Taipei, Oct. 7 (CNA) President Chen Shui-bian said Tuesday that judging from the stock market and real estate market, Taiwan's economy has indeed recovered and he urged the public to have confidence in the government.
The president made the remarks when he spoke at the ground-breaking ceremony of the second 12-inch fab of Powerchip Semiconductor Corp. in Hsinchu, northern Taiwan.
The president said that steady growth in the stock market and the rejuvenation of the real estate market have shown that the economy has rebounded.
He noted that since the containment of severe acute respiratory syndrome in June, Taiwan's economy has been brisker.
The stock market has grown by more than 30 percent since the beginning of the year, and the government's incentive to halve the land price increment tax as well as low interest rates for housing loans have helped the house purchase rate to hit a new 16-year high. The rate grew 23 percent this year from last year.
The president said that judging from the fact that the public has gradually pumped money into the stock market and real estate market, Taiwan's economy is gradually rebounding and the situation is not just a temporary recovery.
The president also cited the words of Franklin D. Roosevelt: "We have nothing to fear but fear itself, " to highlight his point that "We must believe in ourselves, believe in Taiwan and in its economy."
He also said that the government will continue to push for deregulation, an open policy, improve the investment environment, and solicit more enterprises to take part in major investment projects to build momentum in the economic recovery.