新聞稿第089號（亞洲開發銀行第三十三屆年會中華民國理事彭淮南總裁書面講辭）
彭淮南總裁書面講辭
主席、各位理事、各位女士、各位先生：
首先，本人謹代表我國代表團，向主辦本屆年會之泰國政府與人民的殷勤接待致意，並藉此機會向亞洲開發銀行工作同仁的辛勞，表達最誠摯的謝意。我們也竭誠歡迎亞塞拜然共和國正式成為亞銀第五十八個會員國，共同創造亞洲的繁榮。
回顧過去一年，千野總裁自上任以來即不斷致力於消滅貧窮的工作，更自去年十一月起，正式宣佈集中全力於此目標，以及成立新部門推動該項政策。今後將至少以融通公共部門支出的四○％金額，融通各項消滅貧窮計畫，並以支援貧窮國家創造永續成長、社會發展與增進地方
政府管理能力為三大支柱，強化基本教育、衛生保健、社會安全網與基礎建設等，協助貧苦大眾。去年亞銀推動五十二項計畫，放款總額
達五○億美元，其中社會基礎建設與交通運輸部分即分別達二八％與二○％。本人深信亞銀在千野總裁卓越的領導下，亞洲地區邁向均富
的願景可期。
一九九九年我國雖受大地震的負面影響，但在全民努力與國際友人的協助下，順利完成救災與安置，經濟活動也在短期間內迅速恢復正常，全年經濟成長率仍達五‧六七％。經濟成長的動力，主要來自於強勁的國外需求以及民間消費與政府投資的增加。具體而言，在美國經濟續
呈榮景，亞洲經濟復甦帶動下，去年全年我國商品出口呈現一○％的強勁成長，進口也增長五‧八％，貿易出超達一○九‧四億美元，經
常帳順差則為五九億美元，國際收支順差為一八六億美元，而截至今年四月底止，我國外匯存底已累積至一、一三七億美元之多，而外債
則非常微小。民間消費則因景氣擴張與股市活絡等因素的影響而成長五‧七二％。由於政府實施擴大內需方案與因應震災修復基礎建設，
政府固定投資成長五‧五七％。在經濟穩健擴張的同時，我國物價也相當平穩，去年消費者物價僅略升○‧一八％，而不含新鮮蔬果魚介
及能源的核心物價成長率也僅為一‧一六％。受到產業結構調整與九二一大地震的影響，去年我國失業率升至二‧九二％，但仍低於許多
亞洲國家。
展望今年，隨著全球經濟景氣持續翻升，我國貿易仍將持續維持榮景。第一季的出口成長率達一八‧五％，復因民間投資也大幅增加，經濟成長率估計高達七‧五％，全年經濟成長率估計可達六‧五％。在經濟景氣持續復甦的情況下，今年第一季失業率降至二‧八二％，顯示就
業市場情勢改善。在物價方面，今年第一季消費者物價年增率為○‧八五％，核心物價年增率則僅為○‧四一％。受油價及部分國際原物
料價格上漲以及國內菸酒價格即將調升的影響，估計全年消費者物價年增率將低於二％；而核心物價年增率則低於一‧七％。
在貨幣政策方面，央行繼續透過公開市場操作等微調措施，以維持貨幣總計數之合理成長，並充分供應正常經濟活動所需資金。去年全年Ｍ２年增率為八‧三三％，相當接近原訂貨幣成長目標中線值八‧五％。今年第一季Ｍ２成長率為八‧二七％。為協助景氣穩定復甦，央行曾
於去年二月調降重貼現率與擔保放款融通利率，以引導市場利率下降。今年以來，鑑於目前國內景氣已快速復甦，且國際通貨膨脹壓力上
升，三月間央行宣佈提高重貼現率與擔保放款融通利率各○‧一二五個百分點，以防範通貨膨脹於未然。
在新臺幣匯率及外匯市場管理方面，新臺幣匯率係由市場供需決定，但若遇季節性或偶發性因素，而導致市場供需失衡，央行將採取適度調節措施，以維持匯率的動態穩定。此外，中央銀行也建立外匯市場大額交易即時通報系統，以確切掌握市場動態；並促進金融資訊透明化，
以利參與者正確判斷市場情勢。由於外貿出超及外資匯入，自去年四月底至今年四月底止，新臺幣對美元價位升值六‧六九％。
自去年起，我國中央銀行與財政部聯手採取措施，積極推動一系列的金融再造工程。透過銀行體系與政府部門的通力合作，預期至二○○三年六月本國銀行逾放比率可望降至二‧五％之目標水準。鑑於國內銀行家數過多，政府積極鼓勵銀行合併。目前已有三家公營銀行計劃合併
，以提昇競爭力。政府未來計劃成立新的金融監督管理委員會，以加強金融監理，進一步強化銀行經營體質，迎接國際經濟的挑戰。此外
，為排除非經濟因素對總體經濟的影響，我們也成立了國家金融安定基金，基金總額新臺幣五千億元，自成立以來，績效良好，充分發揮
穩定經濟金融的功能。
整體經濟供給面的積極調整，也對過去我國經濟表現貢獻很大。我國的經濟成長主要係源自於資本累積與總要素生產力提昇的貢獻。這兩個基本因素也對台灣的經濟產生結構性變遷。就一九九○年代趨勢觀察，重化與技術密集產業產值占製造業總產值比重由一九九○年的六五‧
八％，提昇到一九九九年的七九‧二％。產業結構的變遷，使得出口結構也隨之產生快速變動。以技術密集程度區分，一九九○年我國高
技術密集產品的出口比重為二六‧七％，一九九九年已上升到四二‧一％的水準，而低技術密集產品則由三四‧七％降為一五‧一％。
持續性經常帳順差、低通貨膨脹環境、高科技競爭優勢與自由民主的政治制度等，使我國始終能夠保持永續經濟成長。以往世界著名的國際機構對我國的經濟表現一直非常肯定，而最近國際貨幣基金出版的世界經濟展望，也預測今明兩年我國的經濟成長率將為全球先進經濟體第
三位，我們感到十分欣慰。
中華民國與亞洲地區經貿往來一向密切，一九九九年我國與亞洲國家的雙邊貿易額達一、一九八億美元。其中出口達五九二億美元，占我國出口總值的四八‧七％；進口達六○六億美元，占我國進口總值的五四‧七％。亞洲地區向來是我們對外投資的重鎮，截至一九九九年底，
我國對亞洲各國的直接投資超過六六○億美元，我國銀行對亞洲地區證券投資及授信總額也超過一六○億美元。我們也投資參與以及提供
循環信用融資予亞洲金融投資公司(ＡＦＩＣ)，以更進一步促進亞洲的繁榮。近兩年來，該公司在新管理階層領導下，業績相當良好，希
望亞銀給予充分的支持，必能對亞洲經濟有更多的貢獻。除了一般經貿金融關係以外，在亞洲金融風暴發生後，我們參與亞洲開發銀行對
泰國輸出入銀行的共同融資計畫，而亞銀歷年來在我國發行債券的總額也達八億美元。對於亞銀積極召開捐款國會議，籌募第八期亞洲開
發基金，以消滅貧窮一事，我國表示支持與肯定。雖然我國地震災後重建支出龐大，財政負擔加重，但仍願以會員國身分，貢獻一己力量
，以協助貧窮國家改善經濟環境，提高生活水準。
亞洲金融危機提供我們思考國際合作方向與內涵的新契機。自從危機發生以來，各國提出許多建設性的國際合作議題，範圍涵蓋資本流動監視系統與國際金融架構的發展。我們欣見換匯協定已經達成，為使該協定有效運作，希望有更多會員國參與，尤其是擁有充分外匯準備者。
鑑於近數十年來國際經濟體系發展迅速，各國已透過各種經濟活動而緊密結合。區域金融危機的負面衝擊也因而會透過此一國際傳遞機能
對全球經濟產生影響。因此，我們竭誠支持有助於不同經濟體間通力合作的方案，以預防與解決區域危機並確保全球經濟秩序。
在結束演講之前，本人藉此機會，重申我國希望與亞銀建立更密切的合作關係，但也期望亞銀能正視我國的會籍名稱問題，因此我們仍將就此問題與亞銀繼續協商。本人深信如能妥善解決，將對加強彼此往來大有助益。在去年九二一大地震發生後，包括亞洲開發銀行在內的許多
國際金融機構均向我國表達誠摯關懷，本人代表我國代表團謹誌謝意，也祝本屆大會圓滿成功，各位身體健康。謝謝。
Statement by
the Governor for the Republic of China
at the 33rd Annual Meeting
of the Asian Development Bank
Fai-nan Perng
Mr. Chairman, Fellow Governors, Ladies and Gentlemen:
On behalf of my delegation, I wish to thank the government and people of Thailand for hosting the ADB's annual meeting. I
also appreciate the staff of the Bank for their efforts. The Bank's membership has continued to grow. We wish to welcome,
most warmly, Azerbaijan as the 58th member of the Bank.
Since President Chino took office, the Bank has dedicated much work to fighting against poverty. A new unit was set up and at least 40 percent of all public sector lending will be for poverty reduction. The mandate is built around three pillars: pro-poor sustainable economic growth, social development, and good governance. By providing access to basic education and health care, improving social safety nets, and upgrading infrastructure, the strategy will benefit a large number of the poor. During the past year, the Bank launched 52 projects, with total lending amounting to US$5 billion. Lending for social infrastructure, and transportation and communication made up for 28 percent and 20 percent of total lending, respectively. I believe that, under the able leadership of President Chino, the Bank will greatly enhance the welfare of Asia.
Turning to our own economy, 1999 was a challenging year. We quickly emerged from a severe earthquake with help from the international community and joint efforts from our people. Economic activities were restored to normal within a short time. GDP still expanded a brisk 5.67 percent for the year. Driving this impressive growth were strong external demand and a pickup in private consumption and public investment. Abroad, as the U.S. economy surged forward and the Asian economies revived, our exports went up 10 percent last year. At the same time, import grew 5.8 percent, resulting in a trade surplus of US$10.94 billion. The current account registered a surplus of US$5.9 billion and the overall surplus reached US$18.6 billion. At the end of this April, foreign exchange reserves built up to US$ 113.7 billion. Not surprisingly, the level of our external debt is negligible. On the domestic front, improved sentiments and a buoyant stock market fostered a 5.72 percent growth in private consumption. Moreover, government measures to stimulate domestic demand and reconstruction work after the earthquake pushed up public fixed investment 5.57 percent. In the face of robust economic expansion, inflation however remained remarkably subdued. CPI edged up a mere 0.18 percent, and core CPI 1.16 percent last year. The changing industrial structure and the major earthquake were mainly responsible for the moderate rise in the unemployment rate last year. At 2.92 percent, it was still among the lowest in Asia.
Looking ahead, our economy will continue to prosper. For the first quarter of 2000, exports grew 18.5 percent. Coupled with a pickup in private investment, GDP expanded a remarkable 7.5 percent for the quarter and is expected to grow 6.5 percent for the year. The economic expansion was mirrored by an improved labor market, with the unemployment rate for the first quarter of this year declining to 2.82 percent. Meanwhile, CPI went up 0.85 percent, and core CPI up 0.41 percent. Owing to the run-up in the prices of energy, other international staple commodities, and domestic tobacco and alcohol, CPI for the year is expected to rise by less than 2 percent, and core CPI inflation will remain below 1.7 percent.
The Central Bank of China (CBC) has adopted open market operations and other fine-tuning measures. The purpose is to maintain the monetary aggregate M2 at the target level and to meet the funds demand for real economic activities. M2 grew 8.33 percent for 1999, close to the 8.5 percent midpoint of the target zone, and 8.27 percent for the first three months of this year. To facilitate a favorable environment for economic recovery, the CBC lowered the rediscount rate and the interest rate on accommodations against secured loans in February last year. Since the beginning of this year, the economic recovery has gathered momentum and international inflationary pressures have built up. The CBC therefore took a preemptive measure by raising the rediscount rate and the interest rate on accommodations against secured loans both by 0.125 percentage point on March 24.
The NT dollar exchange rate is determined by market forces. However, when seasonal factors or irregular disruptions entail an imbalance in demand and supply, the CBC is ready to step in to maintain dynamic stability of the exchange rate. In addition, the CBC initiated a real-time reporting system for monitoring large-volume foreign exchange transactions. The system serves to reflect market conditions and to enhance information transparency for market participants. On April 30 this year, the NT dollar appreciated 6.69% year-on-year against the US dollar due to the trade surplus and foreign capital influx. Beginning from last year, the Ministry of Finance and the CBC have jointly initiated a series of measures for financial reform. Following these measures, the non-performing loan ratio of domestic banks is expected to drop to 2.5 percent by June 2003. With the government's effort to encourage banking consolidation, three state-run banks plan to merge to increase their competitive edge. A new supervisory authority will also be set up to assume overall responsibility for supervising all financial institutions. In addition, to prevent non-economic factors from disrupting our economy, we have established a national financial stabilization fund with a capital of NT$500 billion. It has successfully accomplished its goal in several contingencies.
From supply-side adjustment, the engine of our economic growth has been a marked acceleration in capital accumulation and total factor productivity, which translate into profound changes in our economic structure. The share of heavy industrial and technology-intensive products relative to total manufacturing output went up from 65.8 percent to 79.2 percent between 1990 and 1999. The export structure has also changed accordingly. During the last decade, high-tech exports leaped from 26.7 percent to 42.1 percent of total exports, while low-tech exports dropped from 34.7 percent to 15.1 percent.
A sustained current account surplus, low-inflation environment, cutting-edge technology, and full-fledged democracy explain our sustained economic growth. In the past, the international community has been making high remarks on our economic performance. Recently in its World Economic Outlook, the International Monetary Fund predicted our economic growth rate to rank third among advanced economies for this year and next year.
Internationally, the Republic of China economy is closely linked with the rest of Asia. Our external trade with neighbors in the region added up to US$119.8 billion for 1999. Exports to Asia made up US$59.2 billion, or 48.7 percent of total exports, while import from Asia came to US$60.6 billion, or 54.7 percent of total import. Asia also accounts for the bulk of our overseas investment. By the end of 1999, our direct investment in the region had exceeded US$66 billion. Portfolio investment and credit extended to Asia by our banks was over US$16 billion. We also invested in and provided revolving credit facility to the Asian Finance and Investment Corporation (AFIC). We are pleased to see an improvement in the performance of the AFIC over the last couple of years and hope the company will further contribute to Asia with more support from the Bank. After the Asian financial crisis broke out, we actively participated in the Bank's co-financing program for Thailand. Over the years, the Bank has raised more than US$800 million from our bond market.
We have given our full support to the Asian Development Fund to combat poverty. Although the earthquake imposed a heavy burden on our fiscal budget, we are more than willing to work with the Bank to improve the living standards in Asia.
The worst of the Asian financial crisis being over, the time is opportune to reflect on directions for international cooperation. Many countries have put forward constructive frameworks, such as capital flow monitoring mechanism and development in international financial architecture. We are pleased to note that currency swap arrangement was reached. To make this arrangement more effective, more members, especially those with enough liquidity, should be included. In recent decades the international economic system has changed dramatically.Countries have established close linkages through which economic activities take place intensively. And in times of regional crises the global economy can be negatively affected through this international transmission mechanism. We therefore give our full support for closer cooperation across borders to contain regional crises preemptively and to secure order in the world economy.
Before closing, I would like to pledge once again our readiness to work closely with the Bank. However, my delegation continues to protest against the unilateral alteration of our membership designation and to seek a reasonable solution to this issue through consultation with the Bank. We believe that the satisfactory resolution of this issue will serve to strengthen our relationship with the Bank. Last but not least, I wish to extend our gratitude to the international financial institutions, including the Bank, who have expressed their concern over our country after the earthquake of September 21st last year.
Finally, may I wish the meeting every success and good health to you all. Thank you.