The government yesterday announced an ambitious economic goal which promises to raise Taiwan's competitiveness over the next decade and double its per-capita gross domestic product (GDP).
Achieving the goal of "Taiwan double" -- which implies doubling the average per-capita GDP -- will require that the government and the private sector cooperate.
Political parties should replace rivalry with cooperation in order to create a stable political environment conducive to reaching the government's goals, according to Premier Chang Chun-hsiung (
To reach this goal, Chang said that Taiwan has to step up its efforts in developing its knowledge-based industries or risk being left behind in the race for competitiveness, which is currently driven by the US.
While Taiwan has remained highly competitive in high-tech manufacturing, it is still weak in cutting-edge high-tech design and creativity, Chang said yesterday at a seminar on knowledge-based industries sponsored by the Council of Economic Planning and Development.
Calling the US economy the "best model," Chang said with obvious envy that the rapid growth in the knowledge-based sectors in the US since 1992 has created one of the longest economic booms in history.
He said the knowledge-based economy, sometimes referred to as the "new economy" in the US, has stimulated consumption, boosted productivity, while at the same time has kept inflation low. "The US has become the best model for a knowledge-based economy," Chang said.
Speaking at the seminar, President Chen Shui-bian (陳水扁) announced a 10-year development program to turn Taiwan into a "paradise for emerging industries, the expansion base for growing industries, and the operations headquarters of traditional industries in research and development, marketing, and financial management."
He urged both the public and private sectors to join together to build Taiwan into a "green silicon island."
If all proceeds as planned, the island's economy should have reached the following five targets by year 2010, Chang said.
First, the nation's R&D expenditures should account for more than 3 percent of the nation's GDP, with 30 percent being proposed by the government and 70 percent by the private sector.
Second, technology should be able to drive 75 percent of the nation's economic growth.
Third, combined expenditures of the government and private sectors in education should account for more than 75 percent of Taiwan's GDP.
Fourth, the production value of knowledge-intensive industries should account for more than 60 percent of the nation's GDP.
Fifth, the fees and installation rates of broadband Internet use should become comparable to those of the US by 2010.
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