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188 Taiwan Development Perspectives 2009 I. Introduction There has been a surprisingly speedy change between in relations between Taiwan and China since 1987. Trade across the Taiwan Strait has since been growing fast. In 2007, trade between Taiwan and China including Hong Kong amounted to US$94.16 billion, accounting for 27.7 percent of the global volume of the former. It totaled US$1.52 billion in 1987. There was a sixty-one-fold increase over the two decades. China has become one of Taiwan’s top customers. Exports to Hong Kong and China accounted for 40.5 percent of Taiwan’s total foreign sales in 2007, surpassing by far those to its next top customer, the United States, that made up a mere 13.2 percent. Taiwan’s trade surplus comes mainly from exports to China. The surplus ran up to US$50.43 billion in 2007, compared with the US$940 million in 1987. Without that surplus, Taiwan would have a huge trade deficit. For example, there would be a US$32.99 billion trade deficit in 2007 but for the US$50.43 surplus in trade with China. In the mean time, Taiwan invested US$10.42 billion in China, 56.3 percent of its total foreign direct investment. II. Costs of Indirect Cross-Strait Economic Exchanges Economic exchanges between Taiwan and China remained indirect for a long time. There was no direct maritime shipping between the two sides of the Taiwan Strait, for instance. No direct flights across the strait were allowed. They had to be relayed at a third place. These indirect exchanges cost Taiwan the chance to become a commercial hub in East Asia. As a matter of fact, the American Chamber of Commerce in Taipei and the European Chamber of Commerce Taipei called for direct flights and shipping to regularize the flow of people, goods and services, and investment across the Taiwan Strait, with special emphasis on the value of direct transportation links for domestic and multinational business efficiency and effectiveness. Nothing can be said that hasn’t been said repeatedly before about how the failure to act on this issue has isolated, constrained and damaged Taiwan’s economy. 1. Lost Chance For lack of direct transportation across the strait, foreign enterprises have moved their regional headquarters from Taiwan to other places. UPS, for example, was the first international company to open its Asian regional headquarters in Taiwan. UPS opened a transferring center in the Philippines in April 2002 because there was no direct transportation link between Taiwan and China. Taiwan has lost the chance to become a business operation center in Asia and the Pacific. 2. Decline in Exports to China Indirect transportation caused a decline in Taiwan’s exports to China. Businesses had to relocate personnel and operations from Taiwan to China. A sharp decline was experienced in semi-finished product exports to China. Taiwan’s share of exports to China has dropped steadily. (See the table below.) Table 1 Import Share of China: by Regions unit:% Import Area/Year 2007 2006 2005 2004 2003 2002 Japan 14.0 14.6 15.2 16.2 18.0 18.1 Taiwan 10.6 11.0 11.3 11.6 12.0 12.9 Korea 10.9 11.3 11.6 11.1 10.5 9.7 USA 7.3 7.5 7.4 8.0 5.9 9.2 Germany 4.8 4.8 4.7 5.4 3.4 5.6 Source: Board of Foreign Trade, Analysis of Cross-strait’s Trade, Dec 2002 to 2007.
Impact of Closer Cooperation with China on Taiwan’s Economic Development 189 III. Cooperation in 2008 Relations between Taiwan and China have improved greatly after President Ma Ying-jeou took office on May 20, 2008. The Straits Exchange Foundation (SEF) and the Association for Relations across the Taiwan Straits (ARATS) signed a memorandum, under which direct charter flights between Taiwan and China at weekends were inaugurated on July 4. Four agreements were signed between SEF and ARATS on November 4 in Taipei to further improve economic cooperation between the two sides of the strait. 1 One of the agreements set the direct flight link in place. The agreement also shortened the air routes across the strait. As a result, flight time is effectively shortened. It took four hours to fly between Taoyuan and Xiamen or Amoy. A flight is over in one hour and a half. It takes only two hours and 40 minutes to fly on the busiest route of Taipei to Shanghai, whereas travelers had to stay aboard for five hours before. (See Table 2.) The Mainland Affairs Council reported that the direct flights saved at least NT$3 billion a year. 2 In addition, direct cargo flights greatly shortened air freight shipping time, giving Taiwan enterprises a better chance to improve their business across the world. After direct marine transport line was set in place, the four major shipping companies in Taiwan could cut the cost of operation by 15 to 30 percent. The savings per voyage amount to NT$300,000. Altogether NT$1.2 billion may be saved for 4,000 voyages per year. At least 12.46 percent of enterprises in Taiwan plan to increase their investment in Taiwan after the direct shipping link was set in place, according to a survey conducted by the Ministry of Economic Affairs, 3 They believe the cut in shipping time and cost efficiently strengthen their competitiveness in the world market. (See Table 3.) 1 Four agreements were the Cross-Strait Air Transport Agreement, the Cross-Strait Sea Transport Agreement, the Cross-Strait Postal Service Agreement, and the Cross-Strait Food Safety Agreement. Major breakthroughs of the Cross-Strait Air Transport Agreement include: direct flight path in both directions, weekday charters, increasing the flight schedule and flight points, and cargo charters. Major breakthroughs of the Cross-Strait Sea Transport Agreement include: cross-strait vessels as the main force in direct transport, opening of ports, mutual tax exemption, and mutual establishment of entities to facilitate operations. Major progresses under the Cross-Strait Postal Service Agreement are expansion of scope and greater convenience for public, direct transmission, and delivery with addition of dispatch points. Major progresses of the Cross-Strait Food Safety Agreement are prompt notification of major incidents, and cooperation mechanism for appropriate handling. 2 See the Results of the Second Chiang-Chen Talks. 3 See the survey of Taiwan’s manufacturing industry domestic investment, 2008.
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CONTENTS Preface Overview ix xi Foc
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Agriculture and Fisheries Impact of
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CHUANG, Yih-chyi( 莊奕琦 ) Pro
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TAN, Ching-yu( 譚瑾瑜 ) Associ
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