Sun, Jul 29, 2012 - Page 3 News List

Premier promises economic stimulus plan

LACKLUSTER FIGURES:Sean Chen pledged that his Cabinet would outline a revival plan for the economy, but cautioned it was important not to build castles in the sand

By Shih Hsiu-chuan  /  Staff reporter

Premier Sean Chen (陳冲) yesterday pledged to soon propose detailed concrete measures to boost the economy in advance of a series of five forums that will bring together officials and business representatives to be staged next month.

Although the IMF has made gloomy -predictions about the global economic outlook, Taiwan will take proactive measures to deal with the situation, Chen said.

Chen said his Cabinet would put forward the measures soon after the conclusion of the forums, which were designed to identify problems “of concern to everyone” and come up with solutions.

According to the Executive Yuan, issues to be discussed with representatives from industry and business, will include the international economic situation, manpower resources and energy policy.

Another area of interest will be issues that concern financial industry sector leaders.

The government has come under pressure to stimulate the economy as concerns grow -following an eight-month streak of “blue lights” (indicating a slowdown) in a benchmark economic indicator.

Some commentators have said that the recent resolution of longstanding controversies surrounding imports of beef containing residues of the livestock feed additive ractopamine and the capital gains tax on securities transactions meant that the government had run out of excuses for not being able to reverse the economic slump.

Earlier this week, Chen was quoted by Executive Yuan -spokesperson Hu Yu-wei (胡幼偉) as saying that government was not like “show business,” so there would be no hasty implementation of economic stimulus measures without a thorough consideration of the factors involved, just to satisfy critics who are demanding rapid action.

Initiating poorly conceived proposals to prop up the economy was like building “a castle in the sand,” Chen was quoted by Hu as saying, with Hu adding that economic stimulus plans needed to be practical and able to withstand scrutiny.

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