US President Joe Biden on Friday signed into law a sweeping US$1.5 trillion spending bill, which includes a ban on the use of any maps by the US Department of State and its foreign operations that “inaccurately” depict Taiwan as part of China.
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Taipei City and the four special municipalities that came into being on Saturday could turn into a disaster for the central and local governments if underlying financial problems are not properly addressed, experts told a forum on the financial aspects of the five megacities yesterday. Peng Pai-hsien (彭百顯), a professor of finance at Kainan University, told a panel organized by the Taiwan Brain Trust think tank in Taipei that the five special municipalities face an immediate shortfall of NT$718.5 billion (US$24.27 billion) — which would climb to NT$803.4 billion if potential debt were counted — while the central government was faring no better, with a potential debt of NT$21 trillion. |