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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

An overseas Taiwanese association is seeking public support after it was denied access to a cultural festival set to be held in September in Lyon, France, because of pressure from China.

The Association Culturelle des Taiwanais de Lyon (ACTL), which promotes Taiwan globally, said that the organizer of the Fete des Bannieres du Monde — the festival of world banners — denied its application to participate after Chinese participants threatened to withdraw if Taiwan was allowed entry.

ACTL chairwoman Yang Pei-yu (楊佩瑜) said she was surprised to learn about the rejection, as the event is perceived to have nothing to do with politics.