Taipei, Aug. 29 (CNA) President Chen Shui-bian said Monday that liberalization and globalization are the two principles for Taiwan's future economic development.
Speaking at a meeting with members of his economic advisory panel held at the Presidential Office, Chen said that Taiwan's economy is export-oriented and that it can only have better and sustainable development by making its manufacturers keep their bases on the island and enhance development of the service industry.
Facing the trend of globalization and increasing international competition, Chen affirmed, the government has the responsibility to reform thoroughly the country's economic structure and system to maintaining its dynamism, and due role and status its deserves in the world economy.
He presented a six-point conclusion after hearing reports and opinions by the panel members, emphasizing that relevant laws and regulations on development of the service industry should be eased in order to make the domestic service industry operate in the international framework.
Besides, he said, it is important to speed up financial reforms, to privatize state-owned financial institutions at a faster pace and to increase monitoring of financial operations for developing Taiwan into an assets management hub for the Asian-Pacific region.
He also called on the opposition parties to support the approval of a draft bill to revise the statute on the financial reconstruction fund for facilitating needed financial reforms.