Amid scathing criticism from oppositon and ruling party lawmakers regarding Christine Tsung's (宗才怡) competancy and calls for her resignation after only a month on the job, it goes without saying that newly appointed economics minister needs to ante up now and demonstrate whether or not she's capable of the task.
Tsung's remarkably poor performance before lawmakers during her first appearance at the Legislative Yuan earlier this week -- and her continuing failure to clearly explain the details of how she intends to make the economy "take off" within two years -- aren't inspiring much confidence in a nation that has endured a slowing economy for over a year.
PHOTO: CHIANG YING-YING, TAIPEI TIMES
Further clouding hopes that Tsung will rise to the task is her dearth of experience in participating in Taiwan's economic affairs on a national level, coupled with the political overtones behind her appointment by the DPP.
However, former economics minister and now Vice Premier Lin Hsin-yi (
"The ministry must manage industry, trade, investment, small and medium-sized enterprises, water, electricity, oil and gas and land development ... With such a wide scope of responsibility, to absorb all of this within, month is extremely difficult," Lin told lawmakers yesterday.
"Minister Tsung hasn't yet had time to learn all of the details of the ministry's briefs ... to be fair we should give her more time to understand Taiwan's economic situation."
Premier Yu Shyi-kun told law-makers earlier this week that Tsung might need between three and four months to get a handle on the job, helping to quiet some of the DPP voices that have called for Tsung's resignation.
Wang Tuoh (
Despite being named late last year as the world's 10th most powerful woman in international business by Fortune magazine and as a person to watch this year by the same publication in January, Tsung until now has had no experience in managing national economic affairs.
Having lived in the US for the better part of three decades, Tsung served as the finance director from 1982 to 1995 for the small city of Poway in California. She also served as president of China Airlines Co (
Although she is a close friend of President Chen Shui-bian (陳水扁), Tseng denied reports that she and her husband, head of the First Commercial Bank (第一銀行) Jerome Chen (陳建隆) contributed funds to Chen's presidential campaign.
But according to Hsu Chen-ming (
"Small, local financial problems have nothing to do with regional economic development or foreign trade and foreign investment problems ... it's totally different," he said.
Hsu doubts that even after three months Tsung will have proven she is up to the task. "She is not qualified for this job," Hsu said. "Tsung has had no experience with public administration on a national scale and she has remained abroad for a long time. I doubt that she is at all familiar with the function of the economics ministry."
Others say Tsung should be given a chance.
"Minister Tsung should be given the benefit of the doubt. She should be given a fair go," said Richard Henson, president of the American Chamber of Commerce in Taipei.
"Taiwan is facing very, very tough economic challenges, and to tear down a minister rather than support [her on] the difficult road ahead is the wrong way to go," he said.
Pointing out that with Taiwan's economy is only beginning to show signs of a recovery, Hsu said that the timing of placing a questionable candidate as the head of the ministry was a poor decision.
"The economy is not so good at this moment and we need a strong minister to handle such problems," Hsu said. "Tsung has no plan, she does not know how to handle the economy or how to reach her goals of an economic growth rate of 3.5 percent," he said.
At least one foreign business leader, who declined to be named, appeared to agree.
"There is a reason she's taking a lambasting in the press," he said. "The foreign business community has a tremendous sense of urgency in fixing the problems of the economy. We don't feel the government has that same sense of urgency.
"Business does not work by political schedules. Taiwan's national security rests on its economic strength. The economics ministry portfolio is the gem in the crown of the government ministries. You need very strong leadership coming from there," he said.
While Tsung reportedly spent a break during harsh legislative interpellation crying in the ladies room - not exactly a picture of strong leadership - it would seem unfair to be too quick in calling for her to exit the stage.
Opposition lawmakers afterall can be an ornery bunch to the uninitiated and lack of poise under fire doesn't necessarily mean an individual is devoid of the more refined strategem.
However, if Tsung can't produce the goods sometime in the near future then calls for this eventuality are only going to grow, on both sides of the political fence.
The US dollar was trading at NT$29.7 at 10am today on the Taipei Foreign Exchange, as the New Taiwan dollar gained NT$1.364 from the previous close last week. The NT dollar continued to rise today, after surging 3.07 percent on Friday. After opening at NT$30.91, the NT dollar gained more than NT$1 in just 15 minutes, briefly passing the NT$30 mark. Before the US Department of the Treasury's semi-annual currency report came out, expectations that the NT dollar would keep rising were already building. The NT dollar on Friday closed at NT$31.064, up by NT$0.953 — a 3.07 percent single-day gain. Today,
‘SHORT TERM’: The local currency would likely remain strong in the near term, driven by anticipated US trade pressure, capital inflows and expectations of a US Fed rate cut The US dollar is expected to fall below NT$30 in the near term, as traders anticipate increased pressure from Washington for Taiwan to allow the New Taiwan dollar to appreciate, Cathay United Bank (國泰世華銀行) chief economist Lin Chi-chao (林啟超) said. Following a sharp drop in the greenback against the NT dollar on Friday, Lin told the Central News Agency that the local currency is likely to remain strong in the short term, driven in part by market psychology surrounding anticipated US policy pressure. On Friday, the US dollar fell NT$0.953, or 3.07 percent, closing at NT$31.064 — its lowest level since Jan.
The New Taiwan dollar and Taiwanese stocks surged on signs that trade tensions between the world’s top two economies might start easing and as US tech earnings boosted the outlook of the nation’s semiconductor exports. The NT dollar strengthened as much as 3.8 percent versus the US dollar to 30.815, the biggest intraday gain since January 2011, closing at NT$31.064. The benchmark TAIEX jumped 2.73 percent to outperform the region’s equity gauges. Outlook for global trade improved after China said it is assessing possible trade talks with the US, providing a boost for the nation’s currency and shares. As the NT dollar
The Financial Supervisory Commission (FSC) yesterday met with some of the nation’s largest insurance companies as a skyrocketing New Taiwan dollar piles pressure on their hundreds of billions of dollars in US bond investments. The commission has asked some life insurance firms, among the biggest Asian holders of US debt, to discuss how the rapidly strengthening NT dollar has impacted their operations, people familiar with the matter said. The meeting took place as the NT dollar jumped as much as 5 percent yesterday, its biggest intraday gain in more than three decades. The local currency surged as exporters rushed to
RSS