President Ma Ying-jeou attended the 2015 Master Forum on the morning of October 19 and took this opportunity to explain government measures and policies designed to strengthen the nation's economy. He also reiterated the government's determination to participate in regional economic integration.
In remarks, President Ma stated that the Economic Daily News is holding the Nobel Master Forum for the seventh consecutive year, establishing a platform that allows various sectors in Taiwan to seek guidance and interact with international economic gurus, while also seeking to broaden Taiwan's international perspective. He then said that Professor Jean Tirole has been engaged in economics research for many years and is extremely prolific, having published over 200 research papers and 11 books, many of which have become classics. Professor Tirole, the president noted, is one of today's most influential economists.
The president went on to say that Professor Tirole has covered a broad range of topics in the field of economics in the course of his in-depth research. In fact, he has covered almost all of the important areas of contemporary economics and finance. He has focused his research on oligopolies, with an extremely deep understanding of the topic, but also suggesting appropriate regulatory measures. Consequently, Professor Tirole's research achievements have been widely applied by governments throughout Europe, helping to introduce major policies to complete the process of privatizing state-run enterprises, liberalizing the telecommunications industry, regulating financial markets, and the comprehensive integration of the Euro. Professor Tirole was honored for his work with the Nobel Prize in Economic Sciences, an honor which was well-deserved, the president said.
President Ma stated that Professor Tirole will deliver an address during his visit here, and participate in a seminar with representatives from Taiwan's industrial, government, and academic communities. The theme of the seminar will focus on the global economy, financial risk, and trends in industrial competitiveness, and will also examine global macroeconomic trends from the standpoint of economic governance, the president said. He then expressed hope that Professor Tirole's brainstorming with others participating in the seminar will generate food for thought, and that the interaction will provide unique and profound insights that will trigger further discussion throughout society as the participants introduce new ideas on how Taiwan can face future challenges.
Discussing the government's efforts in strengthening the domestic economy, President Ma stated that Taiwan's economic growth last year stood at 3.77%, which was the highest in the last three years, and also the first time in the last 16 years that Taiwan came out on top among Asia's four little tigers. Taiwan's unemployment rate last year fell to 3.96%, which also was the first time in seven years that it was below 4%. The unemployment rate in the first eight months of this year fell to 3.73%, the lowest for any corresponding period over the past 15 years, he said.
President Ma then stated that Taiwan's foreign trade last year reached US$587.7 billion, an increase of US$12.4 billion, or 2.2%, from 2013. Taiwan's external trade growth was 1.4 percentage points higher than the 0.8% growth posted in total global trade. In addition, Taiwan's exports increased 2.7% from the previous year to US$313.7 million, which was 2.2 percentage points higher than global growth of 0.5%.
President Ma commented that Taiwan's economic growth in the first half of this year was 2.14%, which was still fairly good. Starting in the second quarter, however, the global economy experienced a slowdown, and this indeed was a warning. To face these challenges and promote the upgrading of Taiwan's industry, the Executive Yuan has already resolved to commence the Productivity 4.0 project earlier than scheduled. Under that initiative, the government anticipates spending at least NT$4 billion annually in each of the coming nine years (for a total of NT$36 billion) in the electronics and information, metal and transportation, machinery and equipment, foods, textiles, retail, logistics, and agriculture sectors, he said. The government also intends to cultivate high-end research manpower, and strengthen the technical and vocational education system to meet the demand for talent required under the Productivity 4.0 initiative, he added.
President Ma feels that Taiwan must move from the efficiency-driven economic structure emphasized in the past to an innovation-driven structure so that the nation can get on track with global trends. To assist in the upgrading of domestic industry, the government will not only help industries compete based on value rather than price, but will also aid enterprises in retaining and recruiting talent, as well as raising capital. The government will also encourage start-ups to interact with traditional industries and small- and medium-sized enterprises, and strengthen the application of networks and big data, he said. At the same time, the government will promote whole plant export/system integration to systematize our products and services and alter Taiwan's export structure. It will also strengthen the development of focus industries such as health care, green energy, and smart cities, hoping to bolster the nation's competiveness, he said.
The president stressed that the government, the corporate sector, and the public must make appropriate preparations in light of the many challenges ahead. And the government will continue to make every effort to seek to join the second round negotiations of the Trans-Pacific Partnership and participate in the Regional Comprehensive Economic Partnership.
Also attending the event were United Daily News Group Chairman Duncan Wang (王文杉) and Chung-Hua Institution for Economic Research Chairman Chi-Yuan Liang (梁啟源).