For­mer fi­nance min­is­ter named Tai­wan's Premier

The Pak Banker - - MARKETS/SPORTS -

Tai­wanese Pres­i­dent-elect Tsai Ing­wen named for­mer Fi­nance Min­is­ter Lin Chuan as premier as she pre­pares to take power in May and im­ple­ment plans to re­vive the is­land's slow­ing econ­omy.

Lin, 64, who led the Min­istry of Fi­nance from 2002 to 2006, drafted eco­nomic pro­pos­als that helped pro­pel Tsai's Demo­cratic Pro­gres­sive Party to a land­slide elec­tion vic­tory over the rul­ing Kuom­intang in Jan­uary. Tsai has pledged to boost Tai­wan's econ­omy by fo­cus­ing on five ar­eas: biotech­nol­ogy, green tech­nol­ogy, na­tional de­fense, smart ma­chin­ery and the In­ter­net of Things.

"I chose Lin be­cause we share the con­cept of govern­ment gov­er­nance," Tsai said at a briefing at the DPP head­quar­ters in Taipei on Tues­day to an­nounce the ap­point­ment. "Lin's pre­vi­ous per­for­mance re­ceived a pos­i­tive re­sponse."

The choice of Lin -- an eco­nom­ics pro­fes­sor at Na­tional Tai­wan Univer­sity - - sig­nals that Tsai in­tends to fo­cus on boost­ing an econ­omy that has stalled amid a broader slow­down on main­land China, the is­land's largest ex­port desti­na­tion. The govern­ment in Fe­bru­ary low­ered its growth fore­cast for the year to less than 1.5 per­cent, com­pared with an ear­lier pro­jec­tion of more than 2.3 per­cent.

Lin's cab­i­net would be a re­form cab­i­net rather than an econ­omy-and-fi­nance cab­i­net and would fo­cus on com­mu­ni­cat­ing poli­cies, Tsai said.

As fi­nance min­is­ter un­der Pres­i­dent Chen Shui-bian, the last DPP pres­i­dent, Lin won leg­isla­tive ap­proval for an al­ter­na­tive min­i­mum tax on cer­tain high­in­come earn­ers. He holds a doc­tor­ate in eco­nom­ics from the Univer­sity of Illinois and led the sta­tis­tics bureau from 2000 to 2002. He's ex­ec­u­tive di­rec­tor of the New Fron­tier Foun­da­tion, a DPP-af­fil­i­ated re­search in­sti­tu­tion, and serves as an in­de­pen­dent di­rec­tor on Pe­ga­tron Corp.'s board.

The DPP's Jan­uary 16 elec­tion vic­tory gave the party con­trol of both the pres­i­dency and the Leg­isla­tive Yuan for the first time. Lin will take over af­ter May 20, when Tsai is slated to be sworn in as the suc­ces­sor to Pres­i­dent Ma Ying-jeou, of the KMT.

In­tro­duced by Tsai at a news con­fer­ence Tues­day, Lin Chuan said his would not be just an "eco­nom­ics and fi­nance Cab­i­net," since chal­lenges come from all sides. Lin and Tsai will take of­fice on May 20. China has re­sponded skep­ti­cally to Tsai's Jan­uary land­slide elec­tion that also saw her in­de­pen­dence-lean­ing Demo­cratic Pro­gres­sive Party gain a de­ci­sive par­lia­men­tary ma­jor­ity.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.