TAIPEI (Taiwan News) — The closure of 14 Din Tai Fung restaurants in China indicates a shifting domestic economic landscape, Taiwan Premier Cho Jung-Tai (卓榮泰) said on Tuesday (Aug. 27).
The company announced on Monday it would shutter 14 stores in Beijing, Tianjin, and other locations in northern China.
Cho said in an interview with Formosa TV that Din Tai Fung is known for its high-quality food and excellent service, but the current economic situation in China is different from when the company first entered the market, CNA reported. China's post-pandemic development has been poor, he said.
Beijing must salvage its economy but it continues to project military force externally, Cho said. These two approaches conflict with each other on the path of national development. If Chinese authorities do not recognize this and continue on this course, economic improvement in the short term will be difficult, he said.
The premier also commented on the ongoing US-China trade war and tech competition, warning that if economic competition turns into an intense rivalry, it would be detrimental to the world. Furthermore, if China's military expansion is not globally condemned, it could threaten the Indo-Pacific region and beyond, he said.
Cho hoped that China's leadership would prioritize policies that benefit the nation and its people and relinquish its goal of military expansion. He said that Taiwan is not seeking military competition with China, but rather peaceful, stable, and prosperous development in the Taiwan Strait.