[Congressional Record Volume 156, Number 129 (Thursday, September 23, 2010)]
[Extensions of Remarks]
[Page E1719]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




           99TH ANNIVERSARY OF THE REPUBLIC OF CHINA (TAIWAN)

                                 ______
                                 

                           HON. VIRGINIA FOXX

                           of north carolina

                    in the house of representatives

                      Thursday, September 23, 2010

  Ms. FOXX. Madam Speaker, October 10th marks the 99th anniversary of 
the Republic of China, ROC. From its first days in mainland China, the 
ROC has always been a world economic leader. Taiwan's rapid 
industrialization after the Second World War and Chinese Civil War has 
long since provided a fertile market for many U.S. companies.
  Following World War II, Taiwan suffered horrific hyperinflation. The 
ROC government thus created a new currency zone for Taiwan, as well as 
a vital price stabilization program. Future U.S. economic assistance 
resulted in full price stabilization as early as 1952. Taiwan's ROC 
government then went about installing an import-substitution policy, 
helping local companies produce for themselves much of what they had 
until then imported.
  Agriculture made up 35 percent of Taiwan's economy in 1952. That 
figure is roughly only 2 percent today. Taiwan has sustained much of 
its economic growth in modern times, and can now be thought of as 
nothing less than a fully developed economy. Real gross domestic 
product growth has averaged roughly 8 percent over the last 30 years. 
In fact, 2001, a year of nearly universal worldwide recession, was the 
first year since 1947 that Taiwan experienced negative economic growth.
  Taiwan enjoys perennial trade surpluses, as well as the world's third 
highest foreign currency reserves. Dominated by many small and medium-
sized businesses, Taiwan's entrepreneurial spirit and lack of undue 
government interference in the economy also helped shield the island 
from the worst of the 1997-98 Asian Financial Crisis. Taiwan today is 
also a major offshore investor in nearby Asian markets, namely mainland 
China, Vietnam, Indonesia and Malaysia.
  I urge my colleagues to join me in congratulating the Republic of 
China on Taiwan on its many economic achievements during its rich 99-
year history, many of which have also benefited U.S. investors, 
customers and exporters.

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