tv U.S.- Taiwan Relations Panel 2 CSPAN August 18, 2017 10:03am-11:01am EDT
exciting time. i'm thrilled. >> join motive for the national book festival live from washington, d.c., saturday september 2 on c-span2. >> the heritage foundation helped an in-depth discussion on u.s.-taiwan relations. a panel of experts talked about the challenges and possibilities in expanding the economic relationship between the two nations. this panel discussion is one hour. >> we are going to start the panel pretty soon, and before we start the panel i would like to introduce our cosponsor, to say a few words before this event. [applause]
>> i'm sure this is not a wake-up call. good afternoon, ladies and gentlemen, president lee, honorable guests and distinguished speaker. on behalf of the taiwan benevolent association of america, thank you heritage foundation for this opportunity to be the cosponsor of this forum. this forum we hope through this forum we are not only reinforce relationship between united states of america and republic of china but also we can have the people of the two countries to understand to build better relationship than ever. so this is my very short speech, and i thank you for your comment and thank you for your support. enjoy this afternoon.
thank you. [applause] >> and also like to introduce another cohost, organizer, in ita institute of taiwan and american studies. [applause] >> now we're going to start the panel and talking about the economy issue, policies interesting but it comes fundamental. everything is fundamental. we are going to go by the order on the program so we will start riley from the heritage foundation and then next we'll have from csis, and then the final -- doctor wayne from isaac off college.
>> good afternoon. as the representative for the heritage foundation here today i thought begin by talking about index of economic freedom and where taiwan ranks among the 180 economies that are scored each you. for those who are not familiar with it, the index of economic freedom has been posed by the heritage foundation every year for the past 23 years. scored on 100 point scale. there being a completely repressed economy and one of being the most free. for example, this ranges from north korea with a score of five to hong kong with a score of about 90. while the score affects each countries economic freedom, the score is based on an aggregate of 12 that measure the rule of law, government size, rogatory efficiency and market openness. it come in the most recently 17 index taiwan scored a 76.5 points pleasing in the category
of mostly free and rank 11th among all other economies. for some perspective use only ranked 17th with a score of about 75. both taiwan overall score for economic freedom and its global ranking in economic freedom have been increasing over the past several years while the u.s. has been stagnant, among other asian countries, taiwan ranks fifth is behind hong kong, singapore, new zealand and australia. taiwan has limited government spending and good business and trade freedoms but also maintains weak labor freedom, judicial effectiveness and weak investment and financial freedoms. so what does this mean? in short, the short answer is taiwan is doing a good job at maintaining economic freedom but improve its can be made and should be made. on average the more economically freer country is the more prosperous its people will be. for example, what you measure
prosperity by the income per person, whether as a measure of social progress or a measure of how innovation in a country is. historically taiwan's economy has thrived off its relatively open market policies. look at wealth and taiwan not just gross national product but total wealth in 2016, taiwan totaled us$3.2 trillion, about a 50% increase about a 50% increase from what it was in 2006. making it on par with countries like switzerland and india. purchasing power of taiwanese is about $10,000 per capita than it was ten years ago. of course there are now growing concerns about stagnant growth. this is perhaps with the u.s.-taiwan economic relationship becomes ever more important. i might not go into a taiwan ranks as one of the u.s. largest trading partners or even the size of the two individual economies. the u.s. and taiwan have
maintained strong economic relations for decades now and it makes sense for this to continue even for the sake of just economic interest in the region, whatever those might be, or for the future taiwan's growth and economic independence from china. one of the easiest ways to solidify u.s.-taiwan economic relationship would be through a free trade agreement. the current u.s. administration of course is highlighted the preference for bilateral economic renegotiations over multilateral dialogues, and if the administration is as focus on the transaction outcome from negotiations with its trading partners as we've heard, this pound for pound mentality perhaps taiwan has already proven itself to merit the launch a formal trade agreement negotiations. we at the heritage foundation have in fact, been arguing for u.s.-taiwan free trade agreement for 30 years. back in the '80s it was seen as way to balance the large trade surplus taiwan had with the u.s. pick was a means to leverage an opening of japanese
market as market barriers and state-owned enterprises in japan led to foreign investment. taiwanese officials in attempt to appease concerns and congress of the growing trade deficit encourage its own self-initiated by american practices. this included taiwan adopting favorable measures to u.s. businesses, removal of terror and nontariff barriers and outright purchases of u.s. agricultural and additional products. of course in the past four years of strong economic relations are not enough for court officials to merit a free-trade agreement with taiwan, perhaps the last 13 years of dialogue and norms established that the u.s.-taiwan trade investment framework agreement they suffice. if that's not enough then the administration is looking more near-term transactional, i want to go to open up its market to u.s. beef and pork imports maybe one aspect to leverage in the opening round of a trade agreement. a u.s.-taiwan free-trade agreement will be more than just the focus of tariffs, terrace.
not agriculture terrace average about 4% while agriculture agriculture tariffs average about 16. taiwan's gross relatively high on trade freedom at 86 point out of 100 but there are other issues that can be addressed to a trade agreement including continues a sub of norms regarding investment, rogatory and market access transparency. taiwan has made -- natural norms. taiwan's labor and investment freedoms are lacking as labor freedom scores 55 and investment freedom scores 65 out of 100. there are concerns by u.s. companies regarding the inconsistency of regulations, not to mention limitations on investments in certain sectors. the increase of a 60 day commenting. on new proposed regulations was a step in the right direction. it's important to remember though that a free-trade agreement are just means for
increasing economic cooperation and establishing a stable economic norms but for the removal of government intervention from anything with market forces. it will take strong leadership on both sides to help push that. both public and private interest that might not want free-trade agreement. back in the '80s the prime minister took the initiative to push the privatization of japanese state-owned enterprises as they bureaucrats labor unions members. to quote a former representative benjamin lou who was speaking at a heritage conference while he was director of the economic division, back in 1987, and as he advocated for the launch of trade talks with the u.s., he said we are anxious to look into ways of protecting u.s. taiwan trade relationship from the wide swings in political activities that are generated in both countries on increasing regular basis. i think both president trump and
taiwan's present have what it takes to push past the political swingswingset exist today and ee u.s.-taiwan economic relationship that they themselves can commit to the economic partnership by sign a free-trade agreement. in the meantime of course i had enthusiastic about president tsai initiative to invest in south east asia as long as the smart state initiatives to make taiwan into the asian silicon valley but it will be difficult, certainly just tech startups havhaving a difficulty on theirn in her own silicon valley. competition can be fierce and uncertainty exists for all startups. it will be important for president tsai help create an apartment where investors will want to invest their money but an environment allows for innovation to take place even if those results are seen as disruptive. to conclude i am optimistic about the future of u.s.-taiwan bilateral economic relations and i hope the taiwan administration
can continue to find friends in the current administration and that we can continue to prosper together. thank you. [applause] >> next is scott, now serving as director on the project, on chinese business economy, csi. >> i think the heritage foundation and other sponsors for putting on this event and for inviting me, and i wanted to use my time to talk about the ways that the u.s. and taiwan and expand their economic cooperation. i don't have, hold a lot of optimism for the likelihood of a bilateral free trade agreement or a bilateral investment agreement but i think a lot of ways, practical ways we can expect economic cooperation. and so i want to, this is a class three-quarters full story with that one element missing, but it don't think that's the entire story.
so that's what i want to leave you with today. let me elaborate on four points. the first is, as riley said, there are already extensive, deep economic ties between taiwan and the united states, trade, investment, people to people, the integration into supply chains as partners around the globe, and these ties are mutually beneficial with very few losers on either side. the recent highlighting of taiwan's trade surplus with the united states does not reflect in my judgment or the judgment of most economists of who is winning or who is losing a what is the score in the relationsh relationship. the trade surplus is a product not a protectionism but of the arrangement of the global supply chain and the oddities of how
one keeps track of trade, geographically, as opposed to buy ownership. this has been a strong relationship for some time, and it's been strong because there's as i said hi mutual koppelman charity between the two economies. both are wto members, both are signatories to the wto said information technology agreement. other plural laterals, and so we already have a very strong relationship and i think the announcement of the investment in wisconsin is a natural outgrowth and sign of this and i think we'll see more of these types of stories. both, the second point, both youth and taiwan have benefited from being part of a global supply chain, and global supply chains that include china. in fact, taiwan has benefited
from the inclusion of taiwan, of china in the global supply chain even more than the united states. taiwan has offered an immense amount of technology, management skill, investment in china. and they, of course, because it's a common language, that has helped a great deal. there are around a million taiwanese who live in china, which has helped further those ties and the benefits to taiwan's economy. in addition, although both are wto members, the cross-strait economic relationship is not entirely consistent with wto practices that members keep towards each other, instead is managed by ex-pat and as a result of that, taiwan unlike
any other wto member has been able to maintain massive barriers to imports from the mainland i'm about a quarter of all tariff minds are banned for being imported from china. lots of investments from china is also blocked although not entirely. and so this type of ability to maintain those types of protection for taiwan's economy has been something no one else has had an desperate the downside has bit of an economic relationship with china as part of global supply chain has been limited by, and taiwan. i think the best statistic that shows that is, we know that the proportion of labor in manufacturing in almost every major industrialized country has fallen dramatically over the last 20 some years. there's a single exception, and that's taiwan.
in 1993 taiwan and 28% of its workers in manufacturing. today it has 27% of its workers 27% of its workers in manufacturing. essentially no change. the way it is engaged china as part of global supply chains as distinctive pandas left it in a relatively strong position. i want to make people understand that's a backward looking statement. it doesn't necessarily guarantee the future. there's lots of challenges that everyone faces as a result of chinese and social policy, which is much more aggressive over the last several years under xi jinping and much more challenging for everybody that is part of these global supply chains. nevertheless, if you're just doing a historical analysis it's been a big boon for taiwan. compared to just about everybody else. in terms of thinking about how the u.s. and taiwan can expand
cooperation, i think an fta or a bilateral investment agreement would be nice but a relatively limited benefit. it would be politically very risky for taiwan to take on, of limited benefit because most of the benefits between the two economies are because they are in global supply chains. we count bilaterally but it's the global supply chains that are believing the big benefits. so unless you improve the global supply chains or regional supply chains, simply reducing barriers bilaterally isn't going to give you a big bang for the buck. as riley already said, taiwan scored 76.5, and the u.s. 75. i'm sure if you look at the bilateral arrangements with us they are already really low barriers. most of the easy stuff that's already been picked off, and i think there are other things that we could do in the short
term that would be, that would yield some positives for both economies, and particularly for taiwan's economy. i think the first thing that would be at the top of my list, this is the fourth point, the first thing that would be at the top of my list would be both the united states, taiwan and everybody else has to push back hard on chinese protectionism. that is the number one challenge everyone in the global economy faces is china's efforts to expand and dominate into global supply chains where everybody else is. and so you can do that bilaterally, you can do it regionally. tpp was an important initiative tpp 11, even without the u.s., without i want in it would be helpful in that regard, but job number one is limiting the destructive consequences of china's movement into other parts of the supply chain through subsidizing its
industries and forcing technology transfer. that's never one for everybody. the second, and riley touched upon this but not in much detail, the biggest foreign economic policy initiative of the president tsai gum is new southbound policy. i was in taiwan in june for a week doing research on it with two colleagues whenever report coming out in the fall on it and although assisting off the ground, the new southbound policies actually have the potential to be quite helpful to taiwan's economy. it promotes expand economic ties with countries in east asia, south asia, south east asia as well as australia and new zealand. some are more promising than others but ther there's real men the bones in that, in helping to modify taiwan's economic structure and expanding people to people ties, particularly in areas of education.
so although the u.s. isn't one of the members of the new southbound policy countries, there are 18, the u.s. could do a lot to encourage all of those countries that are part of it to participate, to facilitate interactions. that's because again taiwanese businesses moving more towards that region are part of global supply chains, it's a drug affects the interest of american companies as well. i think there's a lot the u.s. can do to help facilitate the effective implementation of the new southbound policy. third, the other big regional initiative beyond the new southbound policy and tpp, which i've already mentioned, is china's belt and road initiative. although taiwan you wouldn't think that it could be a dominant country in investing in infrastructure buildout, actually there are a lot of opportunities for companies sometime want to participate in
the belt and road. the belt and road is a chinese our investment asia but there's a lot of opportunities for economies that are not part of it including the u.s. is not part of it and so i think there are potentially, because the price tag of belt and road is so large, even getting a tiny sliver of investment would be helpful for taiwan's economy. fourth, this is the second to last point of what i think we can do, i think the united states, although a bilateral investment agreement for free trade with taiwan is probably unlikely soon, there's still a lot taiwan can do to cover the last 13 and a half points of the freedom index that would get taiwan from where it is now to being tied with hong kong. that gap is often framed, and almost consistently framed as part of a bilateral negotiation
between taiwan and others. well, and it is seen as concessions. i think that 131 half points points is entirely in taiwan self-interest to make those changes in liberalization which would help its economy, and regardless of whether the u.s. or anyone provides reciprocating concessions on the other side. and so i would just mention two areas p1 would be in services, access to taiwan services market, liberalizing those markets. the second would be an immigration policy. when, to allow more worker immigrants into taiwan's economy. when we were in taiwan in june, and i think it is still going to the legislative u.n. now, there was discussion over whether the rot to be a small modification of taiwanese immigration law to increase the number of worker immigrants by several hundred,, maybe up to a thousand. these are very small numbers. taiwan needs tens of thousands
of immigrants to move to taiwan to work to contribute to its economy. we should be talked about hundreds or thousands. we should be talking tens of thousands answer the needs to be a significant liberalization of taiwanese immigration law which is entirely in other interests and shouldn't be seen as a concession to anyone else. lastly, to turn the tables, the united states is at 75 and the u.s. isn't going in the right direction and there's a lot that taiwan and everyone else can do to encourage the u.s. to maintain or expand its market, and we commit itself to the multilateral trading system, to the wto, to apac, to the g20. that maintaining that open global multilateral system is critical to the health of the american economy, to the taiwanese economy, to the bilateral relationship. and so i have try to come up with what i think our five practical things, i can't say lobby adopted but i would put my
money on those things in my energy on those things and have less eggs in the basket of my bilateral investment agreement for free trade agreement. thanks. [applause] >> now, final panelist doctor vincent wang is serving as dean and professor of the school for you mentoring -- ithaca college. >> thank you. thank you for heritage foundation for inviting me and for organizing this very important for him -- forum for putting the american public interest and awareness of important u.s.-taiwan relationship. the big point i'm trying to make is why good economics also make good politics. let me explain.
in fact, i'm trying to argue to make a strategic case for the 25% of the class that's empty. i don't disagree that there are many ways of looking at u.s.-taiwan economic partnership. if you look at this 75% you will say it is a store could been very strong relationship, mutually beneficial, the u.s. is taiwan's second largest trading partner. taiwan with a population of 23 million is the ninth largest trading partner of the united states. the total two-way trade between the two economic partners in goods and services is about $85 billion last year last year, which $65 billion is in the goods, in the goods trade the u.s. has a deficit with taiwan at $13 billion. but if you look at the services, which is another $20 billion,
the u.s. iq has a trade surplus of $4 billion. if you look at this total picture you would say it is hugelvirtually beneficial, and i agree with scott that service liberalization maybe one area that can further have mutual benefit. according to the u.s. department of commerce, u.s. exports of goods and services to why -- to die once aboard an estimated 208,000 jobs in 2015. this is the latest data available. and 130,000 supported by the goods exports, 79,000 supported by the service exports. the u.s.-taiwan trade supports a lot of u.s. jobs. and, of course, i think that we will support a few more. of course in trades, and goods alone, right now about 10.3% of taiwan's exports go to united states, and 9.5% of taiwan's imports come from the u.s.
of course we know that as recently as 1985 about 40% of taiwan's exports came to the united states. now the picture has changed because 26% of taiwan's exports go to china, and another 13% go to hong kong. but if hong kong is mostly unfair trade, you can add these two together and say 40% of taiwan's exports go to china. ..
industrialization to industrialization, diffusion of technology, transfer of highly skilled autonomy and the reversal of the roles in the last 30 years, and the partner representing china, economic ascendance regionally and globally relative to declining economic influence to asian nations. this is an important point. former president obama reasserted the importance of pivot to asia and when all is said and done donald trump will rediscover the importance of asia but one of the first things he did was withdraw was a lost opportunity but why do we feel on the surface the relationship seems pretty good.
why do we keep hearing about squabbles over the last 25% in the 1980s, the super 301, section 301, unilateral action to apply open the market of major trading partners, the united states, the us treasury department, trading partners and analysis, trading partner, put on the analysis, if they enjoy significant bilateral trade surplus, $20 billion, they do not fit this, it is $9 billion, it is at least 3% of gdp, coming back to this in a moment and persistent 1-sided intervention
occurs when net purchases of foreign currency are conducted repeatedly in total over 2% of gdp. of the three criteria the treasury scrutinized, it is the trading nation, i will argue people say that, you are suspicious and they are suspicious you have a very high trade surplus, currency is undervalued, taiwan has extenuating circumstances, taiwan's fiscal policy historically, taiwan has actually seen a rising external
debt, last year taiwan's external debt was $159 million making taiwan's for and at the 37th largest in the world. taiwan is not a member of the international monetary fund, has no recourse for so long, fiscal policy -- trying -- taiwan trying to see as much as possible and after democratization the population in taiwan once distribution rather than savings contributing to a large -- gradually it will shift. having said this i will argue it is important to put management under larger foreign-policy and
strategic mess. the us and japan are close allies but in the 80s all we heard is us/japan was in a trade war. how can allies be in wars? it is a metaphor. now all we hear is it is about peace, all about pork. this has a lot more substance, simply pork or beef and before dinner, we are -- the larger point is we need to conceptualize economic relationship in broader strategic terms, i will argue the us government may need to cut some slack for taiwan. i agree it is in everyone's benefit for taiwan to become
freer, 75 to 90, self-interest to the better candidate and trade, and trading partners. the largest trading partners, all the trading partners taiwan is the one facing china's sovereignty claims, diplomatically strange relating taiwan's participation and economic realm and taiwan faced a triple whammy. and the wto in 2002 which would
have been fantastic is economic united nations, the next year, taiwan did not benefit. how about regionalism in asia-pacific the two most important movements currently are the tpp, transpacific partnership which the us left until the trump administration and the regional comprehensive economic partnership which many said was led by china but actually led by -- taiwan is not part of that. and facing difficulty benefiting regionalism. and and the feasibility of
taiwan free trade agreements. and it should not be ruled out either, economic grounds, security grounds, economically, most of the trading partners, the us, except south korea, the aftermath of 9/11, in jordan, bahrain, israel and columbia. if taiwan could be a member of the tpp, 12, 11, taiwan would become the sixth largest member in the tpp. scott is also right, when you
have fda you engage in very specific negotiations, certain sectors of the us will benefit particularly the service area. in the peterson institute, government office estimated there would be a small next benefit to the us. on the security realm, also makes sense. and the particular diplomatic isolation and security threat for taiwan as a major economic player on the world stage and possibly -- and taiwan's economy
is oriented toward the united states. with china opening to the outside world in the 90s, the chinese economy oriented toward the west. and too much economic dependence on china and the security threat is trying to orient -- the new southbound policy, the new southbound policy has a lot of potential. the augmentation, the orientation, the united states should not be -- making a strategic case of strengthening the economic relationship. [applause]
excellent speech and discussion. a quick question. earlier this year trump withdrew from tpp, then the us government is planning to participate in the future organized by china. i agree with your point about the new southbound policy not benefiting taiwan at all. they have the third meeting in may and in november, taiwan is included. not to be excluded from the
world economy. a frozen degree and taiwan can do. >> despite diplomatic or political isolation taiwan's economy is heavily integrated in the global economy and being part of wto and ita, they have been extremely helpful. talking with friends from taiwan over the last several years about tpp, the concern was always the top concern was always when would taiwan be able
to join? the real top concern is will tpp come into business? and in fact the existence of tpp is more important because tpp puts tremendous pressure on china to liberalize its economy. that is the number one biggest benefit because china would lose its competitive advantage by not meeting the norms of tpp because tpp covers so many areas big cut they are not covered by existing rules and filling in those blanks related to investment, state owned enterprises and e-commerce. so i think the number one goal is to figure out how to keep tpp alive, whether it is the current 11 and then hopefully at some point down the road the us will
regain interest and then hopefully maybe not in the next 31/2 years but in 3 years and 7 months perhaps and then maybe and then create an opportunity for taiwan to join. i would not worry about our step even if it is signed and adapted. it is such a thin superficial agreement that doesn't touch on a lot of key areas that are important to taiwan. i don't think taiwan not being a member will have significant impact. i would focus more on what taiwan could do through the new southbound policy and the other ways in which taiwan can establish expanded ties with the united states, to answer your question, to comment on something about china's economic gravity and that gravity is
large and unusual that you have that depth of interaction with a strategic enemy. that is very rare. but i think there is no escaping that gravity. not just for everybody, that is a huge driver of global growth. you have to figure out the strategic choice, to figure out how to escape that gravity, how to make it so the downsides of it in the near term and short term are limited to some extent but can't entirely escape it. too big, too importance, too large an opportunity, how many -- that is why they are making deals with their soul on a whole
bunch over the size of that economy. they are in a precarious position we are rarely in. it limit the risks even though it is escaping -- >> maybe i can pick up scott's point. many allies including the -- trying to manage this collective problem. it will be helpful for the us government, the economic strength and independence in the us could just bolster the us position in the asia-pacific so
that is just the point. trying to make a larger point, the us government, the international trade commissioner ustr doing their job by focusing on sector openness, trade deficits and liberalization and so on and all this is great but we focused too much on the trees and forget about the forest. trying to make a point about the larger picture. >> to look at what to do aspect stepping that aside, the southbound policy engagement or response policy, they have merit on their own, but if we could foresee the future we would all be futures, the growth or decline in the chinese economy
relative to the south southeast asian economy and what that will play for taiwan, i would be a millionaire, billionaire, as china's economy begins to slow in growth, southeast asia economies grow themselves and if china maintains this restriction on market access or political and economic considerations these new -- find their own voice. in my opinion they will lean more toward taiwan who has shown themselves to be sort of a beacon for both principles in a democracy. >> i would like to add one point
on the southbound policy. i think due to the geographical proximity and cultural closeness and so on taiwan should have done this a long time ago. i wish this policy well. i hope it will be implemented not in a very instrumental way. for example, if you ask most taiwanese students what foreign language they would like to learn the first choice would not be vietnamese or indonesian. if you look at the demographics there are many new immigrants in taiwan and one in four children in taiwan have a mother who is not taiwanese so the society is changing so the point i am making is it should have been done a long time ago, very natural thing to know your
neighbor better. as to what taiwan can do, taiwan should do everything, liberalize its economy, to be more attractive and this issue, engaging the ustr on scientific resolution on this, taiwan should continue pursuing regional opportunities and in that regard sometimes there is a snowball effect, continuing to pursue a free-trade agreement with major trading partners. and a snowball effect and taiwan should continue to play a constructive role, a multilateral member such as apack, wto and so on so
cautiously optimistic about the economic future of taiwan. it is in a sense very integrated in the world economy despite its formal diplomatic isolation. >> the last question. >> good afternoon. before this i had been working in taiwan. during the past we 10 years, they grew up in china market before most people, born in 1980, in our memory, most taiwan brands, htc, made in taiwan,
guarantee and very good memory, very disappointed where we can not day by day so today i want to see, comparing in north korea, adjust as all of you may know most people by the electric cooker. and they use more than 20 years and i have a question, what can we do to promote, to recover the markets of taiwan brands.
>> any comments. >> i think your question points to an important and difficult economic transition of the taiwanese economy. how do you move from an economy that thrives on being an original equipment manufacturer, you make the apple but apple put its shelf on that machine and branding to have your major brand and reap more value, taiwan has notable success in the information technology sector, searching for another sector, don't think they found
it yet. and reliance on a single sector is not optimal. i don't have an answer to your question but i agree with your observations. >> i guess i would say that whether or not there are a lot of taiwanese brands in stores or in your homes is probably not the number one concern you ought to have for the health of taiwan's economy. being an oem and being part of global supply chains has been very beneficial. we can accommodate the size of 23 million people, that is the number of people that live in shanghai. there are not a lot of global shanghai brands but having several of these others is quite an achievement in and of itself.
the president put forward several industries to focus on. for me the life sciences in healthcare seem like a natural for taiwan and that is because of how excellent taiwan's healthcare system is relative to the rest of the world and having such a high quality healthcare system provides the opportunity to have a home market to test a lot of these things and having engagement with china you can do a lot of trials with chinese companies, strong ip rights though they could be stronger. there is going to be some amount of specialization, they talk about the dutch disease, there might be a new term called
taiwan disease, how does the country get so focused on a single sector the drives growth for so long but is so difficult, you get entrenched interest in other areas and very difficult to transition to other sectors or move up which is a big challenge, but what taiwan is doing, if i was in there position i would be trying a lot of the same things. i am still a glass half-full, still an economy that is full employment. a level of inequality which is better than just about everybody, under 0.3 the us is 0.5. and many things that can be done. people are so worried in taiwan, that is the smart thing to do so
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