Wed, Feb 26, 2003 page3

• Yu urges approval of economic measures

  OPENING DAY Yu Shyi-kun briefed lawmakers on the government's goals, saying economic stimulus measures will be the cornerstone of his policies and are vital to the nation

  • By Crystal Hsu / STAFF REPORTER
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  Premier Yu Shyi-kun yesterday asked lawmakers to swiftly approve measures to stimulate the economy which he said has already been through the worst and will register a robust performance if the executive and legislative branches join forces to pursue the end.

  Yu made the call while briefing the lawmaking body on his policy goals in keeping with a custom to open a new legislative session.

  Topping the executive agenda are eight economic stimulus packages, including proposals to expand public construction and regulate transfer of high-tech knowledge across the Taiwan Strait, and three political reform bills.

  

  Premier Yu Shyi-kun, center left, and Legislative Yuan speaker Wang Jin-pyng make a toast at a banquet held yesterday to mark the beginning of the new legislative session.

  PHOTO: GEORGE TSORNG, TAIPEI TIMES

  "Economic prosperity is critical to Taiwan's continued existence, which may not be achieved without a sound financial system," Yu said, underscoring the importance of the 11 initiatives.

  The Cabinet has requested NT$50 billion in extra spending to fund a public construction program unveiled last December to distend domestic demand and battle unemployment.

  The measure is expected to prop up the economy by 0.38 percent and generate 40,000 job opportunities by the end of this year when it and the NT$200 billion job-creation program are due to expire.

  The government also has proposed increasing a financial restructuring fund to NT$1.05 trillion to help banks write off their non-performing loans.

  This proposal and legislation to create a financial supervision board have languished in the legislature as the caucuses disagree over their merits.

  "To help the country stay competitive, the legislature must not stave off those bills any longer," Yu said. "As is widely known, an excess number of financial institutions has rendered the sector unprofitable. The situation shows the need for prompt reform."

  The premier said he expected an economic growth of 3.5 percent this year, roughly the same as last year when the economy stopped its downward trend and started to recover.

  "Studies at home and abroad show the worst is over," Yu said, noting that export orders witnessed a two-digit upswing in the last nine months and unemployment has eased off.

  "United, we can put up a stronger economic performance," Yu said. "Let's have confidence and put a stop to the defeatist rhetoric, lest it become a self-fulfilling prophecy."

  Alluding to the KMT-PFP plan to field a joint ticket for next year's presidential election, the premier said he doubted any individuals can work miracles in meeting challenges facing the country.

  "It seems it is fashionable to say who should run in the next presidential polls," he said. "In my view, unselfish collaboration between the Cabinet and the legislature emerges as the best way to promote welfare for the people."

  The Cabinet has also listed as priorities its bills to regulate political parties and their assets, and to set up an anti-corruption administration under the Ministry of Justice.

  All three proposals failed to pass in the last legislative session as opposition lawmakers voiced concern such measures might be abused by the DPP government to attack political foes.
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