NDC to publish short-term economic rescue plan today
The National Development Council (NDC, ) is scheduled to present a short-term economic stimulus plan today at the Executive Yuan.
In contrast with a long-term economic plan, these measures are aimed at creating immediately results in a slowing economy that saw its sixth straight week of exports contraction in July.
The rapid-action measures include expanding the quota on Chinese tourists to 1,000 entries a day and temporarily relaxing visa requirements for tourists from elsewhere to boost revenue, an NDC official told the United Evening News.
The NDC reports on the state of the economy to the Executive Yuan every quarter.
Today the NDC is expected to report on a package of rapid-action stimulus measures in response to the protracted weakening economic growth.
Last Friday, the DirectorateGeneral of Budget, Accounting and Statistics (DGBAS,) cut its forecast for GDP growth for 2015 by more than half, from the 3.38 percent projected in May to 1.56 percent.
The lowered growth forecast is due mainly to months of disappointing export performance amid a cooling global demand and the crowding
of Taiwan’s effect of China’s red supply chain, according to the DGBAS.
Earlier this summer, the Executive Yuan outlined an economic rescue plan for Taiwan that targets industrial upgrades, export expansion and investment promotion.
Today the NDC will present a list of measures from the Executive Yuan’s economic rescue plan that can be implemented within one year.