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Taipei needs to expand its trade targets: US study

A new US study on Taiwan’s economy cautions that gains from current trade and investment talks with China may be limited and that Taipei needs to concentrate on internal economic restructuring and the cultivation “of new and dynamic foreign relationships beyond the straits.”

Written by Derek Scissors, a research fellow in Asia Economic Policy at the Heritage Foundation, the study says Taiwan should reform corporate taxation and the “sheltered” domestic service sector.

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Chen denies flying money overseas

Former president Chen Shui-bian’s (陳水扁) office yesterday issued a statement denying allegations that Chen had taken advantage of his overseas trips to transport cash abroad.

The statement came in response to a story published by the Chinese-language China Times yesterday that quoted Palauan President Johnson Toribiong as saying that an unidentified wire of NT$1.4 billion (US$40 million) was routed through Palau’s Pacific Savings Bank in 2005 to the US and other countries.

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Newsflash

The Internet community in Taiwan rallied yesterday to help people affected by the devastating flooding brought by Typhoon Morakot.

“I can’t do much, but I’ve ordered 10 cases [of bottled water] and sent them to disaster-hit areas in the south,” a Plurker identified as Philip0721 wrote on the Plurk Web platform late on Saturday night. “Each one of us, let’s all order 10 cases of bottled water for the south.”