The Cabinet is holding meetings to come up with ways to boost Taiwan’s economy. That’s the word from the Cabinet spokesperson Sun Lih-chyun on Thursday.
Exports have dropped in recent months, sharply affecting Taiwan’s economic growth. The Cabinet plans to allocate NT$5 billion (US$154 million) as subsidies to stimulate domestic consumption. Sun said that his office will make the economy-boosting policy public once it has been finalized.
During the financial crisis in 2009, the government reported a debt of NT$80 billion (US$246 million). Every Taiwanese national was given a spending voucher worth NT$3,600 (US$110).
Finance Minister Chang Sheng-ford said Thursday that short term measures such as stimulating spending will help boost the economy. Chang said that besides exports, domestic investment and spending are major factors in boosting the GDP.
Premier Mao Chi-kuo will lead a cabinet meeting on Friday morning to discuss ways of stimulating short-term consumer spending.