The Cabinet was censured in a report by the Control Yuan yesterday for its failure to effectively manage China-bound investment and to respond to the exodus of industry across the Taiwan Strait.
The Cabinet's negligence was said to have led to national economic recession and increasing unemployment.
The Control Yuan also criticized the government for its lack of effective measures to deal with companies which export their capital to China, do not repatriate their profits and leave nothing in Taiwan but debts.
"The Cabinet and its subordinate agencies can't shake off blame for this situation," said Lee Shen-yi (
Lee, along with his colleagues Chao Ron-yaw (
According to the report's findings, by the end of July this year 25,033 applications to invest in China, totalling US$22.1 billion, had been approved by the investment review committee under the Ministry of Economic Affairs.
This amounted to around 40 percent of Taiwan's total foreign investments.
In addition, according to figures from the Ministry of Finance, by the end of March this year, among 975 listed companies in Taiwan, 490 of them had invested in China, with an accumulated outflow of NT$197.7 billion.
Only NT$2.34 billion has been remitted back to Taiwan, and only 27 companies have made such remittances.
This means that only 1.18 percent of the total capital outflow has been repatriated.
"The rate of remittance is too low. And this could be one reason for the hollowing out of industry in Taiwan," said Lin.
Lin added that while regulations concerning investments are clear and punishments specified, prosecutions for breaking the regulations and investing illegally were seldom launched.
"The Cabinet apparently has not carried out its policies and has no effective measures to deal with the matter," Chao said.
The Thai government on Friday announced that Taiwanese would be allowed to stay in the country for up to 60 days per entry, under the Southeast Asian country’s visa-free program starting from today. Taiwan is among 93 countries included in the Thai visa-waiver program, which has been expanded from 57 countries, with the visa-exempt entry extended from 30 to 60 days. After taking office last year, Thai Prime Minister Srettha Thavisin has vowed to grant more visa waivers to foreign travelers as part of efforts to stimulate tourism. The expanded visa-waiver program was on Friday signed by Thai Minister of the Interior Anutin
BAIL APPEALS: The former vice premier was ordered to be held incommunicado despite twice being granted bail and paying a total of NT$12 million in bond The Taoyuan District Court yesterday ordered the detention of former vice premier Cheng Wen-tsan (鄭文燦), who is being investigated for alleged corruption while serving as Taoyuan mayor from December 2014 to December 2022, and that he be held incommunicado. The court made the ruling during a bail hearing after prosecutors appealed its bail ruling twice. Cheng on Saturday was released after posting bail of NT$5 million (US$153,818). However, after prosecutors lodged an appeal, the High Court on Monday revoked the original ruling and ordered the Taoyuan District Court to hold another bail hearing. On Tuesday, the district court granted bail to Cheng a second
PEACE AND SECURITY: China’s military ambitions present ‘the greatest strategic challenge to Japan and the world, Japan’s annual defense white paper said yesterday Japan yesterday warned that China risked escalating tensions with Taiwan with an increase in military exercises that appeared aimed in part at readying Beijing’s forces for a possible invasion. Japan’s annual assessment of security threats, including those posed by China, North Korea and Russia, comes as Taiwan closely monitors Chinese People’s Liberation Army air and sea exercises, including one with the Shandong aircraft carrier in the Pacific Ocean. The drills are the latest in a series including maneuvers in the Taiwan Strait last year that a senior US general said would be key to any invasion. “Because of that increase in military activity,
HAN KUANG: The exercises, which are to run from July 22 to 26, will feature unscripted war games and a decentralized command and control structure, military officers said The armed forces would for the first time test new rules of engagement (ROE) at this month’s annual Han Kuang exercises, the Ministry of National Defense (MND) said yesterday. The exercises, which are to run from July 22 to 26, will feature unscripted war games, and a decentralized command and control structure, military officers told a news conference in Taipei. ROE cards would be issued to select combat troops to test their ability to function without tight control, they said. The most recent edition of the rules was published last year, they said. One of the cards’ two templates identifies enemy targets that soldiers