Taipei, Nov. 21 (CNA) The hi-tech and financial industries are pivotal for Taiwan's future economic development, said Friday.
Addressing the opening ceremony of the 11th Annual Conference on Pacific Basin Finance, Economics and Accounting, Lu said that Taiwan's hi-tech industry is the best sector of the country in terms of performance and a promising one in light of its high ranking in the global competitiveness scoreboard compiled by international rating companies.
According to the 2003 Global Competitiveness Report released by the World Economic Forum (WEF) in October, Taiwan's growth competitiveness ranked the third-best in the world, she noted, adding that Taiwan is also ranked in the WEF report the fifth most-competitive economy of 102 countries, outperforming all Asian countries and most of the leading economies in the West.
Taiwan has been one of the leading manufacturers of information technology products in the world since 1997 when seven categories of its products ranked No. 1 and the country's No. 1 ranking extended to 17 categories of products by 2002, she went on.
Among the products, Taiwan's production of computer motherboards constituted 75 percent of overall global production, while the shipment of notebook computers and LED monitors commanded 61 percent of world production, she added.
With regard to the financial sector, Lu said that the government has pushed forth a series of financial reforms to create a sound and healthy environment for the country's financial development and to increase the sector's operating efficiency and competitiveness.
Over the past year, she said, domestic banks had written off a total of NT$419.3 billion (US$12.34 billion) in non-performing loans under the government's financial reform programs, lowering their average overdue loan ratio to 6.02 percent.
Besides, Lu continued, Taiwan has the world's third-largest foreign exchange reserves of US$196.6 billion.
Lu also extended a warm welcome to all participants of the two-day meeting who have come from 15 countries in the region and encouraged them to present their suggestions for the government's reference.