China attempted to clean up its image regarding tainted goods at the APEC meeting in Sydney yesterday, with Chinese President Hu Jintao (
Hu was replying to a question during a press conference following a bilateral meeting with Australian Prime Minister John Howard.
"We implement strict inspection procedures to ensure product quality and food safety," Hu said. "From 2004 to the first half of this year, 99 percent of Chinese exports to the US, EU and Japan were up to standard."
Product safety became a serious issue after goods manufactured in China were recently found to contain dangerous toxins.
The safety scare issue was also discussed during a bilateral meeting between US President George W. Bush and Hu.
On Wednesday, US toy giant Mattel Inc announced its third recall this year of toys from Chinese manufacturers that were found to contain lead paint.
Ministers from 21 APEC members also agreed yesterday to set up a food safety taskforce chaired by Australia and China to ensure the health and safety of people in the region. During a press conference following the ministerial meeting, Australian Trade Minister Warren Truss said the action was not targeting Chinese food and products.
"We expect all goods to be safe here," Truss said.
The taskforce, however, has no specific commitment of funds so far, he said.
Taiwan is aware of a series of defective Chinese products that caused panic in many countries and will strengthen inspection of Chinese imports through the Bureau of Standards, Metrology and Inspection, Minister of Economic Affairs Steve Chen (陳瑞隆) said.
Also yesterday, ministers endorsed stalled trade talks as their nations' best hopes of sustained economic growth, said a joint statement calling on the 21 leaders to back a successful conclusion to the Doha round of WTO negotiations on trade liberalization.
The statement also recognized the importance of further development in digital capability of APEC member economies, citing a Taiwan-initiated APEC Digital Opportunity Center (ADOC) project.
"We welcomed the contribution made by the APEC Digital Opportunity Center in this regard and encouraged member economies to further cooperate in relevant capacity building activities," the statement said.
Taiwan proposed the ADOC project in 2003 to help narrow the digital divide between member economies.
Acer founder Stan Shih (施振榮), representing Taiwan at the APEC Summit on behalf of President Chen Shui-bian (陳水扁), said earlier this week that he would promote a newer ADOC 2.0 project to member countries later this year.
Meanwhile, Gary Lin (
As Taiwan has no formal diplomatic ties with Australia, the aircraft will not bear the national flag on the tail, he said.
Shih's airplane will make two stops, the second in Brisbane, for refueling, Lin said.
He would not reveal where the first stop would take place, citing fear of pressure from China.
Shih would receive the same treatment as other leaders attending the APEC meeting, Lin said.
MANAGING RISKS: Taiwan has secured LNG sufficient to cover 95 percent of electricity demand for next month, UBS said, describing the government’s approach as proactive UBS Group AG has raised its forecast for Taiwan’s economic growth this year to 8 percent, up from 6.9 percent previously, and said expansion could reach as high as 8.6 percent if external energy shocks are avoided. The upgrade reflects a stronger-than-expected first-quarter performance and sustained momentum in artificial intelligence (AI)-driven exports, which UBS said are providing a firm foundation for growth despite geopolitical and energy risks. Taiwan’s GDP expanded 13.69 percent year-on-year in the first quarter, the fastest growth since the second quarter of 1987, the Directorate-General of Budget, Accounting and Statistics (DGBAS) reported on Thursday. On a seasonally
The Fair Trade Commission’s (FTC) ongoing review of Grab Holdings Ltd’s US$600 million acquisition of Foodpanda Taiwan’s operations, announced on March 23, has taken on fresh urgency as industry experts warn that the transaction could embed significant Chinese cybersecurity vulnerabilities into Taiwan’s digital infrastructure through Grab’s deep ties to autonomous-driving firm WeRide (文遠知行). Less than 16 months after the FTC blocked Uber Eats’ direct attempt to acquire Foodpanda Taiwan — citing potential combined market shares of 80 to 90 percent — the emergence of Grab as the buyer has prompted questions about whether the same competitive harm is simply being rerouted
The list of Asian stocks that benefit from business partnership with Nvidia Corp is getting longer, as the region further integrates into the artificial intelligence (AI) chip giant’s business ecosystem. Just in the past week, South Korea’s LG Electronics Inc, Taiwan’s Nanya Technology Corp (南亞科技), as well as China’s Huizhou Desay SV Automotive Co (德賽西威) and Pateo Connect Technology Shanghai Corp (博泰車聯) have become the latest to rally on news of tie-ups, supply-chain participation or product collaboration with the US chip designer. Asian suppliers account for about 90 percent of Nvidia’s production costs, up from about 65 percent last year, data compiled
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is seeking government approval for an advanced wafer fab at the Longtan (龍潭) campus of Hsinchu Science Park (新竹科學園區), the park's bureau said today. In a written reply, the Hsinchu Science Park Bureau said it would submit a proposal for the third phase of the Longtan Science Park (龍潭科學園區), including plans for a TSMC fab, later this month to the National Science and Technology Council for review. The contract chipmaker previously bid to build a fab using a process more advanced than its current 2-nanometer (nm) technology at the Longtan Campus, but the plan was shelved