Is the NT$60 Billion Bailout to Be Used Where It Is Most Needed?

 Is the NT$60 Billion Bailout to Be Used Where It Is Most Needed?

China Times Editorial (Taipei, Taiwan)

March 15, 2020

 Translation of an Excerpt

As the COVID-19 pneumonia epidemic wreaks havoc, the Legislative Yuan passed in the third reading a NT$60 billion bill titled the "Special Budget of the Central Government for the Prevention and Control of Severe and Special Contagious Pneumonia and for the Bailout and Revitalization of the Economy". President Tsai Ing-wen has asked the Cabinet to use about NT$40 billion from the Employment Stabilization Fund and the Tourism Development Fund and inject it jointly for the bailout and revitalization plan. Thus, the government will have NT$140 billion for this purpose under its control.

With regard to the consumption facet of the masses, which has been hit the hardest, the Economics Ministry has only earmarked NT$2 billion for consumption coupons, planning to be tapped six months to a year when the epidemic situation is petering out. The Economics Minister points out that these coupons may be used at 350,000 commercial establishments across Taiwan. After careful thinking, if NT$2 billion is spent equally at 350,000 business establishments, on average every store would receive only about NT$6,000. If NT$2 billion is expanded 20 times to NT$40 billion, perhaps it may allow 350,000 business establishments to have some feeling about the program.

The Economics Ministry will conduct a “listening tour” among the principal industries, but if it does so only with large enterprises or with cartels that only reflect on the voices of large enterprises, neglecting the voices of the grass-root masses and the underprivileged trades, the policy would probably be lopsided. The Economics Ministry must proceed with prudence and caution, rescuing the grass-root masses from water and fire.

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