Alexa

Commercial Times: 2015 is Taiwan's window of opportunity

Commercial Times: 2015 is Taiwan's window of opportunity

After a dull and slow year in 2014, opportunities have finally presented themselves for Taiwan's economy to turn itself around in 2015. Amid mounting calls for reforms within the ruling Kuomintang in the wake of its defeat in the Nov. 29 local government elections, the party is expected to hand over its leadership to popular New Taipei Mayor Eric Chu, who has pledged to transform the century-old party. In the opposition, meanwhile, Democratic Progressive Party Chairwoman Tsai Ing-wen has demonstrated a determination to enforce strong leadership and strengthen discipline within her party. Ko Wen-je, the newly elected mayor of Taipei and a political independent, has also injected fresh vigor and a new way of thinking into the political landscape with his forceful leadership and emphasis on responsibility. Forceful leadership has obviously become a global mainstream and is the most important factor that decides the fate of a country. Since the start of this year, Chinese President Xi Jinping has impressed the world with his anti-corruption campaign and his ambition to uplift China's economy. The economic reforms promoted by Japanese Prime Minister Shinzo Abe have similarly amazed the world. On Dec. 14, Abe's coalition scored an overwhelming victory in the parliamentary election. If Abe remains in office until 2018, he will become Japan's longest-serving prime minister in 40 years. In Russia, President Vladimir Putin is undauntedly seeking to break the siege in the face of challenges posed by recent plunge in oil prices and economic sanctions from Europe and America. In 2015, many countries, Taiwan and the United States among them, are expected to go through a period of political uncertainty as they enter campaign seasons leading up to the next presidential elections. The end of the U.S. quantitative easing policy and the easy monetary policies of Japan, Europe and China are bound to create bigger volatility in global financial markets. And the geopolitical tensions between Russia and Ukraine are gathering momentum that will likely lead to larger conflicts. Taiwan's government leaders and those who are interested in vying for the 2016 presidency need to realize that the country's relatively small economy cannot withstand such turmoil. They must adopt strong leadership and keep track of any nuanced changes in the domestic and international situations if they do not want to be drowned by the big incoming waves. (Editorial abstract -- Dec. 31, 2014) (By Y.F. Low)


Updated : 2021-03-02 16:35 GMT+08:00