Gov't sets goal of 4.5% growth within four years

As part of the national development project, the Council for Economic Planning and Development (CEPD) mapped out its vision for a strengthened economy.

Premier Sean Chen supported the CEPD's goals, saying they are in-line with President Ma Ying-jeou's “Golden Decade” platform and share similarities with the Cabinet's “Economic Power-up Plan.” He requested other bureaus to collaborate closely with the CEPD to ensure the targets are reached.

The CEPD last week forecast growth in 2013 of 3.8 percent. While many questioned the low 0.93-percent growth rate forecast by Academia Sinica for 2012, CEPD Minister Yiin Chii-ming (尹啟銘) said that the CEPD's 2013 estimate was calculated using data from both international and domestic bodies.

Yiin said that prestigious Taiwanese universities, scholars and government officials all contributed to the 3.8 percent estimate, which took into account various economic factors such as industry structure and growth.

“I did not make up this number,” he said. “It is a calculation based on credible sources.” He also cited similarly high predictions made by other groups.

“The Word Bank forecast economic growth of 4 percent and the Asian Development Bank predicted 3.8-percent growth,” Yiin said.

The premier stressed that the government needed to be ambitious when setting these goals; yet it was the right sort of ambition based on accountable bureaus.

Asked about how the goals will be reached, the ministry emphasized main points such as boosting export rates, reforming industry structure, creating an investment-friendly market, taking advantage of free trade opportunities and adopting international standards.

Yiin said that in the future, Taiwan is expected to experience a transformation due to a shift in industrial production, with labor-intensive industries decreasing and high-tech, high value added industries playing a bigger role. Aside from this, the country must push for capital accumulation to increase its wealth, he stressed.

“We want to upgrade our industries by bringing in better technology and innovation so that we can offer better investment markets.”

He also emphasized the importance of the private sector in reviving the economy. Of the 3.8-percent growth, Yiin said that 1.10 percent is expected to come from public consumption, 1.31 percent from private investment and 1.35 percent from foreign trade.

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