Richard at Peking Duck comments on the widespread perceptions of Taiwan's decline among locals.And yet, talk to anyone here and there is a tone of resignation and reticence. Taiwan's glory days are over. The only place to be is China. Taiwan's markets can only contract, including its job market. And yet, even in the face of downsizing and all kinds of pressures brought on by increased globalization, most of the multinationals here are doing quite well. No, not as spectacularly as some are doing in the PRC, but not so poorly as to merit swallowing the hemlock. This is still an exceptionally vibrant economy, unvexed by inflation or rampant corruption. (No, I'm not saying there's no corruption in the government, only that the corruption that there is doesn't drasticaly affect people's lives and pocketbooks as in places like China and Indonesia and the Philippines.)
Hell yes. I often encounter this among locals. Taiwan is doing very well. Many visitors enjoy it and stay. Almost every aspect of Taiwanese life is improving. But....
[Taiwan]
Richard’s piece hit the nail right in the head.
ReplyDeleteI just had a conversation with my wife a few days ago after she had a little get-together with a friend who now for an international luxury brand in China. Her friend raves about the amazing progress and opportunity in China, high salary even for the locals, and ambitious expansion plan by these foreign companies. So their conclusion is that Taiwan is going to follow Philippine turning into an economic backwater.
I told her that’s all pop wisdom. I have a French friend who worked for Infineon who just finished his three years contract here. He always told me how he marvels the optimism and positive spirit in the electronic industry. There are constant plans about expansion, upgrade and people are very driven for better and bigger stock options. This industry is hungry for new employees as evident in Sunday paper. It’s opposite in Europe where people of the same industry worry about scaling down and outsourcing.
I myself work in the construction industry. I can testify that many major construction sites are looking for workers. It may be dirty, but it will put 30k to 40k in your pocket every month.
I wish there are more companies think about upgrading and brand building instead moving across straight to cut cost. But there are people who are trying very hard to break that mode. Look at Giant, Acer, BanQ. All the gloom and doom because we are growing at 4 instead of 11%?
I told her that I believe a health economy rests a few important fundamentals; respect for contract and law, transparency in public or corporate decision making, accountability. I don’t wish to belittle what China has achieved which is nothing short of marvelous. But China is not out of woods yet and Taiwan is far from down for the count.