Sat, Nov 24, 2012 - Page 3 News List

Premier asks for policy to rejuvenate stock market

By Shih Hsiu-chuan  /  Staff reporter

Premier Sean Chen (陳冲) has set a timeframe of one month for Cabinet officials, under the leadership of Minister Without Portfolio Kuan Chung-ming (管中閔), to formulate a policy to rejuvenate the sluggish stock market, Executive Yuan spokesperson Cheng Li-wun (鄭麗文) said yesterday.

Cheng made the announcement after a policy meeting presided over by Chen.

“The US is expected to come up with a solution to avoid its ‘fiscal cliff’ within a month. In view of future changes in the global economy, the premier instructed Cabinet officials to work out measures to boost the stock market by the end of this year,” Cheng said.

Despite the weakness of the world’s major stock exchanges this year, characterized by decreasing turnover, it is a cause of concern for the government that the TAIEX has been underperforming other stock markets, she said.

The meeting was called to evaluate the implementation of the “Economic Power-up Plan,” the Cabinet’s policy that incorporates both mid and long-term measures, to optimize the nation’s economic structure and provide initiatives to create economic growth in the short term.

Chen instructed the Ministry of Economic Affairs to provide businesspeople with information on land available for lease for factories and plants, while asking the Financial Supervisory Commission to encourage banks to be more flexible on lending in an attempt to divert investments made by Taiwanese businesspeople in China back to Taiwan, Cheng said.

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