Premier Mao Chi-kuo says that measures designed to boost Taiwan’s flagging economy will see results in the near future.
Mao was speaking at a Cabinet meeting Thursday. During the meeting, the National Development Council and Taiwan’s central bank presented reports on Taiwan’s economic outlook.
Mao said that Taiwan has recently seen a decline in exports, a downturn in economic growth and a weakening in the stock market. He said that Taiwanese exports have been hit by market saturation in the consumer electronics industry, a lack of momentum in traditional industries, and import substitution in the Chinese market.
Mao said that Taiwanese industry must transform and upgrade itself. Mao said he hopes that an economic strengthening policy proposed by the National Development Council in July will lay the foundations for future economic growth.
He also said that he believes policy suggestions put forward by government agencies including monetary easing and helping small- and medium-sized enterprises secure financing will show results in the short term.