2020 Taiwan White Paper
Overview
Overview
THANK YOU, TAIWAN
Each year in this Taiwan White Paper, AmCham Taipei takes stock of current and prospective economic conditions in Taiwan and offers suggestions on how the business climate could be further improved. As we went through that exercise this year, one salient fact stood out about 2020: In a world that has largely been turned upside down by the coronavirus pandemic, Taiwan has provided an inspiring example of leadership and civic responsibility.
On behalf of our member companies and their employees, the Chamber would like to express our appreciation to the Taiwan government for the skillful, decisive manner with which it has handled the COVID-19 crisis – and to the Taiwanese public for responding to the challenge as models of good citizenship. AmCham Taipei is proud to be part of this conscientious community that has made Taiwan one of the safest places (if not the safest location) to be in the world today.
PREPARING FOR RECOVERY
Even in Taiwan, however, the coronavirus has taken a heavy toll on the economy. The travel-related and entertainment sectors have been particularly hard hit. And when the world economy is suffering, Taiwan is bound to share the pain because of its heavy reliance on international trade. Long-established supply chains, already undergoing restructuring before the pandemic due to the U.S.-China trade tensions, are now under further pressure in the wake of the coronavirus and its ramifications.
As the world economy seeks to put itself back together over the coming months, it will be vital for Taiwan to show the same resolve it demonstrated in containing the pandemic. Many companies – both multinational and domestic – will be reevaluating their business plans and making fresh decisions on where to place their new investments. The COVID-19 crisis presents Taiwan with a new opportunity to get back in the game.
Promoting its many existing advantages – social stability, talented workers, sound legal system, and high-tech manufacturing experience – will be important. Taiwan has never done an effective enough job in marketing its highly positive attributes. But even more crucial will be exhibiting the flexibility and openness to new ideas that the revamped world economy will require.
Time and again through the years, Taiwan has shown its staying power. Despite numerous political setbacks and exclusion from most international organizations, Taiwan’s economy has continued over the decades to be one of the top performers in the region. Most recently, many knowledgeable commentators expected that the heavy involvement of Taiwanese companies in China and frequent cross-Strait travel would cause Taiwan to be a major casualty of the U.S.-China trade tensions. The same fear was raised when the coronavirus first appeared in Wuhan. Instead, Taiwan has reaffirmed its resilience, and its economy shows sign of benefiting from the return of many Taiwanese-invested manufacturing operations in China.
WHERE TO BEGIN
The concrete suggestions broached by AmCham Taipei’s various committees in the annual Taiwan White Paper are a practical guide to the needs of business enterprises in Taiwan based on their on-the-ground experience. How well government responds to those requests is taken by potential investors as a key indicator of the attractiveness of the business climate.
In the past several years, AmCham Taipei has been gratified by the diligence of most government agencies, coordinated by the National Development Council, in seeking solutions to the White Paper issues. In 2018, the Chamber’s committees rated a record 11 issues from the previous year’s White Paper as having been entirely resolved. This year we are pleased to report that this record has again been equaled.
Among the 11 are some breakthrough developments. The Pharmaceutical Committee, for example, applauded the full implementation of Patent Linkage legislation, ensuring effective protection for pharmaceuticals against intellectual property infringement. This item had appeared in the White Paper for more than a decade. The Banking Committee welcomed rules changes to facilitate green financing, and both the Cosmetics and Insurance Committees cited the incorporation of risk-management principles in regulatory procedures.
At the same time, there were many more issues where progress was insufficient. AmCham Taipei hopes that next year’s White Paper will see the setting of a new record of accomplishment, sending a signal to investors that Taiwan is committed to providing a favorable environment for business to create jobs and spur innovative development.
ENSURING ENOUGH TALENT
One of the areas needing priority attention is how to cultivate a more internationalized workforce – welcoming more talent from other countries while helping Taiwanese develop a more international mindset. To help enhance Taiwan’s ability to compete as a center for business excellence, AmCham Taipei is participating in the Talent Circulation Alliance. This initiative was the brainchild of a member of the Chamber staff, Amy Chang, our now retired senior director of government affairs. It was started last year by the American Institute in Taiwan in conjunction with Taiwanese government and non-government organizations. The aim is to strengthen the competitiveness of professional and technical talent in Taiwan.
This year’s White Paper contains a chapter spelling out the TCA’s recommendations, while a special supplement outlining the TCA objectives in more depth is being distributed as part of the White Paper package. The key TCA proposals include:
As the TCA section emphasizes, “talent is the prerequisite for realizing virtually all of Taiwan’s economic policy objectives,” including transitioning to an innovation-based economy and becoming a digital nation.
ENERGY AND REGULATIONS
To accommodate expansion by domestic companies, including those “reshoring” production capacity from China, as well as the increased foreign investment it hopes to attract, Taiwan needs absolute certainty that it can maintain an adequate energy supply in the coming decade, despite its plan to terminate nuclear power generation by 2025. Although the government has repeatedly given assurances that the targets will be met, manufacturing industries that are heavy energy consumers continue to question whether renewables will be able to fulfill the allotted 20% of electricity demand according to schedule.
As the Energy Committee stated in its paper, “we are worried by signs that the pace of decreasing the reliance on coal and nuclear energy is happening rather faster than the rate at which new gas and renewable capacity is being developed – and in some instances the move away from coal and nuclear is irreversible.” The Committee urged the government to provide a detailed roadmap for renewable energy development and to convene regular meetings with industry to discuss progress and contingency plans.
Regulatory matters are also a frequent subject of attention in the White Paper. At a time when Taiwan hopes to develop its biomedical sector under the government’s “5+2 Innovative Industries” program, several AmCham Taipei committees in the healthcare sphere have raised questions about the long-run viability of those industry sectors given the extremely low pricing often offered through Taiwan’s National Health Insurance Administration. In this year’s White Paper, the Medical Devices Committee called for a “more predictable and sustainable pricing and reimbursement process to encourage the faster introduction of new technologies, despite the existence of financial constraints.” The Pharmaceutical Committee warned that cost-containment measures were obstructing patient access to new drugs. The committee also cautioned that “insufficient budget for new drugs and new indications will result in a less attractive investment environment for the biomedical industry in the long-term.”
More broadly, both the Digital Economy and Technology Committees expressed concern that Taiwan’s ability to take full advantage of newly arising business opportunities based on digital platforms may be held back by a lack of understanding and appreciation on the part of regulators. They urge increased communication between government officials and the private sector to narrow the gap in digital awareness.
WIDENING THE VISION
Attending to White Paper issues should be just the start. Beyond making improvements on the margins, Taiwan needs to seize opportunities presented by the post-pandemic revamping of the world economy to pursue new strategic initiatives. Since proposals that were previously impractical may now be feasible, AmCham Taipei encourages everyone with bold new ideas to raise them for discussion.
An example was a recent suggestion by veteran U.S. economist and management consultant William Reinfeld, who has been following events in Taiwan since the 1970s. He proposes that Taiwan capitalize on its success in controlling COVID-19 by developing a world-leading pandemic-control industry.
“At this time, most of the world is preoccupied with managing the present crisis and planning for likely resurgences,” Reinfeld notes. “Across the board there are shortages of equipment, systems and capabilities to test, treat and trace the virus. The unmet needs in most of the world are enormous.
“Taiwan, on the other hand, has successfully avoided major impacts and has created a wide range of products, systems, technology, know-how and R&D in what can be broadly defined as Pandemic Controls. These facts, together with its strong foundation in many of the relevant industries and institutions, opens a unique window of opportunity for Taiwan from which it could derive enormous immediate economic returns, develop new industries and growth opportunities and draw global recognition in its role in controlling pandemics.”
Another thought-provoking idea currently receiving revived attention is for Taiwan to use a portion of its large foreign-exchange reserves (currently worth over US$480 billion) to create a sovereign wealth fund to invest in worthwhile opportunities internationally. Such funds have become increasingly popular among countries around the world, and Singapore’s success with its Temasek Holdings and GIC Private Limited shows that it is not necessary to be a huge economy to reap the benefits of operating a sovereign wealth fund.
Among those benefits would be to gain international commercial influence to help counteract the pressure of Taiwan’s increasing political and economic isolation. A fund that holds just a few percent of a corporation’s stock is sure to have the ear of the company’s board and top management. The investments could also lead to new business opportunities in Taiwan domestically, while making possible greater financial growth and diversification.
FOREIGN RELATIONS
In this evolving new international economic environment, Taiwan needs to be willing to take bold steps to carve out a more secure position than it previously enjoyed. Its strategic position will be bolstered by the international respect and goodwill it earned through its handling of the coronavirus, as well as the apparent increased willingness of the U.S. to help enable Taiwan to participate more actively in the international community.
Given the broad bipartisan disillusionment in the U.S. with the state of relations with China, American policymakers can be expected to give less weight to Beijing’s potential reaction to initiatives toward Taiwan. As Washington pursues its strategy of building up its presence in the Indo-Pacific region and seeking to protect the interests of American companies, the U.S. government is likely to become increasingly aware of its need for trusted allies in the region – and the extent to which Taiwan is highly suitable for the role.
In the Messages to Washington section in the next several pages, AmCham Taipei urges the U.S. government to further strengthen its economic relationship with Taiwan, and in particular to consider negotiating a bilateral trade agreement. At the same time, it is incumbent on Taiwan to do everything feasible to remove any existing misunderstandings and ease the way toward an FTA to serve the economic and strategic interests of both countries.
謝謝你,台灣
每年,台北市美國商會都透過這本《台灣白皮書》,發表對台灣當前經濟情勢及未來展望的看法,針對如何營造更優質的經商環境,提出建言。如今2020年,我們同樣審局度勢,發現一項事實尤為突出:迫於新冠肺炎疫情衝擊,全世界大都脫離常軌,台灣卻展現領導力,善盡公民責任,振奮人心。
商會要代表會員企業及其員工,對於台灣政府因應COVID-19危機的嫻熟果斷,還有台灣民眾足堪各國表率的抗疫作為,表達感謝。大家守分盡職,使台灣成為世界上極其安全(可能也是最安全)的地方,有幸在此同舟共濟,商會也深感自豪。
重振準備
不過,即便在台灣,新冠病毒對於經濟的損害依然嚴峻可觀。旅遊與娛樂產業的受創最為慘重。當世界經濟不振,非常仰賴國際貿易的台灣經濟,勢必一起受累。早在疫情發生之前,台灣運作多時的產業供應鏈,已受美中貿易衝突影響,經歷了重組變動。疫情爆發及其後續效應,更使這些供應鏈承受諸多壓力。
未來幾個月,隨著世界經濟預備重整旗鼓,台灣也必須展現抗疫過程當中所展現的同樣決心。許多企業,無論跨國還是本土,都會再次評估他們的營運計畫,重新判斷要在哪些地方推動投資案。COVID-19危機,恰好賦予台灣重新爭取企業投資的機會。
極力推廣社會安定、人才優質、法制健全、高科技製造經驗等台灣現有優勢,不可或缺(台灣在行銷自身正面特質方面,成效一直欠佳)。但更重要的是,台灣對於遭逢巨變的世界經濟所需的創新思維,應該保持靈活開放的接納態度。
屢仆屢起,歷久彌堅,是台灣本色。過去數十年間,台灣雖在政治上常遇挫折,且被多數國際組織拒於門外,經濟方面,卻持續在區域中有極佳表現。最近,許多熟知情況的評論者還指出,台資企業與中國牽連甚深,海峽兩岸之間旅行往返特別頻繁,恐將使台灣成為美中貿易衝突的主要犧牲者。武漢爆發新冠肺炎疫情之後,評論者表達了類似的擔憂。然而,台灣卻又展現恢復力,許多台資企業的製造業務自中國遷回,台灣經濟看來也因此受益。
何處起頭
台北市美國商會旗下數個委員會在年度《台灣白皮書》中所提出的具體建言,都源自在台企業的實際營運經驗,對於瞭解這些企業的需求,是一份切中實情的指南。在潛在投資者心目中,台灣政府能否有效地回應這些需求,是判定台灣經商環境有無吸引力的關鍵指標。
這幾年,由國家發展委員會帶領協調、尋求商會白皮書議題解決方案的各個政府機關,大都有積極作為,商會十分欣慰。2018年,商會各委員會把多達11項前一年的白皮書議題歸類為「完全解決」,是歷來首次。今年我們很高興看到這項難得紀錄再次達成。
這11個議題當中,包含一些突破性的進展。比方說,製藥委員會對於專利連結制度終於立法完成,開始施行,確保藥品智慧財產權免受侵害,深表讚許。這個議題反覆在白皮書中出現,時間超過十年。銀行業委員會則樂見有助綠色融資發展的法規變革。化妝品、保險這兩個委員會,都將風險管理原則納入法規監管程序,視為一種正向改變。
與此同時,仍有許多議題的進展不如期待。商會期盼明年發表白皮書時,議題解決的成果能締造新的紀錄,向投資者釋放明確訊息:台灣致力於營造一個有利商業經營的環境,要創造就業機會,促進創新發展。
充實人才
需要我們優先關注的議題之一,是台灣該怎樣讓勞動力更國際化,吸引更多其他國家的人才前來工作,並讓台灣本土人才具備更寬廣的國際視野。為了幫助台灣在爭取國際一流商業發展機會時不落人後,台北市美國商會特別加入了「人才循環大聯盟」計畫。此計畫原是商會前政府暨公共事務資深總監張韶韵(Amy Chang)的發想,去年起由美國在台協會、台灣政府及非政府組織共同推動,旨在強化台灣專業、技術人才的競爭力。
今年《台灣白皮書》的委員會建言部份,有專章詳述「人才循環大聯盟」的各項呼籲,另有與白皮書同步發表的特別增刊,更深入地列舉了「人才循環大聯盟」的計畫宗旨,其重點提議包括:
一如「人才循環大聯盟」專文強調「人才是實現台灣所有經濟政策目標的必備條件」,這也包括轉型為以創新為基礎的經濟體,成為數位國家。
能源與法規
為了順應台灣本土企業(包括那些將部份產能從中國「回流」台灣者)的擴張,以及吸引更多外國投資,計畫2025年停止核能發電的台灣,絕對有必要確保將來十年能源供應無虞。台灣政府多次主張電力供應目標將會達成,用電量很高的製造業者仍質疑再生能源是否能如期滿足預定的20%用電需求。
商會能源委員會在其白皮書章節述及:「降低燃煤、核能發電依賴度的步調,遠比我們提高新燃氣、再生能源發電量的速度要快,終結燃煤發電及核電,在某些情況是不可逆的。」能源委員會呼籲台灣政府針對再生能源提出更詳盡的發展計畫,並定期與業界開會,討論計畫進度和偶發事件處置對策。
法規事務也是白皮書經常關注的議題。舉例來說,台灣希望藉由政府所推動的「五加二產業創新計畫」扶植生醫產業,但商會數個醫療相關委員會卻指出,由於台灣健保署核價常以極低價格提供給付,長期而言,台灣醫療相關產業的發展恐怕無以為繼。醫療器材委員會呼籲:「儘管受到財務限制,仍應透過可預測、能長久持續的核價及給付流程,鼓勵業者加速引進新科技。」製藥委員會則提到,節制成本的作法,已妨礙病人利用新藥,委員會還發出警訊:「健保編列給新藥、新適應症的預算不足,長期下來將使台灣的投資環境對生醫產業缺乏吸引力。」
綜觀各項議題,我們發現數位經濟、科技這兩個委員會都對於台灣能否有效利用數位平台所創造的新商機感到懷疑,這是因為法規主管機關對產業實況的理解有限。他們呼籲政府官員更頻繁地與業界溝通,使官員對數位經濟的內涵有更充分的體認。
擴大視野
解決白皮書議題,其實只是起頭。除了逐步改進,台灣也該趁著新冠疫情引發世界經濟巨變的機會,追求嶄新策略目標。商會認為,以往被認為不切實際的提議,現在或許可以落實,任何人如有大膽的創新想法,都應提出來一起討論。
自1970年代開始關注台灣事務的資深美國經濟學者、管理顧問藍威廉(William Reinfeld)最近就提出看法。他建議台灣善加利用有效控制COVID-19疫情的成績,發展出領先世界的流行病控制產業。
藍威廉說:「世界各國現在大都忙於因應眼前面臨的危機,並為將來疫情可能再起預做一番規劃。篩檢、治療、追蹤病毒的設備、系統與各種能力,普遍不足。大多數國家仍有極大需求有待滿足。」
「反觀台灣,已經成功避免疫情造成過大衝擊,也在可以概括定義為流行病控制的領域裡面,創造出各種產品、系統、科技、實務作法及研發成果。這些事實,搭配台灣在許多相關產業、機構方面現有的堅實基礎,為台灣開啟了罕見的機會之窗。台灣可以從中求取極大的即時經濟回報,同時開發新產業,掌握成長機運,藉著控制疫情的成就,獲得舉世肯定。」
另一個引人思索也備受關注的構想,是鼓勵台灣運用一部分的鉅額外匯存底(目前超過4800億美元),成立主權基金,投入有價值的國際投資計畫。現在越來越多國家熱衷於設立主權基金,新加坡淡馬錫控股(Temasek Holdings)及新加坡政府投資公司(GIC Private Limited)的成功實績,也證明並非只有規模非常龐大的經濟體,才能透過操作主權基金得利。
擁有主權基金的優點,還包括取得國際商業影響力,幫政經孤立處境益形深刻的台灣抵擋外來壓力。主權基金即便只掌控某個企業幾個百分比的股權,企業董事會和管理高層,仍有必要顧慮主權基金的意見。主權基金的投資,也可能為台灣國內帶來新商機,有利於實現財務成長與多角化投資。
外交關係
台灣身處瞬息萬變的國際經濟新天地,實該勇敢邁出步伐,開拓比過往更為穩妥的處境。抵禦新冠疫情的成果,已為台灣贏得國際社會的尊敬與善意,加上美國明顯樂於支持台灣更積極參與國際社會,這些都有利提升台灣戰略地位。
由於美國朝野上下對於美國、中國的互動現況普遍感到失望,北京對美方友台措施會如何反應,恐非美國政策制定者此刻最關切的問題。美國政府正極力鞏固美國在印度太平洋區域的影響力,保護美商企業利益,可能更迫切尋求區域內的可靠夥伴,而台灣則非常適合擔任此一要角。
在接續本文的《對美國政府的期待》篇章,台北市美國商會籲請美國政府進一步強化與台灣的經貿關係,尤其宜積極評估推動美台雙邊貿易協定。台灣方面也應竭盡所能,排除仍未冰釋的誤會,為有助增添兩國經濟及戰略利益的雙邊貿易協定鋪路。
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