Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. In keeping with this trend, some large, state-owned banks and industrial firms have been privatized.
Exports have provided the primary impetus for industrialization. Therefore, it makes us a large trade surplus. Recently opened cross-strait travel, transportation, and tourism links are likely to increase Taiwan and China’s economic interdependence.
At the same time, comply with the highly educated workforce, Taiwan has seen impressive growth in knowledge-based and service-oriented industries and has become a major global Data source: Directorate-General of Budget, Accounting and Statistics, Executive Yuan National Statistics, R.O.C competitor in semiconductor and computer-related products, telecommunications equipment, precision tools, optical machines and supplies and biotechnology. Unlike neighboring Japan and South Korea, in Taiwan, another particular characteristic is the small and medium-sized businesses make up a large proportion of businesses.
Doing Business in Taiwan