President Chen Shui-bian (
Chen said one of the greatest challenges that the economies of Taiwan and China presently face is how the two rivals can compete against each other while carrying out their roles constructively.
Addressing a ceremony marking the 20th anniversary of the founding of the private think-tank Chung-Hua Institute for Economic Research (CIER,
Globalization is a worldwide trend which has been showcased by the increasing prevalence of knowledge-based economies and the progress of WTO activities, Chen said, adding that even China adopted certain free-market policies which have allowed it to become an important economic entity in the world in a short 20 years.
Chen said that against this background, Taiwan urgently needs a firm free-market mentality to help guide the administration and Legislature in formulating policy.
Meanwhile, Chen urged the Legislative Yuan to offer its welcomed and needed responses to the conclusions reached at the recently-held Economic Development Advisory Conference so as to allow the ideas to be turned into concrete laws and policies to help rev up the floundering domestic economy.
Chen exhorted the Chung-Hua to continue its research into channeling free market economy concepts -- such as flexibility, innovation, integrity and self-confidence -- into government policies so as to serve as a shot in the arm for Taiwan's ailing economy.
One of the leading private economic think-tanks in Taiwan, the Chung-Hua has three divisions, including the Mainland China Division, the International Economies Division and the Taiwan Division.
The Chung-Hua is renowned for its authoritative studies on Chinese economic development and related issues.
In related news, the Chung-Hua said the outlook for Taiwan's economy will not begin to look better until next year while adjusting downward the annual economic growth rate for the year to contract one to two percent from 2.2 percent forecast earlier.
Chou Chi (周濟), director of the institute's economic prediction center, attributed the revised forecast to the terrorist attacks on the US.
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