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| Capital city: |
Taipei |
| Surface area: |
36,000 sq km |
| Population: |
23.1 million |
| Official language(s): |
Mandarin |
| President: |
Ma Ying-jeou
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| Premier: |
Liu Chao-shiuan |
| Australian exports to Taiwan: |
A$5,940 million |
| Australian imports from Taiwan: |
A$4,318 million |
| Taiwan's principal export destinations: |
China, Hong Kong, USA |
| Taiwan's principal import sources: |
Japan, China, USA | (Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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Economic climate
With GDP exceeding US$15,472 per head in 2006 and foreign exchange reserves of over US$266 billion (2006 Jan), Taiwan’s economic fundamentals remain sound. Taiwan is continuing to be a global force in the ICT sector, as Taiwanese ICT production exceeded A$73 billion in 2005 and major OEMs announced the establishment of research and development (R&D) centres in Taiwan. Over 70 per cent of ICT companies in China have Taiwanese investment.
The most significant economic event has been Taiwan's accession to the World Trade Organization (WTO) in January 2002 and 12 months on, WTO entry saw Australia win a A$15 million contract for rice, its first in the market, and also a A$180 million contract for track work on the Taiwan High Speed Rail project. Further deregulation and internationalisation of the ICT sector following WTO accession has seen the Taiwan Telecommunications Group invest A$15 million into Australia where they have established a regional headquarters as well as an R&D centre.
Taiwan’s economic growth returned to a positive figure of 4.62 per cent in 2006. In a difficult economic environment, Taiwan’s exports grew by 0.49 per cent buoyed by better than expected ICT exports, particularly laptops and peripherals.
Taiwan is continuing to liberalise its economy, opening up an increasing range of sectors to foreign participation. This is particularly the case in the ICT and financial services sectors where we have seen changes to foreign investment regulations, particularly in foreign ownership levels in both telecommunications and the banking sector.
Greater economic links with mainland China have also been a feature in a post-WTO environment with Taiwanese trade with China up to US$76.59 billion in 2006. China is now Taiwan’s largest trading partner and cumulative investment in China now exceeds US$56 billion.
Key economic indicators and statistics for 2007:
- GDP – US$383.3 billion
- GPD per capita – US$16,606
- Real GDP growth – 5.7 per cent
- Inflation – 1.8 per cent
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet)
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There is one cabinet member and six ministers without portfolio. Of the cabinet, 12 members are from the Kuomintang (the former ruling party) and 10 from the DPP, while the others are mainly non-political appointees from the private sector and academic circles. |
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Trade relations and statistics
Australia does not have diplomatic relations with Taiwan. Australia’s relations with Taiwan are unofficial. However, lack of diplomatic relations has not prevented the development of a broad based and healthy relationship, especially in economic areas. In 1972, when Australia recognised the People's Republic of China (or mainland China as it is known in Taiwan), official relations with Taipei were severed. This is by no means unusual – there are around 150 other countries that recognise Beijing and not Taipei. As at September 2007, Taiwan has diplomatic relations with 24 countries.
Major Australian exports to Taiwan (2007):
- Coal – A$1,610 million
- Copper – A$870 million
- Iron ore – A$633 million
- Aluminium – A$582 million
Major Australian imports from Taiwan (2007):
- Refined petroleum – A$550 million
- Computers – A$332 million
- Telecommunications equipment – A$212 million
- Integrated circuits – A$137 million
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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