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The Economic Reality the Ruling Party Must Face after Electoral Victory

icon2020/01/21
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 The Economic Reality the Ruling Party Must Face after Electoral Victory

 

China Times Editorial (Taipei, Taiwan)

 

January 19, 2020


 Translation of an Excerpt

 

 

With the conclusion of the presidential race, President Tsai Ing-wen, of DPP-affiliation, won re-election. We are extremely worried about the future of Taiwan's economy; the grassroots masses will have a more arduous future.

 

The world has been undergoing changes since the year 2000. The principle of regional trade has gradually been substituing the trend of globalization. Geographically neighboring countries have started forming mutual cooperation, eliminating trade barriers such as tariffs, facilitating more division of labor among themselves, upgrading production efficiency, accelerating growth, but inevitably excluding extra-regional countries that have not joined. The changes in the international economic structure are now seriously eroding Taiwan's economy.

 

Taiwan is also facing many issues such as lower birthrates, an aging society, inadequate long-term elderly care, deteriorating distribution of income, inability to hike tax revenues, climbing expenditures on social welfare, deficits in labor and health insurance programs, a serious gap between education and expertise, high rates of failure in start-up businesses, stagnant wages and benefits, climbing jobless rates, feeble international mobility in labor, reduction of foreign investment, shortages in energy supplies, and serious air pollution. However, the programs of solutions from the Tsai government are largely short-term programs of expediency, with scarcity in long-term planning. This electoral victory will probably provide the Tsai government with a wrong message—the Tsai government's fiscal/economic policies have received affirmation with no problems. Thus, in the next 4 years, the problems will deteriorate, leading the country to move toward a more perilous state, leaving the people no reason for optimism.

 

What causes even more misgivings is that cross-Strait relations will be more rivaled because of Taiwan’s new vox populi; it is difficult to predict what kind of countermeasures Beijing will use toward Taiwan. How to maintain coexistence and co-prosperity with the economy of China should be the most difficult challenge for the Tsai government in the next four years. A political party that has opted for a policy of cross-Strait confrontation in the next four years, whether for individuals or the government, we must grit our teeth and negotiate as if treading on thin ice so as to overcome the peril; it is ill-advised to take it lightly. 

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