Commentary

New vice premier to develop Taiwan’s nontrade economy

Sean Chen, incoming vice premier, said May 13 that he would help the premier boost the economy. (CNA)

• Publication Date：05/14/2010
• Source： China Times

Sean C. Chen, outgoing minister of the Cabinet-level Financial Supervisory Commission and vice premier appointee, said May 13 that he would work to bolster nontrade economic development after taking office.

Chen said that although Taiwan prospered through international trade in earlier years, globalization has added heft to nontrade products, for example, the i-Taiwan 12 Projects for improvement of public infrastructure.

“While international trade engages external business, nontrade products are related primarily to domestic demand and the ability to centralize resources. By developing the nontrade economy, a country can avoid being marginalized in the era of globalization,” Chen explained.

Nontrade products include transportation, water, electricity, air quality, public security, education, public infrastructure, the quality of life, the legal system, government efficiency, economies of scale and the aggregation of talent and knowledge.

Chen reiterated that to keep both human and financial capital within the country, Taiwan has to produce more nontrade products, indicating that he would continue to promote the financial sector as well as develop the nontrade economy.

“The proposed cross-strait economic cooperation framework agreement will help Taiwan make progress in both trade goods and nontrade products, which is very important for the nation’s development,” Chen said.

Premier Wu Den-yih appointed Chen the next vice premier May 13 following Eric Li-luan Chu's announcement to resign and run in the New Taipei City mayoral race at year-end. “A deputy does not have to worry about mapping out new directions for the government, so I will do my best to assist the premier in policy implementation,” Chen said. (KP-THN)