TAIPEI (Taiwan News) — Taiwan Vice President Lai Ching-te (賴清德) said on Wednesday (March 24) that the GDP growth rate for Taiwan this year is projected to reach 4.64 percent, creating an opportunity for the country to surpass China for the first time in several decades, CNA reported.

Speaking at the annual conference of the World Taiwanese Chambers of Commerce at the Grand Hotel in Taipei, Lai said compared with other countries with a population over 20 million, this year's GDP growth will place Taiwan at the No. 1 spot. Reshored businesses have invested NT$1.2 trillion (US$41.38 billion) in Taiwan so far in 2021, which is estimated will create 100,000 jobs for the country, he continued.

As a result of the combined efforts of the population, Taiwan’s GDP growth rate hit 3.11 percent last year, and the projected rate is likely to reach 4.64 percent this year, he said.

The vice president added that the country’s semiconductor industry, as led by Taiwan Semiconductor Manufacturing Company, has also demonstrated its importance to the international community during the pandemic.