Economy of Taiwan - Wikipedia

The following table shows the main economic indicators in 1980–2019 (with IMF staff estimates in 2020–2025). Inflation under 2% is in green. Year, GDP. (in Bil. EconomyofTaiwan FromWikipedia,thefreeencyclopedia Jumptonavigation Jumptosearch NationaleconomyofTaiwan "EconomyoftheRepublicofChina"redirectshere.FortheeconomichistoryoftheRepublicofChinawhilebasedontheChinesemainland,seeEconomichistoryofChina(1912–49). EconomyofTaiwanTaipei,thecapitalcityandfinancialcentreofTaiwanCurrencyNewTaiwandollar(NTD)FiscalyearCalendaryearTradeorganizationsWTO,APECandICC(asSeparateCustomsTerritoryofTaiwan,Penghu,KinmenandMatsu)Countrygroup Developed/Advanced[1] High-incomeeconomy[2] StatisticsPopulation23,413,879(Oct2021)[3]GDP $759.104billion(nominal,2021est.)[4] $1.4trillion(PPP,2021)[5] GDPrank 22st(nominal,2021) 19th(PPP,2021) GDPgrowth 3.11% (2020) 6.09% (2021est.)[6] GDPpercapita $32,787(nominal,2021est.)[6] $59,398(PPP,2021est.)[4] GDPpercapitarank 40th(nominal,2021) 25th(PPP,2021) GDPbysector agriculture:1.8% industry:36% services:62.1% (2017est.)[7] Inflation(CPI)1.98%(2021est.)[6]Populationbelowpovertyline1.5%(2012est.)[7]Ginicoefficient33.6medium(2014)[7]HumanDevelopmentIndex0.916veryhigh(2019)[note1]Laborforce11.49million(2020est.)[7]Laborforcebyoccupation agriculture:4.9% industry:35.9% services:59.2% (2016est.)[7] Unemployment3.68%(2020)[6]Mainindustries Electronics,communicationsandinformationtechnologyproducts,petroleumrefining,chemicals,textiles,ironandsteel,machinery,cement,foodprocessing,vehicles,consumerproducts,pharmaceuticals Agricultural:Rice,corn,vegetables,fruit,tea;pigs,poultry,beef,milk;fish Natural:Smalldepositsofcoal,naturalgas,limestone,marble,andasbestos Ease-of-doing-businessrank15th(veryeasy,2020)[13]ExternalExports$345.28billion(2020)[14]Exportgoodssemiconductors,petrochemicals,automobile/autoparts,ships,wirelesscommunicationequipment,flatdisplaydisplays,steel,electronics,plastics,computersMainexportpartners  PRC(+)29.7%  ASEAN(+)15.4%  UnitedStates(+)14.6%  HongKong(+)14.2%  Japan(-)6.8%  EuropeanUnion(-)6.6% (2020)[15] Imports$286.49billion(2020)[14]Importgoodsoil/petroleum,semiconductors,naturalgas,coal,steel,computers,wirelesscommunicationequipment,automobiles,finechemicals,textilesMainimportpartners  PRC(+)22.2%  Japan(-)16.0%  ASEAN(+)12.5%  UnitedStates(-)11.4%  EuropeanUnion(-)10.1%  SouthKorea(+)7.2% (2020)[15] FDIstock $78.3billion(31December2017est.)[7] Abroad:$332.4billion(31December2017est.)[7] Currentaccount$98.6billion(2021est.)[6]Grossexternaldebt$181.9billion(31December2017est.)[7]PublicfinancesPublicdebt35.5%ofGDP(2020)[7][note2]Budgetbalance−0.1%(ofGDP)(2017est.)[7]Revenues91.62billion(2017est.)[7]Expenses92.03billion(2017est.)[7]Creditrating Standard&Poor's:[16] AA(Domestic) AA(Foreign) AAA(T&CAssessment) Outlook:Positive[17] Moody's:[18] Aa3 Outlook:Positive Fitch:[19][20] AA Outlook:Positive Foreignreserves$541.48billion(Jan2021)[21]Maindatasource:CIAWorldFactBookAllvalues,unlessotherwisestated,areinUSdollars. TheeconomyofTaiwanisahighlydevelopedfree-marketeconomy.Itisthe8thlargestinAsiaand18th-largestintheworldbypurchasingpowerparity,allowingTaiwantobeincludedintheadvancedeconomiesgroup[22]bytheInternationalMonetaryFund.Itisgaugedinthehigh-incomeeconomiesgroupbytheWorldBank.[23]Taiwanisthemosttechnologicallyadvancedcomputermicrochipmakerintheworld.[24][25][26][27] Contents 1History 2Data 2.1Nominal 3Economybyregion 4Economicoutlook 4.1Globalfinancialcrisis 5Foreigntrade 6Industry 6.1Consumergoods 6.2Semiconductorindustry 6.3Informationtechnology 6.4Agriculture 6.5Energy 6.6Steelandheavymanufacturing 6.7Maritimeindustries 7Largestcompanies 8Laborpolicy 8.1Unionpolicies 8.2EmploymentProtection 8.3ActiveLaborMarketPolicies 8.4WorkingHours 9Scienceandindustrialparks 10Economicresearchinstitutes 11Seealso 12Notes 13References 14Furtherreading 15Externallinks History[edit] Mainarticle:EconomichistoryofTaiwan Seealso:TaiwanMiracle,FourAsianTigers,andNorth–SouthdivideinTaiwan GDPpercapitadevelopmentinTaiwan. TaiwanhastransformeditselffromarecipientofU.S.aidinthe1950sandearly1960stoanaiddonorandmajorforeigninvestor,withinvestmentsprimarilycenteredinAsia.PrivateTaiwaneseinvestmentinmainlandChinaisestimatedtototalinexcessofUS$150billion,[28][better source needed]andofficialtalliesciteTaiwanashavinginvestedacomparableamountinSoutheastAsia. Taiwanhashistoricallybenefitedfromtheflightofmanywell-educated,wealthyChinesetosettleontheisland[failedverification]:duringearlyQingDynasty,theprecedingMingdynastysupporterssurvivedforabriefperiodoftimeinexileinTaiwan,andin1949,astheChineseCommunistPartygainedcontrolofmainlandChina,twomillionKuomintang(KMT)supportersfledtotheisland.[29][30][31] Thefirststeptowardsindustrializationwaslandreforms,acrucialstepinmodernizingtheeconomy,asitcreatedaclassoflandownerswithcapitaltheycaninvestinfutureeconomicendeavors.USaidwasalsoimportanttostabilizepost-warTaiwan,anditconstitutedmorethan30percentofdomesticinvestmentfrom1951to1962.Thesefactors,togetherwithgovernmentplanninganduniversaleducation,broughthugeadvancementinindustryandagriculture,andlivingstandards.Theeconomyshiftedfromanagriculture-basedeconomy(32%ofGDPin1952)toanindustry-orientedeconomy(47%ofGDPin1986).[32][better source needed]Between1952and1961,theeconomygrewbyanaverageof9.21%eachyear.[32][better source needed] Onceagain,thetransformationofTaiwan'seconomycannotbeunderstoodwithoutreferencetothelargergeopoliticalframework.Althoughaidwascutbackinthe1970s,itwascrucialintheformativeyears,spurringindustrialization,andsecurityandeconomiclinksbetweenTaiwanandtheUnitedStatesweremaintained.UncertaintyabouttheUScommitmentacceleratedthecountry'sshiftfromsubsidizedimport-substitutioninthe1950stoexport-ledgrowth.Developmentofforeigntradeandexportshelpedabsorbexcesslaborfromthedecreasedimportanceofagricultureintheeconomy.[32][better source needed]Taiwanmovedfromcheap,labor-intensivemanufactures,suchastextilesandtoys,intoanexpansionofheavyindustryandinfrastructureinthe1970s,andthentoadvancedelectronicsinthesubsequentdecade.Bythe1980s,theeconomywasbecomingincreasinglyopenandthegovernmentmovedtowardsprivatizationofgovernmententerprises.[32][better source needed]TechnologicaldevelopmentledtotheestablishmentoftheHsinchuScienceParkin1981.InvestmentsinmainlandChinaspurredcross-straittrade,decreasingTaiwan'sdependenceontheUnitedStatesmarket.[32][better source needed]From1981to1995,theeconomygrewatanannualrateof7.52%,andtheservicesectorbecamethelargestsectorat51.67%,surpassingtheindustrialsectorandbecomingamajorsourceoftheeconomy'sgrowth. InternationalTradeisofficiallyassistedbyTaiwanExternalTradeDevelopmentCouncil.[33]Becauseofthefinancialpolicy[34]bytheCentralBankoftheRepublicofChina(Taiwan)anditsentrepreneurialstrengths,[35]Taiwansufferedlittlefromthefinancialcrisisof1997-1999comparedtoothereconomiesintheregion. Data[edit] Thefollowingtableshowsthemaineconomicindicatorsin1980–2019(withIMFstaffestimatesin2020–2025).[36]Inflationunder2%isingreen. Year GDP (inBil.US$PPP) GDPpercapita (inUS$PPP) GDP (inBil.US$nominal) GDPpercapita (inUS$nominal) GDPgrowth (real) Inflationrate (inPercent) Unemployment (inPercent) Governmentdebt (in %ofGDP) 1980 61.6 3,446.2 42.3 2,366.8 8.0% 19.0% 1.2% n/a 1981 72.2 3,967.2 49.0 2,691.5 7.1% 16.3% 1.4% n/a 1982 80.3 4,338.3 49.5 2,675.3 4.8% 3.0% 2.1% n/a 1983 91.0 4,843.1 54.1 2,881.7 9.0% 1.4% 2.7% n/a 1984 103.8 5,441.4 61.1 3,202.6 10.0% 0.0% 2.5% n/a 1985 112.2 5,808.8 63.6 3,293.9 4.8% -0.2% 2.9% n/a 1986 127.6 6,541.8 78.2 4,008.1 11.5% 0.7% 2.7% n/a 1987 147.5 7,475.6 105.0 5,325.2 12.8% 0.5% 2.0% n/a 1988 164.9 8,264.1 126.5 6,338.1 8.0% 1.3% 1.7% n/a 1989 186.3 9,243.6 152.7 7,575.9 8.7% 4.4% 1.6% n/a 1990 204.0 9,999.4 166.6 8,167.2 5.5% 4.1% 1.7% n/a 1991 228.6 11,091.9 187.1 9,081.9 8.4% 4.3% 1.5% n/a 1992 253.2 12,171.2 222.9 10,715.5 8.3% 4.3% 1.5% n/a 1993 276.9 13,186.4 236.3 11,256.7 6.8% 3.0% 1.5% n/a 1994 304.0 14,353.8 256.2 12,099.7 7.5% 3.8% 1.6% n/a 1995 330.5 15,475.9 279.1 13,066.1 6.5% 3.9% 1.8% n/a 1996 357.4 16,602.1 292.5 13,588.3 6.2% 2.9% 2.6% n/a 1997 385.5 17,731.3 303.3 13,948.7 6.1% 0.9% 2.7% 25.0% 1998 406.3 18,526.5 280.0 12,767.1 4.2% 1.5% 2.7% 23.7% 1999 439.7 19,903.7 303.8 13,752.7 6.7% 0.4% 2.9% 23.7% 2000 478.1 21,460.9 330.7 14,844.2 6.3% 1.2% 3.0% 26.2% 2001 482.0 21,512.3 299.3 13,357.2 -1.4% -0.2% 4.6% 30.1% 2002 516.3 22,927.3 307.4 13,651.4 5.5% -0.2% 5.2% 29.8% 2003 548.8 24,277.2 317.4 14,040.6 4.2% -0.2% 5.0% 32.2% 2004 602.7 26,562.5 346.9 15,290.3 7.0% 1.6% 4.4% 33.4% 2005 655.0 28,767.3 374.1 16,427.5 5.4% 1.9% 4.1% 34.1% 2006 714.2 31,220.7 386.5 16,892.9 5.8% 0.9% 3.9% 33.3% 2007 783.8 34,138.8 406.9 17,723.7 6.9% 1.8% 3.9% 32.2% 2008 805.2 34,951.8 415.9 18,053.6 0.8% 3.0% 4.1% 33.4% 2009 797.3 34,484.6 390.8 16,904.5 -1.6% -0.4% 5.9% 36.7% 2010 889.5 38,404.3 444.3 19,181.4 10.2% 1.1% 5.2% 36.9% 2011 941.4 40,532.6 484.0 20,838.6 3.7% 1.4% 4.4% 38.3% 2012 973.2 41,741.3 495.6 21,256.4 2.2% 1.6% 4.2% 39.2% 2013 1,015.2 43,435.5 512.9 21,945.5 2.5% 1.0% 4.2% 38.9% 2014 1,066.1 45,494.3 535.3 22,844.3 4.7% 1.3% 4.0% 37.5% 2015 1,102.0 46,911.0 534.5 22,753.0 1.5% -0.6% 3.8% 35.9% 2016 1,112.8 47,272.3 543.1 23,070.7 2.2% 1.0% 3.9% 35.4% 2017 1,143.2 48,500.8 590.7 25,061.6 3.3% 1.1% 3.8% 34.5% 2018 1,203.2 51,005.0 609.2 25,825.6 2.8% 1.5% 3.7% 33.9% 2019 1,261.0 53,424.4 612.2 25,935.9 3.0% 0.5% 3.7% 32.7% 2020 1,316.0 55,855.8 668.2 28,358.3 3.1% -0.2% 3.9% 32.7% 2021 1,443.4 61,371.0 785.6 33,401.7 5.9% 1.6% 3.8% 27.2% 2022 1,532.7 65,283.9 850.5 36,227.1 3.3% 1.5% 3.6% 22.8% 2023 1,610.2 68,706.7 899.9 38,397.0 2.6% 1.4% 3.6% 18.2% 2024 1,683.8 71,976.1 953.3 40,749.6 2.2% 1.4% 3.6% 13.6% 2025 1,756.2 75,201.8 999.5 42,801.8 2.1% 1.4% 3.6% 8.9% 2026 1,829.8 78,495.1 1,048.5 44,978.6 2.1% 1.4% 3.6% 4.2% Nominal[edit] Forexchangeratefluctuation,seeNewTaiwandollar. Taiwaneseeconomicperformancebyyear[37][38] Year Economicgrowth(%) -- GDPpercapita(USD) Growth(%) 1951 - -- 154 - 1952 12.00 -- 208 35.06 1953 9.49 -- 178 -14.42 1954 9.64 -- 188 5.62 1955 7.72 -- 216 14.89 1956 6.17 -- 151 -30.09 1957 7.81 -- 170 12.58 1958 7.68 -- 185 8.82 1959 8.81 -- 140 -24.32 1960 7.20 -- 163 16.43 1961 7.05 -- 161 -1.23 1962 8.93 -- 172 6.83 1963 10.74 -- 189 9.88 1964 12.63 -- 214 13.23 1965 11.89 -- 229 7.01 1966 9.63 -- 249 8.73 1967 11.15 -- 281 12.85 1968 9.71 -- 319 13.52 1969 9.59 -- 357 11.91 1970 11.51 -- 397 11.20 1971 13.43 -- 451 13.60 1972 13.87 -- 530 17.52 1973 12.83 -- 706 33.21 1974 2.67 -- 934 32.29 1975 6.19 -- 985 5.46 1976 14.28 -- 1,158 17.56 1977 11.41 -- 1,330 14.85 1978 13.56 -- 1,606 20.75 1979 8.83 -- 1,950 21.42 1980 8.04 -- 2,389 22.51 1981 7.10 -- 2,720 13.86 1982 4.81 -- 2,699 -0.77 1983 9.02 -- 2,903 7.56 1984 10.05 -- 3,224 11.06 1985 4.81 -- 3,314 2.79 1986 11.51 -- 4,036 21.79 1987 12.75 -- 5,350 32.56 1988 8.02 -- 6,370 19.07 1989 8.72 -- 7,613 19.51 1990 5.54 -- 8,205 7.78 1991 8.37 -- 9,125 11.21 1992 8.31 -- 10,768 18.01 1993 6.81 -- 11,242 4.40 1994 7.50 -- 12,150 8.08 1995 6.50 -- 13,119 7.98 1996 6.18 -- 13,641 3.98 1997 6.05 -- 14,020 2.78 1998 4.20 -- 12,820 -8.56 1999 6.73 -- 13,804 7.68 2000 6.31 -- 14,908 8.00 2001 -1.40 -- 13,397 -10.14 2002 5.48 -- 13,686 2.16 2003 4.22 -- 14,066 2.78 2004 6.95 -- 15,317 8.89 2005 5.38 -- 16,456 7.44 2006 5.77 -- 16,934 2.90 2007 6.85 -- 17,757 4.86 2008 0.80 -- 18,081 1.82 2009 -1.61 -- 16,933 -6.35 2010 10.25 -- 19,197 13.37 2011 3.67 -- 20,866 8.69 2012 2.22 -- 21,295 2.06 2013 2.48 -- 21,973 3.18 2014 4.72 -- 22,874 4.10 2015 1.47 -- 22,780 -0.41 2016 2.17 -- 23,091 1.37 2017 3.31 -- 25,080 8.61 2018 2.75 -- 25,792 2.84 2019 2.71 -- 25,909 0.45 2020 3.11 -- 28,383 9.5 Economybyregion[edit] AnnualmedianhouseholdincomeinTaiwanbytownship/cityordistrictin2016 ListofcitiesandcountiesinRepublicofChina(Taiwan)byGDPpercapitain2016[39] Rank cities NTD US$ PPP 1 Taipei 990,292 30,699 65,539 2 HsinchuCity 853,089 26,446 56,459 - Taipei-Keelungmetropolitanarea 830,788 25,754 54,982 - Taipei-Keelung-Taoyuanmetropolitanarea 807,860 25,044 53,465 3 NewTaipei 733,776 22,747 48,562 4 Taoyuan 731,518 22,677 48,413 - Taiwan 727,098 22,540 48,120 5 Taichung 724,905 22,472 47,975 6 HsinchuCounty 724,840 22,470 47,971 7 PenghuCounty 709,066 21,981 46,927 8 ChiayiCity 709,033 21,980 46,925 9 Keelung 706,808 21,911 46,777 10 YilanCounty 700,034 21,701 46,329 11 HualienCounty 693,292 21,492 45,883 12 Kaohsiung 684,260 21,212 45,285 13 KinmenCounty 668,582 20,726 44,248 14 MiaoliCounty 657,292 20,376 43,500 15 Tainan 643,743 19,956 42,604 16 TaitungCounty 623,485 19,328 41,263 17 ChanghuaCounty 618,969 19,188 40,964 18 YunlinCounty 607,776 18,841 40,223 19 PingtungCounty 592,066 18,354 39,184 20 NantouCounty 569,453 17,653 37,687 21 ChiayiCounty 562,743 17,445 37,243 Economicoutlook[edit] Asof2018,thethreehighestpaidsectorsinTaiwanincludetelecommunication,financialservicesandutilities.[40]TheeconomyofTaiwanrankedthehighestinAsiainthe2015GlobalEntrepreneurshipIndex(GEI).[41] Withthetechnocracy-centeredeconomicplanning[42]until1987,realgrowthinGDPhasaveragedabout8%duringthepastthreedecades.ExportshavegrownsinceWorldWarII,withinflationandunemploymentstayinglowandforeignreservesbeingtheworld'sfourthlargest.Directorate-GeneralofBudget,AccountingandStatistics[43]andMinistryofEconomicAffairs[44]releasemajoreconomicindicatorsoftheeconomyofTaiwan. Taiwannowfacesmanyofthesameeconomicissuesasotherdevelopedeconomies.Withtheprospectofcontinuedrelocationoflabor-intensiveindustriestoeconomieswithcheaperworkforces,suchasinmainlandChina,thePhilippinesandVietnam,Taiwan'sfuturedevelopmentwillhavetorelyonfurthertransformationtoahightechnologyandservice-orientedeconomy.[45]Inrecentyears,Taiwanhassuccessfullydiversifieditstrademarkets,cuttingitsshareofexportstotheUnitedStatesfrom49%in1984to20%in2002.Taiwan'sdependenceontheUnitedStatesshouldcontinuetodecreaseasitsexportstoSoutheastAsiaandmainlandChinagrowanditseffortstodevelopEuropeanmarketsproduceresults.[46]Taiwan'saccessiontotheWTOanditsdesiretobecomeanAsia-Pacific"regionaloperationscenter"arespurringfurthereconomicliberalization.TheeconomyofTaiwanisfacingeconomicmarginalisationintheworldeconomy[47]de-internationalizationandlowersalaries.Thisresultsinhumanresourcetalentsseekingcareeropportunitieselsewhere.BusinessesinTaiwansuffermostfrombeingthesizeofsmallandmediumenterprises,whichimpedesattemptsofeconomictransformationofTaiwanbytheTaiwanesegovernment.[48] TheIndirecttaxsystemoftheeconomyofTaiwancomprisesGrossBusinessReceiptsTax(GBRT)(Grossreceiptstax)andValue-addedtax.[49]TheeconomyofTaiwanisranked15thoverallintheGlobalTop20TopDestinationCitiesbyInternationalOvernightVisitors(2014)bytheMasterCard2014GlobalDestinationCitiesIndex.[50] Globalfinancialcrisis[edit] Taiwanrecoveredquicklyfromtheglobalfinancialcrisisof2007–2010,anditseconomyhasbeengrowingsteadilysince.Itseconomyfacedadownturnin2009duetoaheavyrelianceonexportswhichinturnmadeitvulnerabletoworldmarkets.[46]Unemploymentreachedlevelsnotseensince2003,andtheeconomyfell8.36%inthefourthquarterof2008.[45]Inresponse,thegovernmentlaunchedaUS$5.6billioneconomicstimuluspackage(3%ofitsGDP),providedfinancialincentivesforbusinesses,andintroducedtaxbreaks.[45]Thestimuluspackagefocusedoninfrastructuredevelopment,smallandmedium-sizedbusinesses,taxbreaksfornewinvestments,andlow-incomehouseholds.[45]Boostingshipmentstonewoverseasmarkets,suchasRussia,Brazil,andtheMiddleEastwasalsoamaingoalofthestimulus.[45]Theeconomyhassinceslowlyrecovered;byNovember2010,Taiwan'sunemploymentratehadfallentoatwo-yearlowof4.73%,[51]andcontinueddroppingtoa40-monthlowof4.18%bytheendof2011.[52]Theaveragesalaryhasalsobeenrisingsteadilyforeachmonthin2010,up1.92%fromthesameperiodin2009.[53]IndustrialoutputforNovember2010reachedanotherhigh,up19.37%fromayearearlier,indicatingstrongexportsandagrowinglocaleconomy.[54]Privateconsumptionisalsoincreasing,withretailsalesup6.4%comparedto2009.[55]After10.5%economicgrowthin2010,theWorldBankexpectedgrowthtocontinueandreach5%for2011.[56] AccordingtotheNationalDevelopmentCouncil,Taiwan'seconomydeclinedinMay2019duetotheongoingChina-UnitedStatestradewar.[57] Foreigntrade[edit] Thissectionneedsadditionalcitationsforverification.Pleasehelpimprovethisarticlebyaddingcitationstoreliablesources.Unsourcedmaterialmaybechallengedandremoved.Findsources: "EconomyofTaiwan" – news ·newspapers ·books ·scholar ·JSTOR(July2021)(Learnhowandwhentoremovethistemplatemessage) ComputexTaipei,thesecond-largesttechnologytradeshowintheworld,[58]isaglobalITexhibitionwhichattractsmanyforeigninvestors.[59] ForeigntradehasbeentheengineofTaiwan'srapidgrowthduringthepast40years.Taiwan'seconomyremainsexport-oriented,thusitdependsonanopenworldtraderegimeandremainsvulnerabletodownturnsintheworldeconomy.Thetotalvalueoftradeincreasedoverfivefoldinthe1960s,nearlytenfoldinthe1970s,anddoubledagaininthe1980s.[60]The1990ssawamoremodest,slightlylessthantwofold,growth.Exportcompositionchangedfrompredominantlyagriculturalcommoditiestoindustrialgoods(now98%).TheelectronicssectorisTaiwan'smostimportantindustrialexportsectorandisthelargestrecipientofUnitedStatesinvestment. Taiwanisamemberofnumeroustradeagreements,withChina,Japan,USA,theEuropeanUnion,andHongKongastop5tradepartnersin2010.[61][62]Taiwanhastheworld'slowestfertilityrateandhighhousingprices.Laborshortages,fallingdomesticdemand,anddecliningtaxrevenues,areconcernsasTaiwan'spopulationdeclineisfasterthanotheradvancedeconomies.[63][64] Asanislandeconomywithlackofnaturalresourcesandcomparativelylowerdomesticaggregatedemand,Taiwan'shighlyeducatedhumanresources[65]wouldcontributegreatlytoValueaddedInnovationmanagement[66][67][68][69]forexpanding[70]Taiwan'sinternationaltrade. Taiwan,asanindependenteconomy,becameamemberoftheWorldTradeOrganization(WTO)asSeparateCustomsTerritoryofTaiwan,Penghu,KinmenandMatsu(oftenshortenedto"ChineseTaipei"-bothnamesresultingfromPRCinterferenceontheWTO)inJanuary2002.Ina2011reportbyBusinessEnvironmentRiskIntelligence(BERI),Taiwanrankedthird-bestgloballyforitsinvestmentenvironment.[71] Taiwanistheworld'slargestsupplierofcontractcomputerchipmanufacturing(foundryservices)andisaleadingLCDpanelmanufacturer,[72]DRAMcomputermemory,networkingequipment,andconsumerelectronicsdesignerandmanufacturer.[46]MajorhardwarecompaniesincludeAcer,Asus,HTC,Foxconn,TSMCandPegatron.Textilesareanothermajorindustrialexportsector,thoughofdecliningimportanceduetolaborshortages,increasingoverheadcosts,landprices,andenvironmentalprotection.[73] Importsaredominatedbyrawmaterialsandcapitalgoods,whichaccountformorethan90%ofthetotal.Taiwanimportsmostofitsenergyneeds.TheUnitedStatesisTaiwan'sthirdlargesttradingpartner,taking11.4%ofTaiwaneseexportsandsupplying10.0%ofitsimports.[61][62]MainlandChinahasrecentlybecomeTaiwan'slargestimportandexportpartner.In2010,themainlandaccountedfor28.0%ofTaiwan'sexportsand13.2%ofimports.[61][62]Thisfigureisgrowingrapidlyasbotheconomiesbecomeevermoreinterdependent.ImportsfrommainlandChinaconsistmostlyofagriculturalandindustrialrawmaterials.ExportstotheUnitedStatesaremainlyelectronicsandconsumergoods.AsTaiwanesepercapitaincomelevelhasrisen,demandforimported,high-qualityconsumergoodshasincreased.Taiwan's2002tradesurpluswiththeUnitedStateswas$8.70billion. ThelackofformaldiplomaticrelationsbetweentheRepublicofChina(Taiwan)withTaiwan'stradingpartnersappearsnottohaveseriouslyhinderedTaiwan'srapidlyexpandingcommerce.TheRepublicofChinamaintainsculturalandtradeofficesinmorethan60countrieswithwhichitdoesnothaveofficialrelationstorepresentTaiwaneseinterest.InadditiontotheWTO,TaiwanisamemberoftheAsianDevelopmentBankas"Taipei,China"(anameresultingfromPRCinfluenceonthebank)andtheAsia-PacificEconomicCooperation(APEC)forumas"ChineseTaipei"(forthesamereasonasabove).ThesedevelopmentsreflectTaiwan'seconomicimportanceanditsdesiretobecomefurtherintegratedintotheglobaleconomy. TaiwanisamemberoftheAsianDevelopmentBank(ADB),theWorldTradeOrganization(WTO),andtheAsia-PacificEconomicCooperation(APEC).Taiwanisalsoanobserver[74]attheOrganisationforEconomicCo-operationandDevelopment(OECD)andInternationalEnergyAgency(IEA)asMember[75]undertheacronymofChineseTaipei,[76]andamemberofInternationalChamberofCommerceasChineseTaipei.[77]TaiwansignedEconomicCooperationFrameworkAgreementwithPeople'sRepublicofChinaon29June2010.TaiwanalsosignedfreetradepactwithSingaporeandNewZealand.[78][79]TaiwanappliedforthemembershipintheAsianInfrastructureInvestmentBankin2015.[80] TheEconomicCooperationFrameworkAgreement(ECFA)withthePeople'sRepublicofChinawassignedon29June2010,inChongqing.[81][82]ItcouldpotentiallywidenthemarketforTaiwan'sexports.However,thetruebenefitsandimpactsbroughtbyECFAtoTaiwan'soveralleconomyarestillindispute.[83]Thenewlysignedagreementwillallowformorethan500productsmadeinTaiwantoentermainlandChinaatlowornotariffs.[84]ThegovernmentisalsolookingtoestablishtradeagreementswithSingapore[85]andtheUnitedStates.[86] Industry[edit] SkylineofmodernskyscrapersinXinyiSpecialDistrict,Taipei. Kaohsiungskyline. Taichung's7thRedevelopmentZone IndustrialoutputhasgraduallydecreasedfromaccountingforoverhalfofTaiwan'sGDPin1986tojust31%in2002.[73]Industrieshavegraduallymovedtocapitalandtechnology-intensiveindustriesfrommorelabor-intensiveindustries,withelectronicsandinformationtechnologyaccountingfor35%oftheindustrialstructure.[73]IndustryinTaiwanprimarilyconsistsofmanysmallandmedium-sizedenterprises(SME)withfewerlargeenterprises.Traditionallabor-intensiveindustriesarebeingmovedoff-shoreandreplacedwithcapitalandtechnology-intensiveindustries.[87]Theseindustriesareinthepre-maturestageofthemanufacturingindustryinvariousglobaleconomiccompetitions,andgrowingfromtheover-reliancefromtheoriginalequipmentmanufacturerandoriginaldesignmanufacturermodels.[88][89]TheInstituteforInformationIndustry[90][91]isresponsibleforthedevelopmentoftheITandICTindustry[92]inTaiwan.IndustrialTechnologyResearchInstituteistheadvancedresearchcenterforappliedtechnologyfortheeconomyofTaiwan.[93]Theartindustryissignificantwithsalesworth$225.4millionmadedomesticallyin2019.Taiwanesecollectorsandartistsarealsoprominentintheglobalartmarket.[94] The"e-Taiwan"projectlaunchedbythegovernmentseekstouseUS$1.83billiontoimprovetheinformationandcommunicationsinfrastructureinTaiwaninfivemajorareas:government,life,business,transport,andbroadband.[95][96]Theprogramseekstoraiseindustrycompetitiveness,improvegovernmentefficiency,andimprovethequalityoflife,andaimstoincreasethenumberofbroadbandusersontheislandto6million.[96]In2010,Taiwan'ssoftwaremarketgrewby7.1%toreachavalueofUS$4billion,accountingfor3.3%oftheAsia-Pacificregionmarketvalue.Thedigitalcontentproductionindustrygrewby15%in2009,reachingUS$14.03billion.[95]Theoptoelectronicsindustry(includingflatpaneldisplaysandphotovoltaics)totaledNT$2.2trillionin2010,a40%jumpfrom2009,representingafifthoftheglobalmarketshare.[97]TheeconomyofTaiwanisapartnerintheGlobalValueChainsofElectronicsIndustry.[98]ElectroniccomponentsandpersonalcomputerareareasofinternationalstrengthofTaiwan'sInformationTechnologyindustry.[99] Taiwanhasagrowingstartupsector.[100][101] Consumergoods[edit] TaiwanisamajorproducerofsportinggoodswithNT$59.8billionofproductionin2020,40-50%ofproductionisindoorfitnessequipment.[102]Taiwanisthegloballeaderingolfequipmentwith80%ofglobalproductionconcentratedinthecountry.[103]ThefourlargestgolfOEMareallTaiwanesehoweverthesefirmsareincreasinglysellingproductsundertheirownbrands.[104] Semiconductorindustry[edit] Mainarticle:SemiconductorindustryinTaiwan Thesemiconductorindustry,includingICmanufacturing,design,andpacking,formsamajorpartofTaiwan'sITindustry.[105]DuetoitsstrongcapabilitiesinOEMwafermanufacturingandacompleteindustrysupplychain,Taiwanhasbeenabletodistinguishitselffromitscompetitors.[105][106]ThesectoroutputreachedUS$39billionin2009,rankingfirstinglobalmarketshareinICmanufacturing,packaging,andtesting,andsecondinICdesign.[107]TaiwanSemiconductorManufacturingCompany(TSMC)andUnitedMicroelectronicsCorporation(UMC)arethetwolargestcontractchipmakersintheworld,[108]whileMediaTekisthefourth-largestfablesssupplierglobally.[109]In1987,TSMCpioneeredthefablessfoundrymodel,reshapingtheglobalsemiconductorindustry.[107][110]FromITRI'sfirst3-inchwaferfabricationplantbuiltin1977[107]andthefoundingofUMCin1980,[111]theindustryhasdevelopedintoaworldleaderwith40fabsinoperationby2002.[105]In2007,thesemiconductorindustryovertookthatoftheUnitedStates,secondonlytoJapan.[112]Althoughtheglobalfinancialcrisisfrom2007to2010affectedsalesandexports,[113]theindustryhasreboundedwithcompaniespostingrecordprofitsfor2010.[114][115]Theinternationalindustrialforecastofsemiconductormanufacturing,whichistheflagshipindustryoftheeconomyofTaiwanthatfacesimmensecompetitionaheadwithitsAmericancounterparts.[116][117]By2020TaiwanwastheunmatchedleaderoftheglobalsemiconductorindustrywithTaiwanSemiconductorManufacturingCompany(TSMC)aloneaccountingformorethan50%oftheglobalmarket.[118] Informationtechnology[edit] ATSMCfactoryinTainanSciencePark,oneofthemanycompaniesthatmakeupTaiwan'sITindustry Taiwan'sinformationtechnologyindustryhasplayedanimportantroleintheworldwideITmarketoverthelast20years.[73]In1960,theelectronicsindustryinTaiwanwasvirtuallynonexistent.[119]However,withthegovernment'sfocusondevelopmentofexpertisewithhightechnology,alongwithmarketingandmanagementknowledgetoestablishitsownindustries,companiessuchasTSMCandUMCwereestablished.[120]TheindustryuseditsindustrialresourcesandproductmanagementexperiencetocooperatecloselywithmajorinternationalsupplierstobecometheresearchanddevelopmenthuboftheAsia-Pacificregion.[73]ThestructureoftheindustryinTaiwanincludesahandfulofcompaniesatthetopalongwithmanysmallandmedium-sizedenterprises(SME)whichaccountfor85%ofindustrialoutput.[73]TheseSMEsusuallyproduceproductsonanoriginalequipmentmanufacturer(OEM)ororiginaldesignmanufacturer(ODM)basis,resultinginlessresourcesspentonresearchanddevelopment.[73]DuetotheemphasisoftheOEM/ODMmodel,companiesareusuallyunabletomakein-depthassessmentsforinvestment,production,andmarketingofnewproducts,insteadrelyinguponimportationofkeycomponentsandadvancedtechnologyfromtheUnitedStatesandJapan.[73]Twentyofthetopinformationandcommunicationtechnology(ICT)companieshaveInternationalProcurementOfficessetupinTaiwan.[95]AsasigneroftheInformationTechnologyAgreement,[121]TaiwanphasedouttariffsonITproductssince1January2002.[95] Taiwanisahubforglobalcomputing,telecommunications,anddatamanagementwithanumberoflargeserverfarmsoperatinginthecountry.Google'sdatacenterinChanghuaisbelievedtobethelargestinAsia.Taiwaniswellconnectedtotheglobalunderseafiberopticcablenetworkandservesasasubstantialtrafficinterchange.[122] Agriculture[edit] AteaplantationinRuisui,Hualien,partofTaiwan'sagriculturalindustrywhichservedasthebackboneforitseconomicmiracle Mainarticle:AgricultureinTaiwan AgriculturehasservedasastrongfoundationforTaiwan'seconomicmiracle.[123]Itcontributes3%toGDPandtheservicesectormakesup73%oftheeconomy.AfterretrocessionfromJapanin1945,thegovernmentannouncedalong-termstrategyof"developingindustrythroughagriculture,anddevelopingagriculturethroughindustry".[124]Assuch,agriculturebecamethefoundationforTaiwan'seconomicdevelopmentduringearlyyearsandservedasananchorforgrowthinindustryandcommerce.Whereasin1951agriculturalproductionaccountedfor35.8%ofTaiwan'sGDP,[124]by2013ithadbeenvastlysurpassedanditsNT$475.90billionaccountedforonly1.69%oftheGDP.Asof2013[update],Taiwan'sagriculturewasamixtureofcrops(47.88%),livestock(31.16%),fishery(20.87%)andforestry(0.09%).[125]SinceitsaccessionintotheWorldTradeOrganizationandthesubsequenttradeliberalization,thegovernmenthasimplementednewpoliciestodevelopthesectorintoamorecompetitiveandmodernizedgreenindustry.[126] Althoughonlyaboutone-quarterofTaiwan'slandareaissuitableforfarming,virtuallyallfarmlandisintenselycultivated,withsomeareassuitablefortwoandeventhreecropsayear.However,increasesinagriculturalproductionhavebeenmuchslowerthanindustrialgrowth.Agriculturalmodernizationhasbeeninhibitedbythesmallsizeoffarmsandthelackofinvestmentinbetterfacilitiesandtrainingtodevelopmoreprofitablebusinesses.[126]Taiwan'sagriculturalpopulationhassteadilydecreasedfrom1974to2002,promptingtheCouncilofAgriculturetointroducemodernfarmmanagement,providetechnicaltraining,andoffercounselingforbetterproductionanddistributionsystems.[126]Promotionoffarmmechanizationhashelpedtoalleviatelaborshortageswhileincreasingproductivity;bothriceandsugarcaneproductionarecompletelymechanized.[127]Taiwan'smaincropsarerice,sugarcane,fruits(manyofthemtropical),andvegetables.Althoughself-sufficientinriceproduction,Taiwanimportslargeamountsofwheat,mostlyfromtheUnitedStates.Meatproductionandconsumptionhasrisensharply,reflectingahighstandardofliving.Taiwanhasexportedlargeamountsoffrozenpork,althoughthiswasaffectedbyanoutbreakofhoofandmouthdiseasein1997.Otheragriculturalexportsincludefish,aquacultureandseaproducts,cannedandfrozenvegetables,andgrainproducts.ImportsofagricultureproductsareexpectedtoincreaseduetotheWTOaccession,whichisopeningpreviouslyprotectedagriculturalmarkets.[citationneeded] Energy[edit] Windturbines,suchastheseinQingshui,Taichung,arepartofthegovernment'seffortsinrenewableenergycommercialisation Mainarticle:EnergyinTaiwan Duetothelackofnaturalresourcesontheisland,Taiwanisforcedtoimportmanyofitsenergyneeds(currentlyat98%).[128]ImportedenergytotaledUS$11.52billionin2002,accountingfor4.1%ofitsGDP.[129]AlthoughtheindustrialsectorhastraditionallybeenTaiwan'slargestenergyconsumer,itssharehasdroppedinrecentyearsfrom62%in1986to58%in2002.[129]Taiwan'senergyconsumptionisdominatedbycrudeoil&petroleumproducts(48.52%),followedbycoal(29.2%),naturalgas(12.23%),nuclearpower(8.33%),andhydroelectricpower(0.28%).[130]Theislandisalsoheavilydependentonimportedoil,with72%ofitscrudeoilcomingfromtheMiddleEastin2002.AlthoughtheTaiwanPowerCompany(Taipower),state-ownedenterprise,isinchargeofprovidingelectricityfortheTaiwanarea,a1994measurehasallowedindependentpowerproducers(IPPs)toprovideupto20%oftheisland'senergyneeds.[131]IndonesiaandMalaysiasupplymostofTaiwan'snaturalgasneeds.[131]Itcurrentlyhasthreeoperationalnuclearpowerplants.Afourthplantunderconstructionwasmothballedin2014.[132] AlthoughTaiwan'spercapitaenergyuseisonparwithneighboringAsiancountries,[133]inJuly2005theMinistryofEconomicAffairsannouncedplanstocut170million-tonsofcarbondioxideemissionsby2025.[131]In2010,carbondioxideemissionshavebeenreducedby5.14millionmetrictons.[134]Inordertofurtherreduceemissions,thegovernmentalsoplanstoincreaseenergyefficiencyby2%eachyearthrough2020.[135]Inaddition,by2015emissionsareplannedtobereducedby7%comparedto2005levels.[135] Taiwanistheworld's4thlargestproducerofsolar-poweredbatteriesandlargestLEDmanufacturerbyvolume.[134]In2010,Taiwanhadover1.66millionsquaremetersofsolarheatcollectorsinstalled,withaninstallationdensitythatranksitasthirdintheworld.[136]Thegovernmenthasalreadybuilt155setsofwindturbinescapableofproducing281.6MWofenergy,andadditionalprojectsareplannedorunderconstruction.[137]Renewableenergyaccountsfor6.8%ofTaiwan'senergyusageasof2010.[135]In2010,thegreenenergysectorgeneratedUS$10.97billioninproductionvalue.[134]ThegovernmentalsoannouncedplanstoinvestUS$838millionforrenewableenergypromotionandanadditionalUS$635millionforresearchanddevelopment.[135] Steelandheavymanufacturing[edit] Taiwan,asof2017,istheworld'sthirteenth-largeststeelexporter.In2018,Taiwanexported12.2millionmetrictonsofsteel,aonepercentincreasefrom12.0millionmetrictonsin2017.Taiwan'sexportsrepresentedabout3percentofallsteelexportedgloballyin2017,basedonavailabledata.ThevolumeofTaiwan's2018steelexportswasone-sixththatoftheworld'slargestexporter,China,andnearlyone-thirdthatofthesecond-largestexporter,Japan.Invalueterms,steelrepresentedjust3.6percentofthetotalamountofgoodsTaiwanexportedin2018.Taiwanexportssteeltomorethan130countriesandterritories.Overthedecadefrom2009to2019,Taiwangrewitssteelexportsby24%.In2018,theUSimported300,000metrictonsofpipeandtubeproduct.Taiwanhasdevelopedavastexporttradetoitsmostproximateneighboursinflatproducts.Taiwan'sstainlesssteelexportsnumberedin2018about500,000metrictons.[138] Taiwanisthefourthlargestexporterofmachinetoolsandmachinetoolcomponentsintheworld.ThegreaterTaichungareaishometoaclusterofmachinetoolmanufacturers.[139] TaiwanesecompanyTechmanRobotInc.istheworld'ssecondlargestproducerofcobots.[140] TheautomotiveindustryinTaiwanissignificantwithTaiwanesefirmsincreasinglyinvestedinautomotiveelectrification,75%ofTesla,Inc.’ssuppliersareTaiwanese.[141] Maritimeindustries[edit] Mainarticle:MaritimeindustriesofTaiwan In2017Taiwanexportedonehundredandsixtytwoyachts.[142]In2018TaiwanwasthefourthlargestyachtbuildingnationbyfeetofyachtbuiltafterItaly,TheNetherlandsandTurkey.[143]Taiwanisoneofthelargestfishingnationsonearthandtheassociatedfishprocessingindustryisalsosignificant.[144] Largestcompanies[edit] Seealso:ListofcompaniesofTaiwanandListoflargestcompaniesinTaiwan Accordingtothe2019ForbesGlobal2000index,Taiwan'slargestpubliclytradedcompaniesare: ForbesGlobal2000[145] Rank Company Revenues($billion) Profit($billion) Assets($billion) Marketvalue($billion) 1 HonHaiPrecision 175.6 4.3 110 41.2 2 TSMC 34.2 11.6 68 222.4 3 CathayFinancial 3.5 0.1 73.0 4.1 4 FubonFinancial 21.9 1.6 250.6 14.9 5 CTBCFinancial 16.7 1.2 187.2 12.8 6 FormosaPetrochemical 25.5 2 13.2 35.4 7 FormosaChemicals 13.5 1.6 19.2 20.6 8 NanYaPlastics 11 1.7 18.6 19.9 9 FormosaPlastics 7.6 1.6 13.2 35.4 10 FormosaPetrochemical 25.5 2 16.3 22.3 11 ChinaSteel 13.3 0.8 21.9 12.6 12 ChunghwaTelecom 7.1 1.2 15.2 27.7 13 MegaFinancialHolding 3.2 0.9 115.2 12.4 14 ASEGroup 12.3 0.8 17.4 10.2 15 QuantaComputer 34.1 0.5 21.5 7.6 16 Uni-President 14.3 0.6 13.2 13.1 Laborpolicy[edit] Unionpolicies[edit] TheLaborUnionLaws,legislatedbytheKuomintang(KMT)onthemainland,gaveTaiwanworkerstherighttounionize.However,priortothedemocratizationofTaiwan,thefunctionsoftradeunionswerelimitedunderstrictregulationandstatecorporatism.[146]UndertheLaborUnionLaws,workerswereonlyallowedtobeorganizedatthecompanies,whichmeansindustrylevelunionswereforbidden.Also,onlyoneunioncouldexistwithineachcompanyorgeographicalarea.[146]Specialoccupationalgroupssuchasteacherswerenotallowedtounionize.[147]Therighttostrikeandcollectivebargainingwerealsohamstrungbylaw.[148]TheCollectiveBargainingAgreementin1930stipulatedthatcollectivebargainswerenotlegallyvalidwithoutgovernmentapproval.[148]Thedemocratizationin1986broughtdramaticchangestounionparticipationandpolicies.Between1986and1992,unionizedworkersincreasedby13%.[148]Anumberofautonomous,non-officialtradeunionsemerged,includingtheTaiwanConfederationofTradeUnions(TCTU)whichacquiredlegalrecognitionin2000.[148]TheamendmentstotheLaborUnionLawsandCollectiveBargainingAgreementbothbecameeffectiveintheearly21stcentury.TheamendedLaborUnionLawliftedthelimitationsonspecialoccupationalgroupsfromcollectiverepresentation.[147]TheCollectiveBargainingAgreementActin2008guaranteedtradeunionsthepowertonegotiatewithemployers.[148] EmploymentProtection[edit] Taiwan'slaborrightsandemploymentprotectionsincreasedwithitsdemocratizationprogressinthe1980s,anditstillhasrelativelyhighlevelofemploymentprotectioncomparingtootherEastAsiacountries.[149]ImplementedinAugust1984,LaborStandardsLawwasthefirstcomprehensiveemploymentprotectionlawforTaiwanworkers.[150]Priortoitsimplementation,theFactoryActwastheprimarylawgoverninglaboraffairs,butwasineffectiveinpracticebecauseofitsnarrowcoverageofbusinessesandissuesandabsenceofpenaltiesforviolation.[150]Incontrast,LaborStandardsLawcoveredabroaderrangeofbusinessesandlaboraffairs,anddetailedpenaltiesforitsviolation.Itregulatedaperiodofnoticebeforefiringemployees,andalsorequiredahigherlevelofseverancepayment.[150]Otherlaborissueswerealsoregulatedbythelaw,includingcontract,wage,overtimepayment,compensationsforoccupationalaccidents,etc.[151]Penaltiesforemployerviolationwerealsoclearinthelaw,statingfinesandcriminalliabilities.[150]CouncilofLaborAffairs(CLA)wassetupon1August1987tohelpwithlaborinspectionandtheenforcementoftheLaborStandardsLaw.[151] InTaiwan,companieswithaatleastasingleemployeehasthecompulsiontocontributetotheinsurer'semploymentserviceinsurancepremium.Theshareoflaborinsuranceisdividedinto7:2:1ratiobetweenemployer,employeeandstate.[152]Asfarascontributiontowardssocialsecurity,companiesshouldpayatleast6%ofthewagesofitsemployeestowardsthesocialsecurity.[153][154][155] ActiveLaborMarketPolicies[edit] ActivelabourmarketpolicieswerecarriedoutinTaiwaninthelate20thandearly21stcenturies,asaresultofeconomicstructuralchangescausedbyglobalizationanddeindustrialization.[156]Unemploymentincreasedandreachedapproximately5%in2002and2009.[156]Asetofpolicieswereadoptedtohelptheunemployedandprovidejobs.TheEmploymentInsuranceActin2002grantsincomesecurityduringunemployment,butatthesametimerequiresbeneficiariestouseallavailableresourcestofindjobs.[157]TheMulti-FacetedJobCreationProgram,firstintroducedin1999,createsjobinthethirdsectorgroups,especiallyinnonprofitorganizations.[156]Itsubsidizesthosecompaniestoprovidevocationaltrainingsandjobopportunities.[158]ThePublicSectorTemporaryEmploymentCreationProgramdirectlyaddressedthe2008financialcrisis.UnliketheMulti-FacetedJobCreationPrograms,thePublicSectorTemporaryEmploymentCreationProgramcreatesjobsinthegovernmentitself.From2008to2009,thegovernmentwasestimatedtocreate102,000jobopportunitiesbythatprogram.[148]Ajobcreationprojectwasalsoimplementedtohelpyoungpeoplebysubsidizingthehiringofyoungpeopleinuniversitiesandprivatecompanies.[158] WorkingHours[edit] Taiwan'sGDPpercapitainDecember1984wasbelowUS$5,000beforereachingUS$25,026byDecember2018,anall-timehigh.[159]On30July1984,Taiwanimplementedaneighty-sixarticleLaborStandardsActunderPresidentialOrderNo.14069.[160]Theactdefinedthestandardworkweekas40laborhourswithaneight-hourlimitperday,permittinganovertime-includedmaximumofforty-eightlaborhoursperweek.[146] Article25oftheLaborStandardsActupholdstherewillbenosexualdiscriminationintheconditionsofworkers,[160]however,becausetheTaiwanesecultureandthuspoliticaleconomytraditionally"categorizesfemaleemployeesasnaturallymarriage-andfamily-oriented,"womenareassumedtoobtainemploymentinfieldsthatarelimitedtotheseideals.[161]AsaresultoffeministidealsbecomingmoreprevalentwithwomenseekingequalworkconditionsinmodernsocietiessuchasTaiwan,evenmaritalstatuspolicyandimmigrationpolicyhavebeenaffectedaswomenseeklesspatriarchalrolestothepointwhereTaiwanesemenhavesoughthigherratesoftransnationalmarriagessincethe1990s.[162] Scienceandindustrialparks[edit] HsinchuScienceParkishometomanyofTaiwan'sITcompanies TaipeiNeihuTechnologyPark Inordertopromoteindustrialresearchanddevelopment,thegovernmentbeganestablishingscienceparks,economiczoneswhichproviderentandutilitybreaks,taxincentivesandspecializedlendingratestoattractinvestment.[163]Thefirstofthese,theHsinchuScienceParkwasestablishedin1980bytheNationalScienceCouncil[164]withafocusonresearchanddevelopmentininformationtechnologyandbiotechnology.[163][165]IthasbeencalledTaiwan's"SiliconValley"[166][167]andhasexpandedtosixcampusescoveringanareaof1,140hectares(11.4 km2).[168]Over430companies(includingmanylistedonTAIEX)employingover130,000peoplearelocatedwithinthepark,andpaidincapitaltotaledUS$36.10billionin2008.[169]BothTaiwanSemiconductorManufacturingCompanyandUnitedMicroelectronicsCorporation,theworld'slargestandsecondlargestcontractchipmakers,[108]areheadquarteredwithinthepark.Since1980,thegovernmenthasinvestedoverUS$1billioninthepark'sinfrastructure,[165]andfurtherexpansionformorespecializedparkshavebeenpursued.[169]TheIndustrialTechnologyResearchInstitute(ITRI),headquarteredwithinthepark,isthelargestnonprofitresearchorganizationinTaiwanandhasworkedtodevelopappliedtechnologicalresearchforindustry,includingformanyofTaiwan'straditionalindustries(suchastextiles).[165] Followingthesuccessofthefirstpark,theSouthernTaiwanSciencePark(STSP),consistingoftheTainanScienceParkandtheKaohsiungSciencePark,wasestablishedin1996.[163]Inadditiontocompanies,severalresearchinstitutes(includingAcademiaSinica)anduniversitieshavesetupbrancheswithintheparkwithafocusonintegratedcircuits(ICs),optoelectronics,andbiotechnology.[169]TheCentralTaiwanSciencePark(CTSP)wasestablishedmorerecentlyin2003.[170]WhiletheCTSPisstillunderdevelopment,manyfirms(includingAUOptronics)havealreadymovedintotheparkandbegunmanufacturingoperations.[170]Liketheotherparks,CTSPalsofocusesonICs,optoelectronics,andbiotechnology,withtheoptoelectronicsindustryaccountingfor78%ofitsrevenuein2008.[169]ThesethreescienceparksalonehaveattractedoverNT$4trillion(US$137billion)worthofcapitalinflow,[165]andin2010totalrevenuewithintheparksreachedNT$2.16trillion(US$72.8billion).[171] TheLinhaiIndustrialPark,establishedinKaohsiungin1960,[172]isawell-developedindustrialzonewithover490companiesfocusingonotherindustriesincludingbasemetals,machineryandrepairs,nonmetallicmineralproducts,chemicalproducts,andfoodandbeveragemanufacturing.[173]TheChanghuaCoastalIndustrialPark,locatedinChanghuaCounty,isanewerindustrialclusterwithmanydifferentindustriessuchasfoodproduction,glass,textiles,andplastics.[174] ThecompletelistsofindustrialandscienceparksinTaiwanare: CentralTaiwanSciencePark HsinchuSciencePark KaohsiungSciencePark NankangSoftwarePark NeihuSciencePark TainanSciencePark Economicresearchinstitutes[edit] InstituteofEconomics,AcademiaSinica TaiwanInstituteofEconomicResearch Chung-HuaInstitutionforEconomicResearch InstituteofEconomics,AcademiaSinica IndustrialTechnologyResearchInstitute TaiwanLivestockResearchInstitute Seealso[edit] BankinginTaiwan CementindustryinTaiwan DefenseindustryofTaiwan ListofbanksinTaiwan ListofTaiwaneseautomakers ListofcompaniesofTaiwan ListoflargestcompaniesinTaiwan ListofmetropolitanareasinTaiwan MadeinTaiwan TaiwanMiracle TaiwaneseWave MinimumwageinTaiwan TaxationinTaiwan TransportationinTaiwan TaiwanStockExchange(TSE) TextileindustryinTaiwan Notes[edit] ^Inthe2018SubnationalHumanDevelopmentIndex(SHDI)Database,Taiwan'sHDIwasgivenas0.880amongChina'sdata.[8]However,from2019onward,TaiwanandHongKongarenolongerincludedintheSHDIDatabaseamongChinesedivisions.[9]Bycontrast,theHDIswhichpublishedbytheStatisticalBureauofTaiwaninits2019&2020reportsweredisplayedas0.911in2018,and0.916in2019respectively.[10][11]ThecauseofdiscrepancywasduetolackofavailablenationaldataintheUNDPdatabaseforTaiwan.TheSHDIclaimedthatthedatacollectionforTaiwanwasalsoderivedfromtheTaiwaneseDirectorateGeneralofBudget,AccountingandStatistics;[12]inthistemplatethelattersourceisusedasprimarydata. ^dataforcentralgovernment References[edit] 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APECBusinessTravelCard APECblue APECClimateCenter APECSculptureGarden APECYouthScienceFestival 1.AspecialadministrativeregionofChina,participatesas"HongKong,China";2.Officially,theRepublicofChina,participatesas"ChineseTaipei" vteWorldTradeOrganizationSystem Accessionandmembership AppellateBody DisputeSettlementBody InternationalTradeCentre Chronologyofkeyevents Issues Criticism DohaDevelopmentRound Singaporeissues QuotaElimination PeaceClause Agreements GeneralAgreementonTariffsandTrade Agriculture SanitaryandPhytosanitaryMeasures TechnicalBarrierstoTrade Trade-RelatedInvestmentMeasures TradeinServices Trade-RelatedAspectsofIntellectualPropertyRights GovernmentProcurement InformationTechnology MarrakeshAgreement DohaDeclaration BaliPackage MinisterialConferences 1st(1996) 2nd(1998) 3rd(1999) 4th(2001) 5th(2003) 6th(2005) 7th(2009) 8th(2011) 9th(2013) 10th(2015) 11th(2017) People NgoziOkonjo-Iweala(Director-General) RobertoAzevêdo PascalLamy SupachaiPanitchpakdi AlejandroJara RufusYerxa 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OfficiallytheRepublicofChina,participatesas"SeparateCustomsTerritoryofTaiwan,Penghu,KinmenandMatsu",and"ChineseTaipei"inshort.  Worldportal vteEconomyofAsiaSovereignstates Afghanistan Armenia Azerbaijan Bahrain Bangladesh Bhutan Brunei Cambodia China Cyprus EastTimor(Timor-Leste) Egypt Georgia India Indonesia Iran Iraq Israel Japan Jordan Kazakhstan NorthKorea SouthKorea Kuwait Kyrgyzstan Laos Lebanon Malaysia Maldives Mongolia Myanmar Nepal Oman Pakistan Philippines Qatar Russia SaudiArabia Singapore SriLanka Syria Tajikistan Thailand Turkey Turkmenistan UnitedArabEmirates Uzbekistan Vietnam Yemen Stateswithlimitedrecognition Abkhazia Artsakh NorthernCyprus Palestine SouthOssetia Taiwan Dependenciesandotherterritories BritishIndianOceanTerritory ChristmasIsland Cocos(Keeling)Islands HongKong Macau Category Asiaportal Portals:TaiwanEconomy Retrievedfrom"https://en.wikipedia.org/w/index.php?title=Economy_of_Taiwan&oldid=1078250018" Categories:EconomyofTaiwanWorldTradeOrganizationmembereconomiesHiddencategories:CS1errors:URLCS1Chinese(Taiwan)-languagesources(zh)CS1maint:multiplenames:authorslistCS1maint:archivedcopyastitleWebarchivetemplatewaybacklinksCS1Chinese-languagesources(zh)ArticleswithshortdescriptionShortdescriptionisdifferentfromWikidataUsedmydatesfromSeptember2020UseAmericanEnglishfromMarch2017AllWikipediaarticleswritteninAmericanEnglishAllarticleslackingreliablereferencesArticleslackingreliablereferencesfromNovember2021AllarticleswithfailedverificationArticleswithfailedverificationfromNovember2021ArticlesneedingadditionalreferencesfromJuly2021AllarticlesneedingadditionalreferencesArticlescontainingpotentiallydatedstatementsfrom2013AllarticlescontainingpotentiallydatedstatementsAllarticleswithunsourcedstatementsArticleswithunsourcedstatementsfromJuly2021OfficialwebsitedifferentinWikidataandWikipediaArticleswithChinese-languagesources(zh) Navigationmenu Personaltools NotloggedinTalkContributionsCreateaccountLogin Namespaces ArticleTalk English expanded collapsed Views ReadEditViewhistory More expanded collapsed Search Navigation MainpageContentsCurrenteventsRandomarticleAboutWikipediaContactusDonate Contribute HelpLearntoeditCommunityportalRecentchangesUploadfile Tools WhatlinkshereRelatedchangesUploadfileSpecialpagesPermanentlinkPageinformationCitethispageWikidataitem Print/export DownloadasPDFPrintableversion Inotherprojects WikimediaCommons Languages العربيةBân-lâm-gúCatalàEspañolفارسیFrançais한국어हिन्दीIdoBahasaIndonesiaעבריתBahasaMelayu日本語OccitanپنجابیPortuguêsРусскийSuomiУкраїнськаاردوTiếngViệt中文 Editlinks