Premier Sean Chen instructed ministries and agencies at a June 6 Cabinet meeting to closely monitor the European sovereign debt crisis and continue implementing short- to long-term strategies to keep Taiwan in pace with changes in the global economic situation.
In response to the eurozone debt crisis—as well as the slowdown in mainland China's economic growth, the stalling U.S. economic recovery and uncertainties in global crude oil prices—the government is employing short-term strategies that include stabilizing the financial market and commodity prices, increasing job opportunities and investment, assisting in industrial development, spurring consumption and boosting exports. Meanwhile, mid- to long-term programs are being mapped out to adjust financial mechanisms and relax the regulatory environment as means of accelerating Taiwan's economic restructuring.
Earlier this February, the Executive Yuan expanded a 4-month-old economic strategy panel into a global economic situation policy response task force headed by Minister without Portfolio Kuan Chung-ming. The task force is responsible for promoting a package to address economic challenges and has drafted mid- to long-term strategies covering such issues as accelerating industrial upgrading, strengthening the marketing of goods and services, enhancing workforce quality and invigorating the labor market, adopting innovative ways to finance public construction, and improving the effectiveness of government spending.
During the Cabinet meeting, Premier Chen stressed the importance of boosting exports for Taiwan's businesses amid the eurozone debt crisis, as seen in a recent program launched by the Ministry of Economic Affairs. He also commended Central Bank Governor Perng Fai-nan for the bank's determination and ability to maintain dynamic stability in Taiwan's financial market. In addition, the Financial Supervisory Commission was directed to offer financing support to companies looking to expand, and the Public Construction Commission was asked to promote public construction projects through private finance initiatives.