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40 Taiwan Development Perspectives 2009 Table 3. Statistics of Export Order November, 2008 Changes relative to last year Amount Share(%) Amount Share(%) Total 22,799 100.0 -9,093 -28.51 By region U.S. 5,355 23.5 -2,218 -29.29 Europe 5,211 22.9 -953 -15.46 China (incl. H.K.) 4,547 19.9 -3,778 -45.38 Japan 3,104 13.6 -60 -1.9 ASEAN6 1,798 7.9 --- By products Information and communication products 6,406 28.1 -834 -11.52 Electronic products 5,300 23.2 -2,030 -27.69 Basic metal products 1,627 7.1 -1,119 -40.75 Precision instruments 1,401 6.1 -1,465 -51.12 plastic and rubber products 1,189 5.2 -502 -29.69 Eletric products 992 4.4 -654 -39.73 Chemical products 977 4.3 -631 -39.24 Machinery 815 3.6 -556 -40.55 Souce: Ministry of Economic Affair, R.O.C.
What’s Wrong with Taiwan’s Economy? Impact of Globalization 41 What will be the impact of globalization on Taiwan’s economy? In economics, globalization engages in various aspects of cross-border transactions, free international capital flows, foreign direct investment, portfolio investment, and rapid and widespread diffusion of technology. Proponents of globalization argue that it enhances economic prosperity and leads to more efficient allocation of resources, which, in turn, will result in higher output, more employment, a lower price level and a higher standard of living. Critics worry about the resulting outsourcing and offshoring production may de-industrialize the economy, hollow out domestic industry, and cause unemployment to rise. China started rising as an economic power in the 1990s, while Asia’s regional economic integration got under way towards the end of the last century. China and the Association of Southeast Asian Nations (ASEAN) have been the two largest destinations of Taiwan’s outward foreign direct investment. In contrast, the United States, Taiwan’s top customer until 2000, saw that status being eroded. The restrictions the government placed on Chinese trade in 1996 have slowed down the division of labor across the Strait and opportunities were lost for Taiwan to become a regional operation center in East Asia. There lacked direct cross-Strait links of flight and maritime shipping service. If they were in place, the savings in cost would total NT$ 52.5 billion per year. Figure 6 shows the trend of labor productivity for the manufacturing and service sectors since 2001. The former is more productive than the latter. Moreover, the ICT industry, which has made the largest foreign direct investment in China, actually has the highest growth in labor productivity. Chuang and Lin (2007) find that Taiwan’s outward FDI in China has de-industrialized but not hollowed out Taiwan’s economy. The slowdown in Taiwan’s labor productivity can be attributed to the lower productivity in the service sector, but not to the outward FDI. Figure 7 shows the trend of total factor productivity for the service sector. In general, the growth of total factor productivity is relatively slow except for real estate, rental and leasing, and trade services. Four service industries – trade; real estate, rental and leasing; accommodation and eating-drinking places; and cultural, sporting, and recreational services – register an upward trend, while the other four – professional, scientific and technical services; transport, storage and communication; finance and insurance; and health care – stay stagnant or go downward.
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CONTENTS Preface Overview ix xi Foc
Page 3: Agriculture and Fisheries Impact of
Page 6 and 7: CHUANG, Yih-chyi( 莊奕琦 ) Pro
Page 8 and 9: TAN, Ching-yu( 譚瑾瑜 ) Associ
Page 10 and 11: enth effort on the part of the Foun
Page 12 and 13: ills pertinent to parliamentary ref
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