The head of the National Development Council, Steve Lin, says that Taiwan’s economic slump is likely to have continued in February for the ninth consecutive month. He was speaking Monday at the Legislature.
Lin said that total international trade decreased by 11% in 2015, and that has impacted Taiwan’s electronics and petrochemical exports. He said Taiwan’s exports need to stop competing for the lowest prices and, instead, emphasize quality in order to be less affected by a drop in demand.
Lin said the most important thing is for Taiwan to join trade alliances, such as the Trans-Pacific Partnership (TPP) and the Regional Comprehensive Economic Partnership (RCEP). He also said Taiwan needs to sign trade deals with China as soon as possible.