Despite the limited reserves of minerals, the economy of Taiwan until 2000 developed at a rapid pace – 6-7% per annum. However, in 2001 the economy began to decline. In 2002, the GNP amounted to 9989.0 billion tayv. dollars (288.9 billion US dollars), and per capita – 446,094 tayv. dollars (or $12,900). The total number of employed people is 9.45 million people. At the same time, there are 515 thousand unemployed, and unemployment is 5.2%. During the 1990s inflation 3-4% per year, in 2000-01 – 4.1%.
The main component of the GNP is the service sector – 67.2%. Industry provides 30.9% of GNP, of which 25.3% is accounted for by the manufacturing industry. Most of the population is employed in the manufacturing industry – 27.6%, in trade, food and services – 43.5% of the employed population.
According to cheeroutdoor, the most developed industries are electronic, textile, chemical, food, shipbuilding, oil. The information technology industry is developing especially rapidly – the production of computers, software and components for them. In the production of high-tech products, Taiwan ranks 4th in the world, behind only the United States, Japan and China. In 2002, 14.92 million computers were produced, in all positions – from laptops and scanners to monitors – Taiwan’s share in the world production of these products is 30-70%. The automotive industry is also developing rapidly. In 2002, Taiwan produced 330,000 passenger cars.
In agriculture (1.9% of GNP), the main crops are rice, wheat, sugarcane, tea, fruits, livestock breeding and fishing are developed. In 2000, 1.54 million tons of rice, 1.27 million tons of wheat, 178 thousand tons of corn, 20 thousand tons of tea, 2.89 million tons of sugar cane, 12 thousand tons of tobacco were harvested, 256.4 thousand tons were produced. aquatic products, 1.16 million tons of pork.
Taiwan is an important transportation hub in East Asia. The total length of railways is 4,600 km, and motor roads are 20,041 km. In 2001, 19.3 million tons of cargo were transported by rail, and 301.0 million tons by road, passengers were transported by rail – 476 million people, by road – 1091 million people. Major international airports are Chiang Kai-shek Airport in the suburbs of Taipei and in Kaohsiung. In 2001, 39 international and 6 domestic airlines operated at Taiwan’s airports. The largest seaports in Taiwan are Kaohsiung and Jilong. In addition, there are 4 more seaports – Suao, Taichung, Hualien and Anping. The total volume of cargo handled amounted to 181.7 million tons (2000). It serves 32.6 million passengers and 2.2 million cargo per year (2001). All means of communication are well developed in Taiwan. There are 12.84 million fixed telephone subscribers, 21.
Most of the trade turnover is related to foreign trade. However, internal trade is also of great importance for the island’s economy. In 2000 there were St. 1 million trade organizations – from large wholesalers to small family shops, including catering and service industries, with a total turnover of 25,843.6 billion tayv. Doll.
Tourism does not play a significant role in Taiwan’s economy. In total, 2.624 million people visit the island during the year. Most of the tourists are from Asia – 75.63%, then from North and South America – 15.6%.
The main direction of Taiwan’s economic and social policy in the beginning. 21st century is the Green Silicon Island program. President Chen Shui-bian, during his inauguration, proposed this program for Taiwan, the essence of which is to maintain a balance between economic development and environmental protection. The Executive Yuan adopted the “Green Silicon Island” program, which consists of three parts: 1) the development of the “knowledge economy”; 2) sustainable preservation of the environment; 3) a just society. This program has become the basis of economic policy for the next 10 years.
Taiwan has the Central Bank of China, which implements monetary policy throughout the island, and many different commercial banks that serve the credit needs of industries, enterprises, and regions. In 2001, the cash supply in circulation was 4,429.1 billion Tai. dollars, debt obligations – 21,939.2 billion, reserve fund – 1,583.4 billion, deposits – 19,308.7 billion, loans and investments – 16,310.8 billion tayv. The central government and local authorities issued bonds totaling 457 billion tayv. There is also a stock exchange in Taiwan, on which 584 companies were registered in 2001, its turnover amounted to 18,355 billion tayv. dollars with a sharp drop in comparison with 2000 as the volume of trading almost doubled, and the index “Taix” more than 1.5 times.
Over the past years, after the Asian financial crisis, there was either a slight surplus or a slight deficit of the government budget, but in 2000 (billion Tayv. dollars): revenues amounted to 2784.9, expenditures 3140.9, deficit 356.0. Most of the budget revenues are collected from taxes on various transactions – 70.0%. The expenditure side of the budget is dominated by operating expenses – 83.2%, where most of the expenses go to social insurance, education, healthcare, economic development, defense and management expenses.
In 2002, the average wage in industry was $1,145 per month and in services $1,308. For every 100 households, there were 99.45 color televisions, 79.46 air conditioners, 95.36 washing machines, 98.04 telephones, 55.58 cars, and 46.49 computers. 21.9 million people used the health insurance system. (almost all the inhabitants of the island), the education insurance system – 630 thousand people, labor insurance – 7.92 million people, peasant insurance – 1.78 million people.
In 2002, the volume of foreign trade (billion US dollars) – 243.2 (dramatically decreased compared to 2000 – 288 billion US dollars), exports – 130.6, imports – 112.6. Main import partners: Japan (24.1%), USA (17.0%) Malaysia, Germany, Philippines and Australia. Main export partners: USA (22.4%), Hong Kong (21.9%), Japan (10.4%). The total investment in Taiwan was US$7.6 billion, which came from the Virgin and Cayman Islands in Central America, the US, Singapore, Japan and the UK. The total amount of investments from Taiwan amounted to 5.08 billion US dollars, of which most of them went to the Virgin and Cayman Islands, the United States, other countries of the Americas, Japan and Singapore (2000).