Economic development of Taiwan



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Taiwan, also known as Formosa, was restored to Chinese sovereignty in 1945 when Japan surrendered unconditionally in the second Sino-Japanese War. It soon became one of the thirty-five provinces of the Republic of China. In 1949, the Central Government of China moved to Taiwan when the Chinese Cotnmmists took over the mainland. Being damaged by the devastating bombing, Taiwan's industry and agriculture were paralysed. Taiwan was deemed one of the major underdeveloped areas in the world. However, fifteen years later, Taiwan's economy has developed to the extent that it not only enjoys the second highest standard of living among the nations in the Southeast Asia but has also entered the stage of "take-off" to becoming a fully developed nation. An attempt is made to analyze the economic developmnt of Taiwan during the past fifteen years and to examine the development process utilized. The dual policy adopted by the Chinese Government for development progress called for coordinated growth in agriculture and industry. This policy has been proven successful in developing the economy of this primarily agricultural cointry. It is hoped that Taiwan's a economic achievements and developmental techniques can serve as a pattern of growth for other underdeveloped countries in the world.