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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
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$102.26 billion in 2007. China is now Taiwan’s largest trading partner and cumulative investment in China now exceeds US$99 billion.
Key economic indicators and statistics for 2008:
- GDP – US$424.1 billion
- GPD per capita – US$18,306
- Real GDP growth – 3.8 per cent
- Inflation – 4.3 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 (2007-08):
- Coal – A$1,951 million
- Copper – A$830 million
- Iron ore – A$712 million
- Aluminium – A$624 million
Major Australian imports from Taiwan (2007-08):
- Refined petroleum – A$564 million
- Computers – A$192 million
- Telecom equipment and parts – A$192 million
- Electronic integrated circuits – A$122 million
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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