Taiwan ranked sixth in this year’s Index of Economic Freedom, the same as last year, but its overall score gained 1.5 points to 80.1, joining the “Free” index category for the first time, thanks to improvements in judicial effectiveness and labor freedom, the Heritage Foundation said in an annual survey released yesterday.
The US think tank grades 12 indicators in 184 economies — from property rights to financial freedom — grouped into four categories: rule of law; government integrity; judicial effectiveness; and regulatory efficiency and open market.
“Taiwan is one of the few countries in the world to have experienced continuous economic growth during the past five years. Economic freedom has increased significantly during that period as well,” the Washington-based foundation said.
Photo: CNA
Taiwan ranked third among 39 nations in the Asia-Pacific region and its overall score was higher than the regional and global averages, the foundation said.
By comparison, South Korea was ranked 19th, Japan 35th and China 158th.
With strong scores across the board inflated by improved judicial effectiveness and labor freedom, Taiwan recorded a 3.6 point gain in economic freedom since 2017, it said.
The National Development Council said the government’s efforts to pursue economic freedom had paid off, adding that Taiwan now lags behind Luxembourg and New Zealand by just 0.5 points. Singapore leads the survey, followed by Switzerland and Ireland.
Taiwan’s judicial effectiveness scored 94.2, an increase of 21.3 points from a year earlier, the council said, adding that the nation gained 10 points in investment freedom to 70 and added 8.3 points to labor freedom at 68.7.
Taiwan’s currency freedom picked up 1.8 points to 86.1, but it lost points in business freedom, property rights, government integrity, government spending and fiscal health, the survey showed.
Additional improvements in business freedom and financial freedom would propel Taiwan’s economic freedom even higher, the foundation said.
Taiwan put up a flat showing in trade freedom and financial freedom from the previous year, it said.
Taiwan has six preferential trade agreements in force with the trade-weighted average tariff rate at 2 percent and 391 non-tariff measures in effect. Some agricultural imports face extra barriers, the survey found.
As of Dec. 1 last year, Taiwan had reported 848 deaths attributable to COVID-19 and the government’s response to the pandemic ranked 94th among nations in terms of its stringency, it said.
President Tsai Ing-wen (蔡英文) yesterday received representatives from the Heritage Foundation, including founder Edwin Feulner Jr and research fellow Anthony Kim, at the Presidential Office in Taipei.
Tsai outlined the government’s efforts and achievements in creating a more open economy and liberalized trade, and said she expects a closer Taiwan-US relationship in light of upcoming free-trade and digital economy talks between Taipei and Washington.
Feulner said that Taiwan is an important ally and a cornerstone of the US’ Indo-Pacific strategy.
NETWORK-MAPPING PROJECT: The database contains 170 detailed files of Taiwanese politicians and about 23 million records of household registration data in Taiwan China has developed a network-mapping project targeting political figures and parties in Taiwan to monitor public opinion during elections and to craft tailored influence campaigns aimed at dividing Taiwanese society, according to documents leaked by Chinese technology firm GoLaxy (中科天璣). The documents, collected by Taipei-based Doublethink Lab, showed a database was specifically created to gather detailed information on Taiwanese political figures, including their political affiliations, job histories, birthplaces, residences, education, religion and a brief biography about them. Several notable Taiwanese politicians are in the database, including President William Lai (賴清德), former president Tsai Ing-wen (蔡英文), Minister of Foreign Affairs Lin Chia-lung (林佳龍),
KEY INDUSTRY: The vice premier discussed a plan to create a non-red drone supply chain by next year, which has been allocated a budget of more than NT$7.2 billion The government has budgeted NT$44.2 billion (US$1.38 billion) to cultivate Taiwan’s uncrewed aerial vehicle (UAV) industry over the next five years, which would make the nation a major player in the industry’s democratic supply chain in the Asia-Pacific region, Premier Cho Jung-tai (卓榮泰) said yesterday. Cho made the remarks during a visit to the facilities of Cub Elecparts Inc (為升電裝). Democratic Progressive Party (DPP) Legislator Chen Su-yueh (陳素月) and Chinese Nationalist Party (KMT) Legislator Hsieh Yi-fong (謝依鳳) also participated in the trip. Cub Elecparts has transitioned from the automotive industry to the defense industry, which is the top priority among the nation’s
UPGRADED MISSILE: The Chungshan Institute of Science and Technology is reportedly to conduct a live-fire test of the Hsiung Feng III anti-ship missile on Thursday next week The US Army is planning to build new facilities to boost explosives production and strengthen its supply chain, a move aimed at addressing munitions shortages and supporting obligations to partners including Taiwan, Ukraine and Israel, Defense News reported. The army has issued a sources sought notice for a proposed Center of Excellence at the Blue Grass Army Depot in Kentucky, the report said. The facility would serve as a hub within the US industrial base for the production of key military explosives, including research department explosives (RDX) and high melting explosives (HMX), while also supporting research and development of next-generation materials. The proposed
SOUTH KOREA DISPUTE: If Seoul continues to ignore its request, Taiwan would change South Korea’s designation on its arrival cards, the foreign ministry said If South Korea does not reply appropriately to a request to correct Taiwan’s name on its e-Arrival card system before March 31, the government would take corresponding measures to change how South Korea is labeled on the online Taiwan Arrival Card system, the Ministry of Foreign Affairs said yesterday. South Korea’s e-Arrival card system lists Taiwan as “China (Taiwan)” in the “point of departure” and “next destination” fields. Taipei has asked Seoul to change the wording. Since March 1, South Koreans who hold government-issued Alien Resident Certificates (ARC) have been identified as from “South Korea” rather than the “Republic of Korea,” the
RSS