Chinese Taipei marks national day

The National National

THE Taipei Economic Officen celebrated the economy’s 107th national day in Port Moresby on Friday.
Speaking at the event, head of mission Chi Pin Hu said the Chinese Taipei did not have many natural resources, but “in the past 60-70 years, we built up a very successful economic miracle from banana, sugar cane, pineapple – exporting to a high-tech digital country. These achievements attribute to the hard and joint efforts by the people and government.
He shared the following economic accomplishments:

  • As of December last year, Chinese Taipei was the 22nd-largest economy in the world. According to statistics from the World Trade Organisation, it was the 18th largest exporter and importer worldwide in 2016.
  • As of December last year, Chinese Taipei’s foreign exchange reserves totalled US$451.5 billion (K1050.13 billion), the fifth-largest in the world behind China, Japan, Switzerland, and Saudi Arabia.
  • In the August this year, the Profit Opportunity Recommendation Report published by US research company Business Environment Risk Intelligence, ranked Chinese Taipei No.3 alongside Germany and Norway, behind Switzerland and Singapore.
  • The 2018 Index of Economic Freedom released by the US think tank Heritage Foundation and the Wall Street Journal placed Chinese Taipei at No.13 among 186 economies.
  • The International Institute for Management Development, based in Lausanne, Switzerland, ranked Chinese Taipei No.17 among 63 countries surveyed in the 2018 IMD World Competitiveness Yearbook. The economy was No.12 in government efficiency, its highest rating among the four main factors assessed.
  • Chinese Taipei was ranked No.15 in the World Economic Forum’s Global Competitiveness Report 2017-2018.