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Economy...
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Economy: The private sector: The government has established an advisory
committee that is responsible for overseeing production; its main
purpose is to promote foreign sale. There is only one organ of cooperative
financing -- the Cooperative Bank of Taiwan, jointly owned by the
government and cooperatives. In addition there are four private commercial
banks. The public sector: Since 1953 the government has promulgated
successive four-year economic development plans to spur industrial
expansion and economic growth. Ten enterprises, in the fields of sugar,
petroleum an natural gas, fertilizer, aluminum, copper, shipbuilding
and repairs, and railways, are government monopolies. In order to
promote economic development, the government controls and helps private
enterprises to employ new techniques and locate foreign investment.
Most manufacturing industries receive technical cooperation with foreign
companies. Because Taiwan is an island and thus limited in resources
and in domestic market, it must exchange goods with other countries
and exploit overseas markets in order to support mass production and
cut down its production costs. Although labor costs are low, shortages
of labor in the future could result from success in achieving rapid
economic growth.
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