Republic of China

Economy

Taiwan has a dynamic capitalist economy assisted by the government regarding foreign investment and foreign commerce, and large state-owned banks and industrial firms.

The main agricultural resource of Taiwan is rice followed by sugarcane, sweet potato, bananas, citrus, vegetables and tea.

The main industries of Taiwan are: electronic equipment, textiles, chemical products, clothing, food processing, chipboard, sugar mills, cement, ship construction, oil refinery.

The government has implemented an active industrialization program and in the 1980s, industry was the main sector of the economy. The economic policy was implemented through a series of pluriannual plans which were launched in 1953 and were designed with the purpose of increasing production and developing export industries. In 1991, Taiwan embarked on a public works construction program with a budget of 300 billion U.S. dollars.

In 1995, the gross domestic product had reached the total of 263 billion dollars (12.396 dollars per capita) and the annual growth index reached 6%. The annual 1996 budget reported a total income of 57.6 billion dollars and total expenditures of 79.5 billion dollars.

Agriculture
The best agricultural zones of Taiwan are located in the fertile western plains. Approximately 25% of the land is arable. In 1995, rice production, the main food crop, was 1.7 million tons per year. There is also a great variety of crops such as sweet potatoes, yucca, asparagus, mushrooms, soy beans, peanuts, tea, plantains, pineapple, citrus and sugarcane. The livestock production included approximately 10.5 million pigs, 163,000 heads of cattle and buffaloes (mainly used as draught animals) 318,000 sheep and goats, 100 million chickens and 13 million ducks.