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204 Taiwan Development Perspectives 2009 in technological research and development and the accelerating pace of market opening in China, the division of labor among China, Hong, and Taiwan has varied dramatically from vertical to horizontal integration across multiple industries in different parts of the value chain. Furthermore, the scope of cooperation and exchange has also been expanded from manufacturing to service industries. The tripartite economic integration will not only give rise to a substantial increase in labor demand, create abundant capital supply and activate the financial markets but will also broaden the scale of financial markets and accelerate the economic development in all three entities. The demand for direct currency exchange in China as well as Taiwan is expected to grow significantly after direct weekend chartered flights, across the Taiwan Strait started, Chinese tourists came to Taiwan, and restrictions on investment in each other were removed. Unfortunately, however, as the cross-strait money settlement mechanism has yet to be established, problems may possibly occur in money remittances between China and Taiwan. Setting up a cross-Strait money settlement mechanism would be critical to the developments of economic integration between Taiwan and China. While the trend of globalization accelerates the breakdowns of barriers between nations and facilitates cross-border interactions, regional integration has become the dominant force in the global economy. Economic integration will not only mitigate regional conflicts by strengthening economic and trade partnerships, but will also increase the bargaining power on interregional affairs. Therefore, we should exploit the trends of regional integration to accelerate the pace of economic integration among China, Hong Kong, and Taiwan. For China and Taiwan, the current international financial turmoil has shattered the solid foundation of economic development and financial markets and withered the growth of foreign trade and overseas investments. To cope with the severe challenges ahead, China, Hong Kong, and Taiwan will have to make a joint effort to strengthen their financial cooperation. As the exchange rate of the U.S dollar to the NTD has continuously appreciated since the international financial tsunami began to engulf the world, the NTD and the RMB should be authorized to substitute the greenback as the currencies for cross-strait trade activities and direct investments to reduce exchange risks and facilitate the expansion of financial markets. Permission should be granted banks to accept NTD and RMB deposits and handle direct remittances between China and Taiwan. Banks should also be allowed to set up representative offices or branches in each other’s territory. Moreover, inter-bank RMB as well as NTD call-loan markets have to be set up in China and Taiwan to improve the liquidity in the currency markets and reduce associated carrying costs. An MOU on the cross-strait financial supervision must be signed and a cross-strait monetary settlement system established. China shall allow Taiwan financial institutions to enjoy the preferential market access treatment in terms of the establishments of subsidiaries and branches. (China has granted that treatment to Hong Kong under a CEPA.). Last but not least, both Taiwan and China have to learn from the experiences of Hong Kong in growing into one of the distinguished financial centers of the world. Particularly important is to follow Hong Kong’s example to set up an optimum financial regulatory system. Taiwan and China should employ top financial experts from Hong Kong and provide attractive tax incentives so that they may jointly set up a promising international financial center in the Asia-Pacific region to rival New York, London or Tokyo.
Budget Efficiency and Performance-Based Budgeting: Implementation in the United States and Taiwan 205 Budget Efficiency and Performance-Based Budgeting: Implementation in the United States and Taiwan LEE, Yun-jie Jack Abstract Budget efficiency has implications for budget reform. Back in 1940, V. O. Key asked: “On what basis shall it be decided to allocate X dollars to Activity A instead of allocating them to Activity B, or instead of allowing the taxpayer to use the money for his individual purposes?” Since the 1980s, performance-based budgeting (PBB) has been adopted by many countries to improve accountability and effectiveness of public programs. This exploratory study attempts to understand how the practices of PBB may influence spending behaviors of the government with an ultimate purpose of enriching the conversation about how to assess the impact of PBB. By comparing the United States with Taiwan in PBB implementation, this author argues that the impact of PBB varies from country to country because of different PBB goals and implementation strategies.
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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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enth effort on the part of the Foun
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ills pertinent to parliamentary ref
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