Economy of Taiwan
The economy of Taiwan is a capitalist one and the government authorities have made it a concern of the entire country. The newest trend that the government of Taiwan is following is that the big government owned banks are slowly being privatized. Not only are the banks, even the industrial firms being given to the privates sectors to make an increase upon the economy of the country. Exports have boosted the source of industrialization and the trade in Taiwan is surplus. It ranks third in the world in terms of Foreign Reserves. China has already overtaken the USA for becoming the islands largest export market and in the year 2006, it was the second largest importer just after Japan. Taiwan’s only destination for the foreign direct investments is China. The performance in trade of Taiwan was excellent in the year 2006 and as a result the GDP was above 4% that year. The unemployment is below 4% hence paving through the paths of good economy. Some of the agricultural products of Taiwan are rice, fruits, tea, beef, milk and many more. Some of the industries set here are that of petroleum, armaments, chemicals, textiles, iron and steel, vehicles and many more. Politics in Taiwan
In the year 1912, Dr. Sun Yat-sen had founded the Republic of China and had made it a sovereign state. The constitution thus is dependent on the three principles of Dr. Sun Yat-sen of Nationalism, Democracy and People’s Livelihood. This constitution guarantees freedom of speech, travel, residence, assembly, religion, association and confidential communication. There are three levels of government in Republic of China where the central level consists of the five Yuan, the National Assembly and the Presidential functions. During the month of September 2003, almost 102 political parties among which the major five are the Democratic Progressive Party, Kuomintang that is often called the Nationalist Party, the New Party, the Taiwan Solidarity Union and the People First Party.
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