October 8, 2004
At the National Service Industry Development Industry Conference on Sept. 20, President Chen Shui-bian said the government plans to aggressively develop the service industry within four years, with the hopes of creating Taiwan's second "economic miracle."
At the meeting of over 1,200 business leaders, academics, and government officials, President Chen and Premier Yu Shyi-kun discussed the Executive Yuan's Service Industry Development Program, which will guide and devise strategies for the development of Taiwan's service industry.
In addition to the creation of the Financial Services Law, the program calls for the revision of 31 laws and regulations to facilitate service industry development. Laws slated for revision include the Income Tax Law, the Merger and Acquisition Act, the International Financial Services Statute, and the Securities and Exchange Act.
Hsieh Fa-da, vice-chairman of the Council for Economic Planning and Development (CEPD), noted that Taiwan, in addition to revising existing laws, must also face the challenge of bringing its service industry to international standards, training personnel and increasing capital flows.
The Executive Yuan program aims to raise the service industry's share of
GDP from last year's figure of 63.5% in 2003 to 67% by 2008, and to raise the percentage of service industry employees from 57.9% in 2003 to 60%.
(Central News Agency, United Daily News)
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