Some 55 percent of Taiwanese businesses surveyed have had difficulties collecting their debts in China, according to the results of a poll made public yesterday by the Importers and Exporters Association of Taipei.
While more than half of the respondents said that they had direct experience of being unable to collect money owed to them from Chinese debtors, 78 percent of them said that it was private Chinese enterprises who were the main culprits.
As it was expensive for them to recover their debts through legal action, 41 percent of the respondents said that negotiations were the best way to resolve the problem, while 31 percent suggested continuous pressure would be the most effective way to make Chinese firms pay their debts, the poll results show.
According to the survey results, more than 80 percent of the China-based Taiwanese businesses polled had confidence in the credibility of foreign and Taiwanese companies, ahead of only 31 percent and 17 percent who thought Chinese state-run and private enterprises were credible, respectively.
As all kinds of fraud, scams and counterfeiting are rampant in China, foreign businessmen, including those from Taiwan, must pay a great deal of attention when doing business there, the association said.
Since China entered the WTO and opened its market to foreign-owned ventures, the issue of how to collect payment from Chinese companies has become an extremely difficult problem owing to what experts described as the low level of China's entrepreneurial culture.
Currently, more than 71 percent of Taiwan's outbound investment has landed on the other side of the Taiwan Strait, which Premier Su Tseng-chang (
"We should constantly remind our businessmen of the risk of putting all their eggs in one basket," Su said, while meeting with a party of young US Democratic Party rising stars who are in Taipei for a visit.
"We have not forbidden our entrepreneurs from venturing into the Chinese market. We just encourage them to adopt a global perspective and integrate their China forays into their global development plans," Su said.
He also warned that Chinese authorities have often used their economic clout to force Taiwanese businesspeople operating in China to support their political appeals that are detrimental or hostile to Taiwan.
Napoleon Osorio is proud of being the first taxi driver to have accepted payment in bitcoin in the first country in the world to make the cryptocurrency legal tender: El Salvador. He credits Salvadoran President Nayib Bukele’s decision to bank on bitcoin three years ago with changing his life. “Before I was unemployed... And now I have my own business,” said the 39-year-old businessman, who uses an app to charge for rides in bitcoin and now runs his own car rental company. Three years ago the leader of the Central American nation took a huge gamble when he put bitcoin
Demand for artificial intelligence (AI) chips should spur growth for the semiconductor industry over the next few years, the CEO of a major supplier to Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) said, dismissing concerns that investors had misjudged the pace and extent of spending on AI. While the global chip market has grown about 8 percent annually over the past 20 years, AI semiconductors should grow at a much higher rate going forward, Scientech Corp (辛耘) chief executive officer Hsu Ming-chi (許明琪) told Bloomberg Television. “This booming of the AI industry has just begun,” Hsu said. “For the most prominent
PARTNERSHIPS: TSMC said it has been working with multiple memorychip makers for more than two years to provide a full spectrum of solutions to address AI demand Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday said it has been collaborating with multiple memorychip makers in high-bandwidth memory (HBM) used in artificial intelligence (AI) applications for more than two years, refuting South Korean media report's about an unprecedented partnership with Samsung Electronics Co. As Samsung is competing with TSMC for a bigger foundry business, any cooperation between the two technology heavyweights would catch the eyes of investors and experts in the semiconductor industry. “We have been working with memory partners, including Micron, Samsung Memory and SK Hynix, on HBM solutions for more than two years, aiming to advance 3D integrated circuit
NATURAL PARTNERS: Taiwan and Japan have complementary dominant supply chain positions, are geographically and culturally close, and have similar work ethics Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and other related companies would add ￥11.2 trillion (US$78.31 billion) to Japan’s chipmaking hot spot Kumamoto Prefecture over the next decade, a local bank’s analysis said. Kyushu Financial Group, a lender based in Kumamoto’s capital, almost doubled its projection for the economic impact that the chip sector would bring to the region compared to its estimate a year earlier, a presentation on Thursday said. The bank said that 171 firms had made new investments since November 2021, up from 90 in an earlier analysis. TSMC’s Kumamoto location was once a sleepy farming area, but has undergone
RSS