Wang Mei-hua (王美花) on Saturday formally assumed her new position as head of the Ministry of Economic Affairs (MOEA), replacing Shen Jong-chin (沈榮津), who became vice premier. Wang is the third woman in her post, following Christine Tsung (宗才怡) and Ho Mei-yueh (何美玥).
Although the possibility of substantial changes in the government’s economic policies is low, the challenges for the new minister are no less formidable.
Wang has worked at the Intellectual Property Office for 17 years and was its director-general for nearly 10 years. Taking the helm at the MOEA, she has broken with tradition, as usually staff from either the Industrial Development Bureau or the Bureau of Foreign Trade are chosen.
However, as Wang was vice minister of the MOEA for the past four years, her promotion came as no surprise.
It is clear that she was chosen to expedite President Tsai Ing-wen’s (蔡英文) plans to develop six core strategic industries to transform Taiwan into a critical force in the global economy, as highlighted in Tsai’s inaugural address on May 20.
However, Wang faces the immediate challenges of dealing with the economic fallout from the COVID-19 pandemic, renegotiating the Economic Cooperation Framework Agreement with China and promoting Taiwan’s bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. The key to these is whether she has clear plans.
Additionally, Wang faces the same challenges as her predecessor, such as how to increase domestic investment, encourage private consumption, promote business innovation and transform the nation’s economic structure. Despite her nearly three decades of experience in the public sector, the release of the government’s Triple Stimulus Vouchers on July 15 is to be her first real test as a minister, as it remains to be seen whether the program will effectively boost domestic consumer activity.
Last week, the central bank lowered its forecast for the nation’s GDP growth this year from 1.92 percent to 1.52 percent, which is higher than the 0.8 percent growth forecast for Taiwan by the Asian Development Bank, but lower than the Directorate-General of Budget, Accounting and Statistics’ estimate of 1.67 percent growth. While it would be admirable if Taiwan’s economic growth remained positive compared with most other countries facing deep recessions due to pandemic-related lockdowns, COVID-19 in Taiwan has wreaked havoc on small firms, retailers, airlines, hotels, restaurants and travel agencies.
In other words, Wang must vigorously promote the government’s policies to push the nation’s economic development forward during the post-COVID era. Three government incentive programs that aim to attract investment from Taiwanese businesses have borne fruit and laid solid groundwork for the nation’s so-called “economic revitalization.” The government now needs more workable policies to encourage domestic consumption.
Despite the challenges ahead, it is good that Shen has moved to the post of vice premier. He can continue sharing his expertise, while fostering coordination between Wang, National Development Council Minister Kung Ming-hsin (龔明鑫), who took office last month, and other ministries.
As major economies are seeking to relocate their global supply chains out of China amid the pandemic, trade tensions and geopolitical conflicts, Taiwan must seize the opportunity to develop itself under a new global economic system and more competent people must be put in charge of the work.
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