The Cabinet today approved the National Development Council's (NDC) draft of a special act governing forward-looking infrastructure, and will send the bill to the Legislative Yuan for deliberation.
Premier Lin Chuan said the bill must be given priority as it is the most important piece of legislation this session. He asked the NDC and other agencies to communicate and work closely with the legislative caucuses and lawmakers of all parties to get the bill passed this session.
According to the NDC, the domestic investment environment has been lagging for years, with investment by government agencies and public-sector enterprises showing negative growth while public infrastructure spending has gradually fallen from its 2008 peak.
The government is therefore promoting the Forward-looking Infrastructure Development Program to drive overall economic growth. The program contains five major elements: safe and convenient rail services, water resource management in response to climate change, green energy construction to support environmental sustainability, digital infrastructure for smart spatial planning, and urban-rural infrastructure construction that enhances regional balance.
The program's goal is to address Taiwan's economic development needs for the next 30 years, the NDC said. This includes anticipating the requirements arising from new industries, technologies and lifestyle trends at home and abroad, promoting local development to balance regional growth, and laying the foundation for future national development.
Given the government's current financial position, a special law is needed to circumvent the restrictions in the Public Debt Act that limit the amount of debt the government can incur each year and that require the establishment of a specific oversight and management mechanism, the NDC added.