DPP presidential candidate Chen Shui-bian (
He also placed the blame for Monday's sharp market drop firmly on the KMT's shoulders, accusing the party of "manipulating" the bourse for its own political interests.
After a hastily arranged meeting yesterday with representatives of foreign securities houses, Chen said liberalization and internationalization were two means of protecting the stock market.
PHOTO: CHIANG YING-YING, TAIPEI TIMES
"If elected, I'll have the financial markets open to foreign capital as soon as possible, through measures such as raising the ceiling on foreign holdings in individual shares and simplifying procedures to facilitate capital flows," Chen said.
"Politics is temporary but the economy is forever," Chen said, adding that as an island, Taiwan's national security could be secured only when its economy is fully liberalized and globalized.
Chen was responding to Monday's 6.6 percent fall in the TAIEX, which the KMT said was a reflection of cross-strait tensions.
Several foreign fund managers were clearly nervous about accepting Chen's invitation yesterday as they turned around upon approaching the building where the event was being held after seeing a pack of reporters lying in wait. A few others did not stay very long.
Chen was unperturbed, however, saying he had confidence in Taiwan's stock market because the country's economy was fundamentally sound and foreign fund managers were aware of this fact, as evidenced by their buying patterns recently.
He reiterated that if elected, the TAIEX would climb to at least 10,000 points this year.
"I am not a financial expert," he acknowledged, "I am only speaking from a layman's common-sensical point of view."
Taiwan's economy grew 5.6 percent last year, with the main stock index climbing to above 10,000 points around the lunar new year, he said. This year, the economy is expected to grow faster at 6.5 percent, therefore, he said, "10,000 should not be an unreasonable prospect."
Chen said he is looking forward to seeing Taiwan's economy, as well as the stock market, continue to grow in an environment of safety, fairness and justice.
Some foreign fund managers suggested that if elected, Chen should hold out an olive branch to Beijing in order to ease cross-strait tensions and ensure that blue-chip industrial giants such as Taiwan Semiconductor Manufacturing Corp and United Microelectronics Corp keep their roots in Taiwan.
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