Taiwan wary of conflict with China
Taiwan’s government is worried about the growing chance of conflict, said Foreign Minister Joseph Wu. Given that China has several reasons to want to attack Taiwan (nationalism, domestic problems etc), Wu said Taiwan was wary of upsetting China and would not overly publicize its support for Hong Kong protesters.
Taiwan’s defence budget is expected to rise to NT$335.8 billion (US$11.36 billion) for next year. This would represent a NT$10 billion increase from this year’s defence budget.
War with China can be stopped before it happens if the US can commit to defending Taiwan by passing the Taiwan Invasion Prevent Act as well as taking steps like taking part in combined military exercises, argues Ian Easton in Taipei Times.
Taiwan has been trying to decouple from China for several years with the New Southbound Policy and the reshoring initiative. While still a work in progress, I argue that this can provide a model for other countries, many of which will be looking to do the same.
Not surprisingly, many China-based Taiwanese companies and individuals are buying industrial land and property in Taiwan.
Taiwan’s GDP growth is expected to reach a four-year low for the second quarter. Reduced consumer spending in Taiwan is said to be the main factor, though exports were strong.
Taiwan will roll out a NT$210 billion (US$7.12 billion) Stimulus 3.0 program to help manufacturing firms that have been hit hard by the ongoing pandemic. While exports have been strong, this is mainly due to semiconductor-related firms such as telecom equipment manufacturers.
The local consumer confidence index rose by less than one point in June, indicating dampened attitude towards spending. However, people showed more interest in buying real estate as well as stock investment.
TSMC briefly became one of the world’s top 10 companies in stock value after a massive surge that also lifted Taiwan’s stock market to a three-decade high.
Taichung-based company Johnson is the world’s second-largest fitness equipment manufacturer and is eyeing more growth despite being business being hard hit by the coronavirus pandemic.
A senior couple has become Taiwan’s latest online sensation for modeling clothes left behind by customers in their laundromat.
In a very interesting initiative, a local NGO is reviving a network of hiking paths and historic trails across Taiwan.