Trillion in 4 Years Program Should Focus on Improving Quality of Life

 Trillion in 4 Years Program Should Focus on Improving Quality of Life

 China Times Editorial (Taipei, Taiwan, ROC)

February 6, 2017

 Translation of an Except

The Executive Yuan (Cabinet) prepares to begin focusing on the economy by planning to introduce a program to expand domestic demand and increase investment in Taiwan, spending a trillion dollars over the course of four years. In the last 10 years, Taiwan’s investment environment has incessantly worsened. Not only has foreign investment halted, the government’s public construction has also been insufficient, trapping the economy in the "new mediocre." Since the changing of ruling parties last year, private investment has also contracted; the economy will probably be mired in a fate of long-term recession. It is indeed necessary for the government to expand the strength of fiscal policy in a timely fashion.

This year, Taiwan is facing a new situation: the rise of global economic/trade protectionism brought by the Trump administration and China’s economy treading a risk of slower growth. Therefore, the government indeed must propose larger-scale fiscal policy to underpin the economy. As to its content, it should forsake pompous and grandiose yet inappropriate programs while focusing on construction that more closely improves people's livelihoods.

We want to once again remind the government that fiscal policies “can only meet emergencies but cannot remedy poverty.” If Taiwan’s economy and industries want to move forward longer and farther the most important thing is still the elevation of the quality and quantity of private investment. At the same time as the government plans fiscal policies, it should employ every effort to seek the return of private investment, because that is rather the bedrock of Taiwan's economy.

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