Taiwan is an island nation located off the coast of southwest of Okinawa, Japan and north of the Philippines that is governed by the Republic of China since 1945. Shaped roughly like a sweet potato, the island nation has more than 23 million people and is one of the most densely populated places in the world. Besides its crowded cities, Taiwan is also known for steep mountains and lush forests. ROC also has de facto control over the tiny Pescadores (Penghu), Quemoy (Kinmen/Jinmen), and Matsu. Taiwan has some very impressive scenic sites and its capital, Taipei, is a vibrant culture and entertainment hub.
Taiwanese cuisine is highly regarded with the Japanese, in particular, taking short trips to enjoy its relatively cheaper hospitality. Lately, with the relaxation of restrictions, there are increasing numbers of mainland Chinese visiting, and Taiwan is perhaps the most favorite destination for short holidays for Hong Kong residents. Taiwan has been populated for thousands of years by more than a dozen non-Han Chinese aboriginal tribes. Taiwan was originally populated by indigenous tribes that spoke a various Austronesian language. The climate of lowland Taiwan is marine tropical.
Once again, the transformation of Taiwan's economy cannot be understood without reference to the larger geopolitical framework. Although aid was cut back in the 1970s, it was crucial in the formative years, spurring industrialization and security and economic links were maintained. Uncertainty about the US commitment accelerated the country’s shift from subsidized import-substitution in the 1950s to export-led growth. Development of foreign trade and exports helped absorb excess labor from the decreased importance of agriculture in the economy. Like Korea, Taiwan moved from cheap, labor-intensive manufactures, such as textiles and toys, into an expansion of heavy industry and infrastructure in the 1970s, and then to advanced electronics in the subsequent decade. By the 1980s, the economy was becoming increasingly open and the government moved towards privatization of government enterprises. Technological development led to the establishment of the Hsinchu Science Park in 1981. Investments in mainland China spurred cross-strait trade, decreasing Taiwan's dependence on the United States market. From 1981–1995, the economy grew at an annual rate of 7.52%, and the service sector became the largest sector at 51.67%, surpassing the industrial sector and becoming a major source of the economy's growth.
|Agriculture||Rice, beatle nuts, fruits, vegetables, tea, flowers.|
|Manufacture||Electronics, petroleum, steel, vehicles, chemicals.|
|Services (Including financial)||63.2% (2016 estimate)|
|Bank of Taiwan||Bank|
|CPC Corporation||Oil & Gas|
|Phalanx Biotech.||Health care|
The Taiwan Stock Exchange Corporation (TWSE) is a financial institution, located in Taipei 101, in Taipei, Taiwan. The TWSE was established in 1961 and began operating as a stock exchange on 9 February 1962. It is regulated by the Financial Supervisory Commission. As of 31 December 2013, the Taiwan Stock Exchange had 809 listed companies with a combined market capitalization of NT$ 24,519,622 million.
The exchange broadcasts before-hour information from 7:40 to 8:40. Then it has normal trading sessions from 09:00 to 13:45 and fixed price post-market sessions from 14:00 to 15:00 on all days of the week except Saturdays, Sundays and holidays declared by the exchange in advance. The current chairman of the TWSE is Shih Jun-ji. The President is Lee Chi-hsien.
Taiwan has recovered quickly from the global financial crisis of 2007–2010, and its economy has been growing steadily. Its economy faced a downturn in 2009 due to a heavy reliance on exports which in turn made it vulnerable to world markets. Unemployment reached levels not seen since 2003, and the economy fell 8.36% in the fourth quarter of 2008. In response, the government launched a US$5.6 billion economic stimulus package (3% of its GDP), provided financial incentives for businesses, and introduced tax breaks. The stimulus package focused on infrastructure development, small and medium-sized businesses, tax breaks for new investments, and low-income households. Boosting shipments to new overseas markets, such as Russia, Brazil, and the Middle East was also a main goal of the stimulus. The economy has since slowly recovered; by November 2010, Taiwan's unemployment rate had fallen to a two-year low of 4.73% and continued dropping to a 40-month low of 4.18% by the end of 2011. The average salary has also been rising steadily for each month in 2010, up 1.92% from the same period in 2009. Industrial output for November 2010 reached another high, up 19.37% from a year earlier, indicating strong exports and a growing local economy. Private consumption is also increasing, with retail sales up 6.4% compared to 2009. After 10.5% economic growth in 2010, the World Bank expected growth to continue and reach 5% for 2011.
The history of Taiwan dates back tens of thousands of years to the earliest known evidence of human habitation. The sudden appearance of a culture based on agriculture around 3000 BC is believed to reflect the arrival of the ancestors of today's Taiwanese aborigines. The island was colonized by the Dutch in the 17th century, followed by an influx of Han Chinese including Hakka immigrants from the Fujian and Guangdong areas of China, across the Taiwan Strait. The Spanish built a settlement in the north for a brief period but were driven out by the Dutch in 1642.
In 1662, Koxinga, a loyalist of the Ming dynasty who had lost control of mainland China in 1644, defeated the Dutch and established a base of operations on the island. His forces were defeated by the Qing dynasty in 1683, and parts of Taiwan became increasingly integrated into the Qing Empire. Following the First Sino-Japanese War in 1895, the Qing ceded the island, along with Penghu, to the Empire of Japan. Taiwan produced rice and sugar to be exported to the Empire of Japan, and also served as a base for the Japanese invasion of Southeast Asia and the Pacific during World War II. Japanese imperial education was implemented in Taiwan and many Taiwanese also fought for Japan during the war.
In 1945, following the end of World War II, the Republic of China (ROC), led by the Kuomintang (KMT), took control of Taiwan. In 1949, after losing control of mainland China in the Chinese Civil War, the ROC government under the KMT withdrew to Taiwan and Chiang Kai-shek declared martial law. The KMT ruled Taiwan (along with Kinmen, Wuqiu and the Matsu Islands on the opposite side of the Taiwan Strait) as a single-party state for forty years, until democratic reforms in the 1980s, which led to the first-ever direct presidential election in 1996. During the post-war period, Taiwan experienced rapid industrialization and economic growth, and was known as one of the "Four Asian Tigers".
The currency of Tawain from 1895 to 1946 was Taiwanese yen. It on a par with and circulated alongside the Japanese yen. In 1895, as a result of the First Sino-Japanese War, Qing China ceded Taiwan to Japan in the Treaty of Shimonoseki. The Japanese yen then became the currency of Taiwan, with distinct banknotes denominated in yen issued by the Bank of Taiwan from 1898. Only banknotes and stamp currency were issued. In 1945, after Japan was defeated in World War II, the Republic of China assumed the administration of Taiwan, took over the Bank of Taiwan within a year and introduced the Old Taiwan dollar, which replaced the yen at par. Taiwan was under Japanese rule from 1895 to 1945 and the colonial government of Taiwan issued the Taiwan yen during this period through the Bank of Taiwan. In 1945, after the Japanese Empire was defeated in World War II, the Republic of China assumed control of Taiwan. Within a year, the Nationalist government assumed control of the Bank of Taiwan and issued Taiwan dollars (also known as Taiwan Nationalist yuan or TWN) as a “provisional” replacement for the Taiwan yen at the rate of one to one. The new banknotes were initially printed in Shanghai and were shipped to Taipei. After the Nationalists consolidated their control over Taiwan the banknotes were printed in Taipei. The currency was not subdivided, and no coins were issued. Due to the Chinese Civil War in the late 1940s, Taiwan, suffered hyperinflation.
As inflation worsened, the government issued banknotes at higher and higher denominations, up to one million yuan. Because the inflation of the Old Taiwan dollar was only a side effect of the inflation of the Chinese yuan of mainland China, it depreciated at a slower rate than the currency used on the mainland. The Old Taiwan dollar was replaced by the New Taiwan dollar on June 15, 1949, at the rate of 1 new dollar to 40,000 old dollars. The Nationalists were defeated by the Communists in the same year and retreated to Taiwan. After retreating to Taiwan, the Nationalist government was able to manage the currency’s inflation, and the severe inflation that had characterized Chinese currencies in the late 1940s ended. The Old Taiwan dollar was used from 1946 to 1949. The New Taiwan dollar was first issued by the Bank of Taiwan on June 15, 1949. The first goal of the New Taiwan dollar was to end the hyperinflation that had plagued Nationalist China. China’s gold reserve was moved to Taiwan in February.
Even though the New Taiwan dollar was the actual currency of Taiwan, for years the silver yuan remained the legal currency. The value of the silver yuan was decoupled from the value of silver during World War II. Many older statutes have fines and fees given in this currency. According to statute, three New Taiwan dollars is worth one silver yuan. Despite decades of inflation, this ratio has not been adjusted. This made the silver yuan a purely notational currency long ago, nearly impossible to buy, sell, or use. In July 2000, the New Taiwan dollar became Taiwan’s legal currency. It is no longer secondary to the silver yuan. At this time, the central bank began issuing New Taiwan dollar banknotes, and the notes issued earlier by the Bank of Taiwan were taken out of circulation.
|National Song||"Zhōnghuá Mínguó Guógē"|
|Currency||New Taiwan dollar (TWD)|
|Languages||Standard Chinese or Mandarin|
|GDP||1132.142 Billion USD|
|GDP Growth Rate||0.7 Percent|
|GDP Per Capita||$48094.787 (PPP)|
< 1.0% Muslims
< 1.0% Hindus
< 1.0% Jews
16.2% Other Religions
Taiwanese (Including Hakka) 84%
Mainland Chinese 14%
President - Tsai Ing-wen
Vice President - Chen Chien-jen
|Website||Go to the web|
|Public Debt||35.367 Percent|
|Unemployment Rate||3.962 Percent|
|Labor Force (Occupation)||-|