Taiwan | Presidential hopeful calls for more economic openness

Hung Hsiu-chu

Taiwan presidential candidate Hung Hsiu-chu urged expanded trade ties to re-energize the economy, as the ruling-­party lawmaker attempts to make up a deficit in the polls.
The island faced strong competition from emerging markets and needed to increase access to the economy, including easing restrictions on foreign workers, Hung, 67, told a Bloomberg LP forum in Taipei. Taiwan – led since 2008 by President Ma Ying-jeou, a member of her own Kuomintang – had let opportunities for growth slip by, she said.
Taiwan “didn’t grasp the essence of opening our markets and society’s opposition to it, and thus didn’t actually open up,” Hung told financial industry professionals gathered for the event. “International talent and funds couldn’t connect with Taiwan’s markets and caused us to miss out on many economic drivers.”
Hung’s attempting to trim a wide lead in the polls by opposition chief Tsai Ing-wen, 59, before January, when Taiwan will select its first new executive in eight years. While Ma has overseen a flourishing of ties with Taiwan’s one-time civil war foe China, his handling of the economy and a series of scandals has battered the KMT’s popularity.
Hung, the vice president of the Taiwanese legislature, was selected as the ruling party’s nominee in July after Tsai’s Democratic Progressive Party won big in local elections and other leading KMT politicians declined a presidential run.
With four months until the elections, Hung trails Tsai 28.5 percent to 44.2 percent, according to a poll of almost 1,300 respondents released Wednesday by the Apple Daily newspaper. Ex-Taiwan provincial Governor James Soong, a former KMT member, received support from 14.6 percent.
The next president will face the challenge of energizing the economy at a time of slowing growth in China, which now represents almost one-third of Taiwan’s overseas commerce. The government last month slashed its annual growth forecast to 1.56 percent from 3.28 percent after seven consecutive months of declining exports.
Hung supports participation in international trade alliances such as the Trans-Pacific Partnership and further expansion of ties with China, including ratifying a services trade pact put on hold by Ma last year after student protesters occupied the island’s parliament. She pledged in August to advance more agreements under an economic cooperation framework reached by Ma.
“Openness will bring competition, while competition is a source of change and progress,” Hung said. “Openness will cause a huge impact on minorities and labor, so will meet confrontation. Therefore, we must not forget to protect minorities and require fair competition between local and global companies.” Debra Mao and Argin Chang, Bloomberg