Published: December 27, 1999                                                                                     
Source: Forbes
By: Vincent Siew
Premier, Republic of China

his has been a year of challenges and opportunities for the Republic of China. Despite the internal and external adversities encountered along the road to prosperity and democracy, the R.O.C. remains firmly committed to free market principles and democratic values. Its policy makers continuously implement coherent strategies to enhance national competitiveness.

Nevertheless, a top priority for our government now is to deal with the devastating impact of the earthquake that struck central Taiwan on September 21. A six-month emergency decree issued by President Lee Teng-hui has facilitated the rapid mobilization of resources to help disaster victims and press ahead with post quake reconstruction. A special cabinet-level commission also has been formed to coordinate quake-related efforts. While it is estimated that the damage inflicted by the earthquake will reduce this year's economic growth rate by 0.3 to 0.4 of a percentage point below the 5.74% growth rate forecast in August, we expect the post-quake reconstruction to boost our economic growth in the year 2000.

With a per capita income approaching US$13,000, the Republic of China has the world's 19th-largest GNP and is the world's 15th-largest trading nation, with the third-largest foreign exchange reserves of over US$100 billion. During the past decade, the R.O.C. has both liberalized and globalized its economy, proving itself to be a truly responsible trading partner.

The Republic of China is expanding its role in many international economic forums. In September 1992 we received observer status in the World Trade Organization (WTO). By the end of July 1999, the R.O.C. concluded bilateral negotiations with all 26 WTO members. We urge the international community to welcome Taiwan to the WTO on the basis of the economic merits alone.

The Republic of China continues to play an active and constructive role in the Pacific Economic Cooperation Council, Pacific Basin Economic Council, Asian Development Bank (ADB) and the Asia Pacific Economic Cooperation forum (APEC), among others.

As a responsible member of the international community, the Republic of China has always maintained a policy of international economic assistance. In April 1999, when the Republic of Macedonia experienced an influx of more than 140,000 refugees from Kosovo, the R.O.C. immediately donated US$2 million for humanitarian relief and sent a team to provide medical services for the refugees. In June, President Lee announced an assistance package totaling US$300 million for the reconstruction of the Balkans.

Over the past five decades, the Republic of China has impressed the world with the level of prosperity and democracy it has achieved. Although the reconstruction effort following the September 21 earthquake presents a short-term challenge to Taiwan's domestic economy, our national development spirit has proven resilient. The future surely holds even more exciting prospects for further progress and international cooperation.

As the new century approaches, the international community should accord the Republic of China a status commensurate with our accomplishments, performance and contributions. We look forward to working with other nations, meeting the challenges of the new millennium and creating a peaceful, prosperous and promising future for all mankind.