expected to take part in the Games next month, but only 6,550 foreign and 19,400 Taiwanese athletes have registered Taipei city councilors yesterday blasted the organizers of next month’s World Masters Games over sudden timetable and venue changes, which they said have caused thousands of participants to back out of the international sporting event, among other organizational issues. They also cited visa delays and political interference by China as reasons many foreign athletes are requesting refunds for the event, to be held from May 17 to 30. Jointly organized by the Taipei and New Taipei City governments, the games have been rocked by numerous controversies since preparations began in 2020. Taipei City Councilor Lin Yen-feng (林延鳳) said yesterday that new measures by
‘WORSE THAN COMMUNISTS’: President William Lai has cracked down on his political enemies and has attempted to exterminate all opposition forces, the chairman said The legislature would motion for a presidential recall after May 20, Chinese Nationalist Party (KMT) Chairman Eric Chu (朱立倫) said yesterday at a protest themed “against green communists and dictatorship” in Taipei. Taiwan is supposed to be a peaceful homeland where people are united, but President William Lai (賴清德) has been polarizing and tearing apart society since his inauguration, Chu said. Lai must show his commitment to his job, otherwise a referendum could be initiated to recall him, he said. Democracy means the rule of the people, not the rule of the Democratic Progressive Party (DPP), but Lai has failed to fulfill his
RSS