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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 new Shanghai Ruidong Hospital, recently bought out by a Taiwanese company headed by Chinese Nationalist Party (KMT) heavyweight Hsu Li-teh (徐立德), was inaugurated on Thursday as an institution providing upscale medical care mainly to China-based Taiwanese businesspeople and their families.

The hospital, formerly the Pudong branch of the Shanghai Ruijin Hospital, an affiliate of the Jiao Tong University School of Medicine, is the first Taiwanese-financed hospital in the Shanghai area to obtain a business license from Chinese authorities.