On June 26, 2024, various organizations in Taiwan including Taiwan Public Policy Benefits and Taiwan Think Tanks jointly held a symposium to discuss “Salmon Returning Home? How Taiwan Businesses’ Global Layout Builds the ‘Economic Never-setting Sun Country,'” inviting scholars and experts to analyze the topic.
The moderator, also the Deputy Executive Director of Taiwan Think Tanks and a convener of Taiwan Public Policy Benefits, Dong Siqi, stated that President Lai Ching-te emphasized in his inaugural speech on May 20 that democratic Taiwan will be a driving force for global prosperity. He instructed the government to collaborate closely with the industry to seize the three major directions of “looking ahead to the future, sustainable wisdom,” “competing in space, exploring the seas,” and “global layout, marketing worldwide,” aiming to make Taiwan an “Economic Never-setting Sun Country.”
Dong Siqi mentioned that Taiwan is one of the few successful cases in the world to break free from the “middle-income trap” and complete the dual transformation of economy and democracy. Under the New Southbound Policy promoted by the former President Tsai Ing-wen’s government and the drive of the 5+2 industries, Taiwan has successfully reduced its reliance on the red supply chain of the Chinese Communist Party and promoted a thorough transformation of its economic structure.
He believes that the future development of Taiwan’s trust industry is not just a challenge in economic policy but also concerns national security. It requires the joint efforts of the government, enterprises, and civil society, especially leveraging the innovative spirit of the younger generation. He encouraged young attendees to utilize their expertise in their respective fields to realize their dreams, injecting new vitality into Taiwan’s future through the innovative participation and entrepreneurship of the youth to achieve the grand goal of an “Economic Never-setting Sun Country.”
Director of the Mainland Affairs Council of the Straits Exchange Foundation, Hong Puzhao, pointed out that through comprehensive observation, it is widely recognized that China’s economic development is showing a long-term declining trend amid the US-China confrontation. Faced with economic challenges that have led to governance problems, the Chinese Communist Party has actively sought funds through various means such as raising taxes, price hikes, fines, salary cuts, and defaulting on debts, causing significant impacts on businesses and livelihoods. This may not only lead to widespread discontent but also generate social conflicts in the future, seriously threatening people’s personal and financial security.
Hong Puzhao noted that in response to such impacts, Taiwanese, foreign, and even mainland Chinese businesses are being forced to relocate abroad. Therefore, the government is actively assisting in the repatriation of funds to Taiwan or facilitating investments in other countries, emphasizing that regardless of Taiwanese businesses in the domestic or global market, Taiwan is their homeland, and the government will offer policy support in the future.
Professor Cai Mingfang of the Department of Industrial Economics at Tamkang University stated that natural resources, human capital, technological knowledge, and financial capital are the four major factors influencing a country’s productivity. With good factors, a nation can maintain good productivity, leading to sustained economic growth.
Cai Mingfang emphasized that for Taiwan to achieve the status of an “Economic Never-setting Sun Country,” resources such as talents, water, and electricity should all have reasonable prices reflecting market values to ensure sustainable economic development. A competitive business environment leads to higher wages for the people, creating an attractive living environment to retain more individuals. The key difference between Taiwan and the CCP lies in building a truly sustainable economic environment, enabling Taiwan to truly become an “Economic Never-setting Sun Country.”
Assistant Research Fellow at the Institute of Economic Research, Wang Guochen, mentioned that the global trend is shifting from goods trade to service trade, focusing on human-centered aspects. Thus, the emphasis of the trust industry is on economic security. Faced with China’s industrial overcapacity, an increasing number of countries are resisting China, making the economic decline of China inevitable.
Wang Guochen stated that in the face of escalating risks and uncertainties in China’s economy, finance, society, and even politics, Taiwan should maintain a distance from China to avoid excessive interdependence, which would earn the trust of allied countries. Taiwan should focus on raising wages for all, ensuring industry balance; leveraging Taiwan’s manufacturing capabilities, turning the whole world into a factory. By keeping the core technology in Taiwan, enhancing connections and alignment with various countries worldwide, Taiwan can further strengthen its economic ties with democratic nations globally.
Professor Shen Youzhong from the Department of Political Science at Tunghai University, recently appointed as the Deputy Minister of the Mainland Affairs Council by the government, expressed that the current economic environment in China is not optimistic. Xi Jinping’s dual-circulation economics is facing obstacles, in addition to the impact on the personal security of foreign investments due to tactics like “divisive discs” and the “Taiwan Independence 22 Rules.” Faced with the risks and uncertainties in China’s politics and economy, Taiwanese businesses should consider early overseas deployment or the possibility of returning home like the salmon.
Shen Youzhong mentioned that the Taiwan government, through units like the Mainland Affairs Council and Straits Exchange Foundation, conducts professional risk assessments and provides warnings on investment in China and local political and economic risks. Moreover, they assist Taiwanese businesses in transformation or relocation investments, encouraging their return to Taiwan, which echoes the concept of “salmon returning home” discussed today. The vision of an “Economic Never-setting Sun Country” is to ensure Taiwan’s democratic values and prosperity through economic strength. Taiwan should not heavily rely on China but retain core technology on the island, strengthen connections with different countries, and further enhance economic ties with global democratic nations.
Following the discussion, the host and the youth participants raised issues such as “domestic anti-CCP defense mechanisms,” “restrictions on exchanges with the CCP,” “green energy industry,” and the “Taiwan Independence 22 Rules,” with the participants offering in-depth analysis and responses to each query.