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Taiwanese
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Taiwan economy |
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★ home TW OP tour hospitals restaurants night-markets love personality women speech corruption rotten Taiwan mental-control privacy fraud judiciary police net-army univ foreign-labor death penalty prosecutors pres. Tsai president Lai happiness housing democracy diplomacy prostitutes massage soft power human-rights intl-Human rights judicial-persecution oppression trans-justice microwave-attacks larceny military drugs food buffet wealth culture US-cartoons US-designs Japan-comics Chn-creativity EXPO cartoons-WWII humor political-cartoons CovID fb music movies supermarket ★ |
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Taiwan |
Taiwan Economy |
economically, Taiwan is dependent on Beijing. tech. & science rely on the US |
● Business Insider (2024-10-7): Taiwan still depends heavily on China for trade. In the years that Tsai was president, the island sent up to 43.9% of its annual exports to the mainland and Hong Kong. China even gave Taiwan tariff concessions for over a decade, though it's been shutting them down.
● Global Times (2024-12-5): There has indeed been a trend in recent years wherein the Taiwan economy has become increasingly reliant on the US. For instance, the island of Taiwan's export share to the US has been steadily increasing, making the US one of the island's key trading partners. In October, exports to the US jumped 20.5 percent to $8.65 billion. In the first 10 months of this year, the island's exports to the US have risen to 23.8 percent of total exports. The US actively promotes the revitalization of its own domestic manufacturing sector, leading to a growing likelihood that Taiwan's high-tech factories may gradually relocate to the US, and exacerbates the brain drain and industrial hollowing out of the island. globaltimes.cn/page/202412/1324448.shtml
● Credit Suisse, Research Institute, Global Wealth Report (July 2024)
| average wealth (USD) | Rank | median wealth | ||
| Swiss | 709,612 | 1 | Luxembourg | 371,258 |
| Luxembourg | 607,524 | 2 | Australia | 261,805 |
| Hong Kong | 582,000 | 3 | Belgium | 256,185 |
| USA | 563,862 | 4 | Hong Kong | 206,859 |
| Australia | 546,184 | 5 | New Zealand | 202,525 |
| Denmark | 448,802 | 6 | Denmark | 193,669 |
| New Zealand | 408,231 | 7 | Swiss | 171,035 |
| Singapore | 397,708 | 8 | UK | 163,515 |
| Norway | 382,575 | 9 | Norway | 152,233 |
| Canada | 375,800 | 10 | Canada | 142,587 |
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omitted |
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| Taiwan | 302,511 | 16 | Taiwan | 110,521 |
● Wall Street Journal, 2024-4-30: Taiwan's economy got off to a strong start this year, boosted by strong exports as global demand for electronics picks up, benefiting the producer of high-end chips. The research firm projects Taiwan's economic growth at 5.5% this year, well above consensus views. msn.com/en-us/money/other/taiwan-s-economic-growth-beats-expectations-in-strong-start-to-year/ar-AA1nV5vC
● Bloomberg, 2024-7-17: Donald Trump demands Taiwan pay US / “Taiwan took our chip business from us,” he told Bloomberg Businessweek. “I mean, how stupid are we? They took all of our chip business. They're immensely wealthy.”yahoo.com/news/taiwan-defends-actions-trump-demands-034505729.html
● National Interest, 2024-7-30 : China is Taiwan's largest trading partner.
● CSIS.org, 2024-1-19: Relative to other economies in the region and elsewhere, Taiwan’s economy has good fundamentals and fared relatively well. There is also concern about overdependence on economic ties with China. That said, there has been a relative decrease in dependence, partly as a result of Taiwan's New Southbound Policy and partly as a result of adaptations to growing U.S.-China tensions. Another broad concern is the composition of Taiwan's economy. Yet there are worries that the dominance of semiconductors leaves Taiwan putting its economic eggs in one basket while crowding out opportunities for other industries. However, the overall situation has remained steady. csis.org/analysis/taiwans-2024-elections-results-and-implications Brian HartScott Kennedy Jude Blanchette and Bonny Lin
● Washington Post, 2024-1-10: “Of course Taiwanese people care about the economy,” Lev Nachman said. “But you can't talk about the economy in Taiwan without also talking about how it will navigate economic growth vis-à-vis China, because so much of Taiwan's economy is still tied up with the People's Republic of China.” msn.com/en-us/news/world/taiwan-s-election-explained-what-s-at-stake-and-how-will-china-react/ar-AA1mKepf Lev Nachman - a political science scholar at National Chengchi University in Taipei, a former Taiwan Studies Postdoctoral Research Fellow at the Harvard Fairbank Center for China Studies
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No.2 "Taiwanese wealth" on Yandex, 2024-10-8, 2024-7-27; No.1 "Taiwanese wealth" on Yandex, 2023-11-21
No.1 "Taiwanese wealth" on Microsoft Bing, 2024-7-27
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● Lowy Institute Asia Power Index, 2023 Edition |
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| Taiwan | China | Japan | Korea | Singapore | |
| Economic capability | 8th, 13.0 | 2nd 87.0 | 3rd | 5th | 6th |
| Economic Relationships | 12th, 11.1 | 1st 98.3 | 3rd | 5th | 4th |
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Asia's
Comprehensive Power
rankings:
1.US
2.Chn 3.Japan
4.India 5. Rus 6. Aus 7. S. Korea 8.
Singapore
9.Indonesia 10.Thailand 11.Malaysia 12. Vietnam 13. NZ 14. Taiwan (ROC) |
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| power.lowyinstitute.org/countries/taiwan/ | |||||
● Country Reports on Human Rights Practices - Taiwan , 2024-4-22 state.gov/reports/2023-country-reports-on-human-rights-practices/taiwan/ :
n rights of strike / Large enterprises frequently made it difficult for employees to organize an enterprise union; they used methods such as blacklisting union organizers from promotion or relocating them to other divisions. These methods were most common in the technology sector. The right to strike remained highly restricted. Teachers, civil servants, and defense industry employees did not have the right to strike. Workers in industries such as utilities, hospital services, and telecommunication service providers were allowed to strike only if they maintained basic services during the strike. Authorities could prohibit, limit, or break up a strike during a disaster. Workers were allowed to strike only in “adjustment” disputes such as compensation and working schedules, and only after mediation.
n wage and overtime / Wage and overtime violations were most common in the manufacturing, domestic car, and fisheries sectors employing migrant laborers; however, white-collar workers also faced overtime violations. The most common violation was urging employees to accept extra leave time instead of overtime pay. Employers were subject to civil but not criminal charges when their employees were involved in fatal accidents due to unsafe working conditions.
●
TIME, 2023-11-20:
Taiwan is the world's 16th-largest trading economy, exchanging $907
billion in goods and services in 2022. It produces 90% of the
world's advanced semiconductor chips, which are vital for every
industry but especially to the artificial intelligence boom.
Growth in Taiwan for 2023 is projected to be
1.61%—its slowest pace in eight years. Beijing
only has to lift a ban on Chinese tourists to boost Taiwan's GDP by
over 1%, according to
Capital Economics.
● Forbes, 2024-5-29: The benchmark Taiex stock index was up by nearly a third since we last measured fortunes 14 months ago, boosting the combined wealth of Taiwan's 50 richest to $174 billion from $155 billion last year. No.1 Barry Lam $11.7B, No.2 Daniel Tsai Family $10.7B, No.2 Terry Gou $10.4B .forbes.com/lists/taiwan-billionaires/
● Fox News, 2024-1-6: The value of Taiwan-China trade in 2022 was worth some $205 billion, despite the DPP ("anti-China" party) being the ruling party. SCMP (Hong Kong), 2024-1-5: In the first nine months of 2023, mainland China accounted for 35.3 per cent of Taiwan's exports.
● At the end of 2022, Taiwan's per capita GDP amounted to $32,756 while Singapore's was $82,808, Japan and South Korea were at $33,815 and $32,255, respectively, according to the World Bank.
| ● |
Hong Kong |
Taiwan |
| Median wealth per adult (Credit Suisse, Research Institute, 2023 ) | US$ 202,410 (world No.3) | US$ 108,250 |
| Mean wealth per adult (Credit Suisse, Research Institute, 2023 ) | US$ 551,190 | US$ 273,790 |
| The average salary (Morgan McKinley, Business Insider, 2023) | HK$ 36,583 (about TWD147,204) | TWD 48,032 (plus overtime etc TWD 57,045) - storm.mg/lifestyle/4851897 |
| Median salary (UDN, 2023-12-14) | about TWD 84,000 | about TWD 43,000 |
| Market Capitalization (UDN, 2023-12-14) | more than double of Taiwan's | about USD 1.7 trillion |
● According to Credit Suisse, Research Institute (2023), Taiwanese' "Median wealth per adult", USD 108,250, is higher than Americans' USD107,740 (ubs.com/global/en/family-office-uhnw/reports/global-wealth-report-2023.html)
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tbl.: Median wealth per adult (USD), Mean wealth per
adult,
Credit
Suisse, Research Institute
(2023)
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●
WSWS.org, 2023-11-29:
low economic growth rates,
rising unemployment and social distress will also have a marked impact
(on presidential election). Taiwan entered recession in the first quarter
of 2023 as GDP contracted by 3.02 percent compared to the same period last year.
The economy is expected to grow by just 1.61 percent for the year.
Real estate speculation is fuelling a growing housing crisis. While
official unemployment figures remain relatively low overall, youth unemployment
for those between 20 and 24 is more than 11 percent.
wsws.org/en/articles/2023/11/29/cjie-n29.html
Peter Symonds
● United Daily (Taiwan, 聯合報), 2023-12-16: Taiwan's overall trade surplus in 20222 is US$51.9 billion, but its surplus with China (mainland) is as high as US$156.5 billion.
● ResponsibleStateCraft.org, 2023-7-3: Taiwan's total trade increased to $907 billion in 2022 from $508.4 billion in 2016. While 39 percent of Taiwanese exports went to China and Hong Kong last year, the value of Taipei’s exports to the United States jumped to $74.9 billion — $45 billion more than in 2016. responsiblestatecraft.org/2023/07/03/taiwan-boosts-economic-diplomacy-despite-chinese-pressure/
● Forbes, 2023-5-8: Like The United States, Taiwan Is making efforts to de-couple its economy from China's. It is Taiwanese business that is taking the lead, Taiwanese direct investment into China has plummeted some 81% from the equivalent of $9.0 billion in 2017 to under $1.7 billion last year. forbes.com/sites/miltonezrati/2023/05/08/like-the-united-states-taiwan-is-de-coupling-from-china/?sh=2b537deb62c0
● Brookings, 2023-4-17: Taiwan is the 21st largest economy in the world and the eighth largest trading partner of the United States. China accounts for around 23% of Taiwan's overall trade, whereas the United States is around 13%. brookings.edu/podcast-episode/how-serious-is-the-risk-of-war-over-taiwan/ Richard C Bush Ryan Hass David Dollar
● Denmark's Democracy Perception Index 2023: Government Priorities should be promote economic growth ? - Taiwan ranks world No. 5 (Indonesia, Iran, Venezuela, Malaysia, Taiwan, Ukraine, Kenya, Peru, Argentina, Algeria) ; Government Priorities should be reduce income inequality? Taiwan ranks No.1 (40%), Japan, france, Singapore, S Korea, China 6389062.fs1.hubspotusercontent-na1.net/hubfs/6389062/Canva%20images/Democracy%20Perception%20Index%202023.pdf
● Washington Post, 2022-10-21: 42 percent of Taiwan's exports — and 60 percent of its chip exports — go to China. Taiwan, a major producer of semiconductors, says it will abide by U.S. rules msn.com/en-us/news/politics/taiwan-a-major-producer-of-semiconductors-says-it-will-abide-by-us-rules/ar-AA13dM8W
● Global Times, 2023-2-4: The latest Taiwan economic data is chilling. The economic growth rate in the fourth quarter of 2022 was -0.86 percent. The electronics and communications industry, always a pillar for Taiwan's exports, is facing particularly severe challenges. The sharp reduction in overseas orders has directly led to the rare scenario of negative growth in Taiwan's exports. In December 2022, Taiwan's Manufacturing Purchasing Managers' Index (PMI) fell by 0.2 percentage points to only 43.7 percent. It has been in a state of contraction for six consecutive months, showing that Taiwan's manufacturing industry is struggling. At the same time, deep-seated contradictions in Taiwan's economy are emerging one after another. The industrial structure tends to become rigid due to long-term and severe unevenness, the high-tech industry has too little coverage in terms of employment, and the traditional manufacturing and service industries have a large number of employees but are continuing to decline. This has caused long-term wage stagnation for ordinary workers on the island. In 2022, due to high imported inflation and the CPI reaching nearly 3 percent, the actual wages of workers in Taiwan experienced negative growth for the second year in a row, and the gap between rich and poor is widening. Dissatisfaction among the middle and lower class and youth groups on the island is gradually rising globaltimes.cn/page/202302/1284807.shtml
● Global Times, 2022-12-9: the volume of cross-Straits trade was only $46 million in 1978. It rose to $328.34 billion in 2021. The mainland has been Taiwan's largest export market for the last 21 years, generating a large annual surplus for the island. The mainland is also the largest destination for Taiwan's off-island investment. By the end of 2021, Taiwan businesses had invested a total of $71.34 billion in the mainland. globaltimes.cn/page/202212/1281532.shtml
● Bloomberg, Finance Yahoo, 2022-9-5: The Taiwan dollar's fortunes look set to take a turn for the worse as slowing export growth (Chip Downturn) and a resurgent greenback weigh on the currency. Equity outflows and tensions in the Taiwan Strait are also ...finance.yahoo.com/news/chip-downturn-fuel-more-taiwan-000000880.html?fr=sycsrp_catchall
● Australian Institute of International Affairs 2022-12-23: Taiwan faces two great and interrelated economic challenges. First, its lack of official recognition by the vast majority of states puts obstacles in the way of the island's economic empowerment. Second, Taiwan's economy is heavily reliant on the mainland. internationalaffairs.org.au/australianoutlook/bargaining-chips-taiwans-economy-may-be-its-best-defence/
● Finance Yahoo, 2022-8-13: 92% of the most advanced semiconductors are made by TSMC in Taiwan, If Taiwanese semiconductor supply were disrupted for a prolonged period, electronics and automotive manufacturers would struggle to find alternative suppliers. This would lead to many firms having to halt production. finance.yahoo.com/news/taiwan-world-economy-economist-explains-123545383.html
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Credit Suisse Global Wealth Databook 2022 Median wealth per adult (USD) |
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world rank |
country | 2021 | change 2021 |
| 1 | Australia | 273,900 | 28,450 |
| 2 | Belgium | 267,890 | -3,730 |
| 3 | NZ | 231,260 | 57,920 |
| 4 | Hong Kong | 202,380 | 8,250 |
| 5 | Denmark | 171,170 | 10,790 |
| 6 | Swiss | 168,080 | 14,170 |
| 7 | Canada | 151,250 | 16,240 |
| 8 | Nederland | 142,990 | -600 |
| 9 | UK | 141,550 | 9,610 |
| 10 | France | 139,170 | -3,670 |
| 11 | Norway | 132,480 | -1,620 |
| 12 | Japan | 120,000 | -8,740 |
| 13 | Taiwan | 113,940 | 18,050 |
| 14 | Italy | 112,140 | -10,100 |
| 15 | Spain | 104,160 | -640 |
| 16 | Qatar | 100,010 | 20,160 |
| 17 | Sweden | 95,050 | -100 |
| 18 | US | 93,270 | 13,840 |
| 19 | S. Korea | 93,140 | 1,910 |
| 20 | Singapore | 93,130 | 2,980 |
● Washington Examiner, 2022-8-26: China and Taiwan did $166 billion in trade with each other in 2020. Taiwan is one of the largest investors in China, at almost $200 billion since 1991. washingtonexaminer.com/opinion/op-eds/seventy-year-lie-china-has-never-had-a-serious-claim-to-taiwan
● Brookings, New York Times, 2022-7-26: Any further downturn in China's economy would have an outsized effect on Taiwan, whose exports to China hit a record. nytimes.com/2022/07/26/business/dealbook/chinese-aggression-taiwan.html ● L.A. Times, 2022-7-29:The country's economy relies on China, its largest trading partner.
● Brookings,
2022-7-13: The European Union is Taiwan's largest
foreign investor. More than 25% of the island's
foreign direct investments came from EU countries in 2020 and 15 of 27 EU member
states have representative offices in Taipei. The volume of bilateral trade has
risen to more than 68 billion dollars in 2021. While this is much
less trade than with China...
brookings.edu/blog/order-from-chaos/2022/07/13/how-covid-19-and-the-war-in-ukraine-could-change-eu-taiwan-relations
● New York Times, 2022-6-22: To Pressure Taiwan, China Flexes Economic Muscle / China abruptly banned all imports of grouper from the island, in an apparent attempt at turning the economic screws on Taiwan...has also increasingly sought to restrict the island’s access to China’s vast consumer market, banning Taiwanese pineapples, then wax apples, last year after it said the fruits brought in pests. nytimes.com/2022/06/22/business/china-taiwan-grouper-ban.html
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No.1 "Taiwanese wealth" on Yandex, 2023-11-21
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pic.: top ranking "Taiwanese wealth" on US Bing at 2023-4-22, 2023-1-24, 2022-8-28 |
pic.: No.1 "Taiwanese wealth" on US Yahoo at 2022-1-28; No.2 "Taiwanese wealth" on US Yahoo at 2022-4-11; No.2 "Taiwanese wealth" on Microsoft Bing , at 2022-4-11 |
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● allianz Global Wealth Report 2021 , Oct.12, 2022 allianz.com/content/dam/onemarketing/azcom/Allianz_com/economic-research/publications/specials/en/2022/october/12-10-2022-GlobalWealthReport.pdf Net financial assets by country |
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world rank |
Main countries in Asia |
GDP EUR per capita |
Net financial assets EUR per capita |
| 1 | USA | 60,010 | 259,780 |
| 2 | Singapore | 58,560 | 134,150 |
| 3 | Australia | 53,580 | 99,400 |
| 4 | NZ | 41,090 | 132,170 |
| 5 | Japan | 33,210 | 102,720 |
| 6 | Taiwan | 29,470 | 138,220 |
| 7 | S. Korea | 29,360 | 38,230 |
| 8 | China | 10,890 | 15,400 |
| With net financial assets per capita of 138,220 euros (US$134,364) by the end of last year, Taiwan ranked first in Asia and fifth globally in terms of net financial assets per capita. The US, Switzerland, Denmark and Sweden were the only countries that had higher financial assets per capita than Taiwan, at 259,780 euros, 237,110 euros, 183,610 euros and 146,510 euros respectively. In terms of gross financial assets per capita, Taiwan ranked ninth in the world with 164,610 euros, after Switzerland, the US, Denmark, Sweden, the Netherlands, Canada, Singapore and Australia. taipeitimes.com/News/front/archives/2022/10/17/2003787174 | |||
● NDTV, 2022-8-4: In the first half of 2022, Taiwan's exports amounted to $246.7 billion, while imports totalled $219.0 billion. The trade surplus stood at $27.7 billion. China is the biggest trading partner of Taiwan. Exports to Mainland China are 40 per cent of total exports. Electronic products comprise well over half of Taiwan's trade. Taiwan's economy is dominated by the services sector ndtv.com/business/6-facts-about-economy-of-taiwan-latest-us-china-flashpoint-3223565
● The Tribune, 2022-9-25: The mainland is now Taiwan's largest trading partner, and Taiwan the mainland's eighth largest trading partner and third largest source of imports.
● Bloomberg, 2022-8-6: China is Taiwan’s largest trading partner, with bilateral trade rising 26% on year to $328.3 billion in 2021. finance.yahoo.com/news/taiwan-says-china-simulating-attack-035002189.html?fr=sycsrp_catchall
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●Julius
Baer Group's Global Wealth and Lifestyle
Report 2022 (2022-6-15) |
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| 1 | Shanghai, China | with four items ranked at the very top and the highest weighted-average price increase (30%). |
| 2 | London | |
| 3 | Taipei, Taiwan | moved up the ranking, mostly due to the prices of shoes, bicycles, and wine. |
| 4 | Hong Kong | |
| 5 | Singapore | |
| 6 | Monaco | |
| 7 | Zurich, Swiss | |
| 8 | Tokyo, Japan | is the city which slid the furthest (previously 2nd), driven by 13 items ranking lower than in the previous year and an average depreciation of -8.8% on the Japanese yen. |
| 9 | Sydney, Australia | |
| 10 | Paris, France | |
| 11. New York 12. Sao Paolo 13. Milan 14. Dubai 15. Bangkok | ||
| juliusbaer.com/sg/en/news/julius-baer-publishes-global-wealth-and-lifestyle-report-2022/#:~:text=Shanghai%20is%20still%20the%20most,average%20price%20increase%20(30%25). | ||
● aljazeera, 2022-7-1: Taiwan's benchmark index has slid 21 percent since January, making it Asia's worst performing stock market. aljazeera.com/economy/2022/7/1/taiwan-deputy-fin-min-urges-investors-to-stay-calm-as-market-fall
● VOA News, 2022-4-1: At $913 a month, Taiwan's minimum wage is considered extremely low for an advanced economy, Taiwan has just generally struggled with this culture of a really weak wage environment. Survey: More than 20% of Taiwanese under the age of 40 say they lack savings and 65% report they are in debt, only one-third of respondents said their income exceeds their expenses,... Some 41.8% of respondents said their debt was high enough that they felt economic pressure. voanews.com/a/survey-shows-young-taiwanese-lack-savings-are-highly-indebted-/6510937.html
● Forbes, 2022-5-15: Taiwan is home to the world's 22nd largest economy, and is a leading source of electronics products. Taiwan businesses that rank on the 2022 Forbes Global 2000 list of the world's top publicly traded companies out this month include Hon Hai Precision — the big supplier to Apple led by billionaire Terry Gou, and Taiwan Semiconductor Manufacturing Corp., or TSMC, which makes computer chips for Intel. forbes.com/sites/russellflannery/2022/05/15/taiwan-covid-cases-hit-a-daily-record-68732-computex-tech-fair-affirms-in-person-return/?sh=ceeeb60e9714
● The China Times, 2022-6-27, editorial: According to China's statistics, in last year, Taiwan's total exports to the mainland reached nearly US$250 billion, and its trade surplus with the mainland exceeded US$170 billion, an increase of US$31.1 billion from trade surplus in 2000. According to Taiwan's data, the export value to mainland China and Hong Kong also reached US$188.9 billion last year, an annual increase of 24.8%, the trade surplus was US$104.7 billion... chinatimes.com/opinion/20220626003025-262101?chdtv (大陸海關總署統計，去年台灣對大陸出口總額高達近2500億美元，對大陸貿易順差突破1700億美元，較2000年大增311億美元。若按我方的數據，去年對中國大陸與香港出口金額也達到1889億美元，年增24.8%；貿易順差1047億美元，較2020年652.8億美元增加甚多)
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statista:
Gross financial assets per capita in selected countries worldwide in
2020 |
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| statista.com/statistics/329097/gross-private-financial-assets-per-capita-worldwide/ | ||
| world rank | country | assets in Euros |
| 1 | Swiss | 313259 |
| 2 | US | 260582 |
| 3 | Denmark | 212568 |
| 4 | Nederland | 180193 |
| 5 | Sweden | 173133 |
| 6 | Singapore | 152590 |
| 7 | Australia | 151689 |
| 8 | NZ | 144656 |
| 9 | Taiwan | 139831 |
| 10 | Canada | 139413 |
| 11 | Belgium | 126463 |
| 12 | Japan | 124897 |
● Finance Yahoo, 2021-11-20: Taiwan - a GDP of $760 billion (21st biggest) and GDP per capita of $32,000, (29th). a critical supplier of semiconductors, (20% global market share), in 2020, Taiwan’s exports to China hit an all-time high. And “China and Hong Kong combined now represent 34% of Taiwan’s overall trade, compared with 13% with the United States,” according to Brookings. (The U.S. Trade Representative notes that Taiwan is currently our 9th largest goods trading partner with $90.6 billion in two-way goods trade — during 2020.) finance.yahoo.com/news/why-you-should-care-about-taiwan-103511885.html
● Finance Yahoo, Bloomberg, 2022-2-7: The government of President Tsai Ing-wen is looking to cultivate additional overseas markets to reduce the mainland’s economic leverage.Taiwan Set to Lift Ban on Fukushima Food to Boost Japan Tiesfinance.yahoo.com/news/taiwan-set-lift-ban-fukushima-140007509.html?fr=sycsrp_catchall
● South China Morning Post, Hong Kong, 2022-4-11 Taiwan is heavily reliant on the mainland’s economy, with at least 40 per cent of the island’s exports going across the strait.scmp.com/news/china/military/article/3173760/would-us-really-rescue-taiwan-if-mainland-china-attacked
● War On The Rocks, 2022-1-27 (warontherocks.com/2022/01/taiwan-is-not-ukraine-stop-linking-their-fates-together/): Taiwan is an economic powerhouse that punches well above its weight in global commerce, and its economy is closely intertwined with the rest of East Asia and North America. In 2020, it was America’s 9th-largest trading partner, with $106 billion in two-way trade in goods and services. It is also the home of the world’s most strategically important company, TSMC, which has built a daunting lead in semiconductor technology and now accounts for more than half of global foundry revenues...... its per-capita gross domestic product level with Germany’s, adjusted for purchasing power.
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Taiwan dominates the global production of computer chips / ◆ BBC, 2022-1-12, source: The Military Balnce, IISS 2021 |
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| Taiwan | S. Korea | China | Other |
| 65% | 18% | 5% | 12% |
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news.yahoo.com/china-taiwan-really-simple-guide-142542268.html |
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◆ New
York Times, 2022-1-25: 75
percent of production takes place in East Asia.
Ninety percent of the most advanced chips are made in
Taiwan...China
could use economic coercion, cyberoperations and hybrid tactics to try to
seize or harm Taiwan's semiconductor industry — Biden
promised he would work to bring production of semiconductor chips back to the
United States.
nytimes.com/2022/01/26/us/politics/computer-chip-shortage-taiwan.html ◆ CBS, 2022-7-8: Taiwan accounts for 64% of the total chip foundry market, according to data from TrendForce. Taiwan Semiconductor Manufacturing Company, or TSMC, accounted for 53% of total foundry revenue in 2021, according to TrendForce. cnbc.com/2022/07/08/why-tensions-between-china-and-taiwan-are-on-the-rise.html |
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● BBC, 2022-4-25 (bbc.com/news/business-60918337): Taiwan is the first place in Asia to legalise same sex marriage. However, on the ground in Taiwan, things can feel decidedly more old-fashioned, especially at the bank. "Taiwan's banking industry is very, very traditional. There's a lot of bureaucratic issues in it...
● Global Times, 2021-9-20: Taiwan has a trade surplus of more than $100 billion a year with the Chinese mainland ... Mainland stops importing two Taiwan fruits, and DPP authority is howling. globaltimes.cn/page/202109/1234662.shtml
● Forbes, 2022-2-5: Milestone: Taiwan Tops $100 Billion In U.S. Trade For First Time In 2021 forbes.com/sites/kenroberts/2022/02/05/taiwan-tops-100-billion-in-us-trade-in-2021-for-first-time/?sh=40b07b1064a3
● Japan Times, 2022-7-8: the Japan Center for Economic Research predicts that Taiwan's per capita GDP will exceed Japan's in 2028. japantimes.co.jp/opinion/2022/07/08/commentary/world-commentary/will-taiwan-next-ukraine/
● Japan Times, 2021-7-5: China could try to strangle Taiwan economically. Business ties between the two countries have grown into a dense web of interdependence: Taiwanese companies have invested $190 billion on the mainland and more than a million Taiwanese live there. Yet these ties are now fraying as talk of economic decoupling occupies businesspeople and politicians in Taiwan japantimes.co.jp/opinion/2021/07/05/commentary/world-commentary/dire-straits-taiwans-fragile-status-quo/
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GDP per capita (Norminal)
Ranking |
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| country/economy (Asia) | 2021 | rank | 2020 | rank |
| Singapore | 66263 ($) | 8 | 59795 ($) | 7 |
| Australia | 62619 | 9 | 52905 | 10 |
| Qatar | 61791 | 10 | 54185 | 9 |
| Hong Kong | 49485 | 20 | 46657 | 15 |
| New Zealand | 48349 | 21 | 41165 | 21 |
| UAE | 43538 | 24 | 38661 | 25 |
| Macau | 42107 | 25 | 35621 | 27 |
| Japan | 40704 | 26 | 40089 | 24 |
| Korea | 35196 | 29 | 31638 | 29 |
| Taiwan | 33402 | 32 | 28358 | 32 |
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statisticstimes.com/economy/projected-world-gdp-capita-ranking.php |
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● Council on Foreign Relations, 2021-5-10: Taiwan’s economy remains reliant on trade with China, which is the island’s largest trading partner. However, their economic relationship has experienced disruptions in recent years, partly due to Beijing’s pressure on the island and Taiwanese officials’ growing concern about its overreliance on trade with China.(cfr.org/backgrounder/china-taiwan-relations-tension-us-policy
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