The very model of a modern major economy
In a bit of bad news for Taiwan, the government said Thursday that export orders had dropped for the third time this year. The good news was that Taiwan released economic data at all and on time, a sign of its democratic openness.
In contrast, China decided to delay the release of the latest figures for its economy 鈥� the world鈥檚 second largest 鈥� on Monday. The official silence was perhaps to prevent any disappointing numbers from embarrassing Xi Jinping this week as he secures a third term as Communist Party leader during a gathering of the party鈥檚 elite. By many estimates, China鈥檚 gross domestic product per capita could be falling while Taiwan鈥檚 is expected to become the highest in East Asia this year.
Taiwan still struggles as a young democracy 鈥� its first direct presidential election was 24 years ago. Yet its people have strongly embraced the need for transparency and integrity in government, starting with economic data. In contrast, Mr. Xi has 鈥渞eversed course from his predecessors鈥� emphasis on humility and openness to focus on national pride and self-sufficiency,鈥� as The Wall Street Journal puts it.
Official secrecy has been rising under Mr. Xi鈥檚 decadelong time in power. A new law heavily restricts release of government data while academic exchanges with other countries have been sharply curtailed. Party censors are more diligent in scrubbing social media of any government leaks.
Taiwan, meanwhile, has become one of Asia鈥檚 most open societies 鈥� despite China鈥檚 attempts to spread disinformation among the Taiwanese. In an Oct. 10 speech, President Tsai Ing-wen said her government will 鈥渞espond with a more transparent and democratic approach鈥� against Beijing鈥檚 鈥渁ttempts at sabotage.鈥�
Because of trust in Taiwan鈥檚 business environment, the country remains the world leader in the manufacturing of advanced computer chips. It also beats out China in global indexes on economic competitiveness, online freedom, and ease of doing business. Highly dependent on imports of Taiwan鈥檚 semiconductors for its high-tech industries, China may be hesitant to invade the island.
That so-called silicon shield relies on Taiwan鈥檚 democratic values, such as its openness to alternative politicians every election and honesty in economic information. This open-mindedness also encourages creativity in science and technology. The country ranks high in 鈥渋nnovation capability,鈥� according to the Global Competitiveness Report.
A high level of confidence in government helped Taiwan cope well during the pandemic. 鈥淏ecause we trust the people a lot, sometimes the people trust back,鈥� one official told the BBC.
Openness has served Taiwan. In July, the United States began talks for a free trade agreement with the island. Despite attempts by China to isolate its neighbor, Taiwan has more than 60 trading partners.
As a model of governance, Taiwan surpasses the one touted this week by China鈥檚 ruling party. The world just needs to notice which country is releasing economic data, good or bad, and on time.
