Minister of Finance Lin Chuan (
Lin said he "does not want to" retain his post even if the new premier wants him to stay.
"I need to take a rest after serving in a public post for more than five years. I think this is a good time to make this decision, allowing my successor sufficient time to accomplish the task," Lin told reporters.
Resuming his university teaching job is just one of the options he is considering, he said.
Lin, 54, became head of the Directorate-General of Budget, Accounting and Statistics in May 2000 after President Chen Shui-bian (
Seen as one of the core members of Chen's team, Lin was chief of the Taipei City Government's finance bureau when Chen served as Taipei mayor from 1994 to 1998.
Lin said that he has not yet reported his decision to Chen.
Asked whether he might take up the post of vice premier if such an offer is made, Lin said that if he did that, then he would be severely criticized.
Chen is scheduled to announce the appointment of former Democratic Progressive Party chairman Su Tseng-chang (
Having suffered from sciatica for at least a year, Lin said now he just wants to live a normal life, as serving as a government official is not normality.
His decision should take many by surprise as he has been rumored to be an ideal candidate for the post of vice premier because of his achievements in government. Lin's retirement would pose a problem for the new premier, as the Chen government is short of financial experts, especially those with a taxation background.
Over the past three years, Lin has successfully pushed forward the alternative minimum tax (AMT) scheme, the nation's first tax hike in nearly four decades. He has also helped the government carry out financial reform, halving the number of state-run banks to six last year.
HANDOVER POLICY: Approving the probe means that the new US administration of Donald Trump is likely to have the option to impose trade restrictions on China US President Joe Biden’s administration is set to initiate a trade investigation into Chinese semiconductors in the coming days as part of a push to reduce reliance on a technology that US officials believe poses national security risks. The probe could result in tariffs or other measures to restrict imports on older-model semiconductors and the products containing them, including medical devices, vehicles, smartphones and weaponry, people familiar with the matter said. The investigation examining so-called foundational chips could take months to conclude, meaning that any reaction to the findings would be left to the discretion of US president-elect Donald Trump’s incoming team. Biden
INVESTMENT: Jun Seki, chief strategy officer for Hon Hai’s EV arm, and his team are currently in talks in France with Renault, Nissan’s 36 percent shareholder Hon Hai Precision Industry Co (鴻海精密), the iPhone maker known as Foxconn Technology Group (富士康科技集團) internationally, is in talks with Nissan Motor Co’s biggest shareholder Renault SA about its willingness to sell its shares in the Japanese automaker, the Central News Agency (CNA) said, citing people it did not identify. Nissan and fellow Japanese automaker, Honda Motor Co, are exploring a merger that would create a rival to Toyota Motor Corp in Japan and better position the combined company to face competitive challenges around the world, people familiar with the matter said on Wednesday. However, one potential spanner in the works is
HON HAI LURKS: The ‘Nikkei’ reported that Foxconn’s interest in Nissan accelerated the Honda-merger effort out of fears it might be taken over by the Taiwanese firm Nissan Motor Co has become the latest buyout target in Japan as it explores a merger with Honda Motor Co and faces an overture from Hon Hai Precision Industry Co (鴻海精密), known as Foxconn Technology Group (富士康科技集團) internationally. Shares in Nissan yesterday jumped 24 percent, the most on record, to hit the daily limit, after the two Japanese automakers acknowledged that talks are ongoing to better position themselves for competitive challenges during a time of upheaval in the global auto industry. Foxconn — a Taipei-based manufacturer of iPhones, which has been investing heavily in factories to build electric vehicles — has also
CHIP SUBSIDY: The US funding would help alleviate the financial pressure from building two fabs in the US and should lift gross margins in 2026, the company said GlobalWafers Co (環球晶圓), the world’s third-largest silicon wafer supplier, yesterday said it is to receive US$406 million in subsidies from the US Department of Commerce for two new US fabs under the CHIPS and Science Act, with the first batch of the funds likely coming next year. The grant represents 10 percent of the planned investments of US$4 billion in advanced semiconductor wafer manufacturing facilities in Texas and Missouri, GlobalWafers said. The commerce department is to disburse the funds based on the completion of project milestones over a multiyear timeframe, the company said. Along with the tax credit, which is equal to
RSS