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WORLD TRADE
ORGANIZATION
RESTRICTED
WT/TPR/S/232
31 May 2010
(10-2944)
Trade Policy Review Body
TRADE POLICY REVIEW
Report by the Secretariat
SEPARATE CUSTOMS TERRITORY
OF TAIWAN, PENGHU, KINMEN
AND MATSU
This report, prepared for the second Trade Policy Review of the Separate
Customs Territory of Taiwan, Penghu, Kinmen and Matsu (Chinese Taipei), has
been drawn up by the WTO Secretariat on its own responsibility. The
Secretariat has, as required by the Agreement establishing the Trade Policy
Review Mechanism (Annex 3 of the Marrakesh Agreement Establishing the
World Trade Organization), sought clarification from Chinese Taipei on its trade
policies and practices.
Any technical questions arising from this report may be addressed to
Sergios Stamnas (tel:
022 739 5382) or Martha Lara de Sterlini
(tel: 022 739 6033).
Document WT/TPR/G/232 contains the policy statement submitted by
Chinese Taipei.
Note: This report is subject to restricted circulation and press embargo until the end of the
first session of the meeting of the Trade Policy Review Body on the Separate Customs Territory of
Taiwan, Penghu, Kinmen and Matsu.
Separate Customs Territory of Taiwan,
Penghu, Kinmen and Matsu
WT/TPR/S/232
Page iii
CONTENTS
Page
SUMMARY
I.
II.
ix
(1)
ECONOMIC ENVIRONMENT
ix
(2)
TRADE POLICY FRAMEWORK
x
(3)
TRADE POLICY DEVELOPMENTS
x
(4)
SECTORAL POLICY DEVELOPMENTS
xii
(5)
OUTLOOK
xiii
ECONOMIC ENVIRONMENT
1
(1)
INTRODUCTION
1
(2)
RECENT ECONOMIC DEVELOPMENTS
3
(3)
MACROECONOMIC POLICIES
(i)
Monetary and exchange rate policies
(ii)
Fiscal policy
6
6
7
(4)
STRUCTURAL POLICIES
8
(i)
Tax reform
8
(ii)
(iii)
Financial reform
Privatization
8
9
(5)
BALANCE OF PAYMENTS
9
(6)
TRADE AND INVESTMENT FLOWS
(i)
Composition of trade
(ii)
Direction of trade
(iii)
Trade in services
(iv)
Inbound and outbound direct investment
9
10
10
13
13
TRADE POLICY REGIME: FRAMEWORK AND OBJECTIVES
16
(1)
INTRODUCTION
16
(2)
GENERAL INSTITUTIONAL FRAMEWORK
16
(3)
STRUCTURE OF TRADE POLICY FORMULATION, IMPLEMENTATION AND EVALUATION
(i)
Executive branches of government
(ii)
Advisory, planning, and other bodies
18
18
18
(4)
TRADE POLICY OBJECTIVES
19
(5)
TRADE LAWS, REGULATIONS, AND TRANSPARENCY
19
(6)
TRADE AGREEMENTS AND ARRANGEMENTS
(i)
The WTO
(ii)
Preferential trade agreements
22
22
23
(7)
TRADE DISPUTES AND CONSULTATIONS
(i)
Dispute settlement in the WTO
(ii)
Other
27
27
27
(8)
INVESTMENT REGIME
(i)
Direct investment
(ii)
Cross-strait investment
(iii)
Measures to encourage investment
27
27
31
33
WT/TPR/S/232
Page iv
Trade Policy Review
Page
III.
TRADE POLICIES AND PRACTICES BY MEASURE
34
(1)
INTRODUCTION
34
(2)
MEASURES DIRECTLY AFFECTING IMPORTS
(i)
Registration, documentation, and procedures
(ii)
Customs valuation
(iii)
Tariffs
(iv)
Other charges affecting imports
(v)
Import prohibitions, restrictions, and licensing
(vi)
Contingency measures
(vii)
Government procurement
(viii)
State-trading activities
35
35
37
37
44
45
46
47
50
(3)
MEASURES DIRECTLY AFFECTING EXPORTS
(i)
Registration, documentation, and procedures
(ii)
Export taxes, charges, and levies
(iii)
Export prohibitions, restrictions, and licensing
(iv)
Export operations of government owned enterprises
(v)
Duty and tax concessions
(vi)
Export finance, insurance, and guarantees
(vii)
Export promotion and assistance
(viii)
Free zones (export processing zones, science-based industrial parks and
free-trade zones)
51
51
51
51
52
53
53
53
MEASURES AFFECTING PRODUCTION AND TRADE
(i)
Taxation and tax-related assistance
(ii)
Subsidies
(iii)
Trade-related investment measures
(iv)
Standards and other technical requirements
(v)
Intellectual property rights
(vi)
Government-owned enterprises
(vii)
Competition and consumer protection policy
55
55
58
59
59
65
72
73
(4)
IV.
54
TRADE POLICIES BY SECTOR
76
(1)
INTRODUCTION
76
(2)
AGRICULTURE, LIVESTOCK, AND FISHERIES
(i)
Overview
(ii)
Policy objectives
(iii)
Border measures
(iv)
Domestic support measures
77
77
77
78
79
(3)
ENERGY
(i)
Overview
(ii)
Policy objectives
(iii)
Hydrocarbons and natural gas
(iv)
Electricity
(v)
Renewable energies
83
83
83
83
85
85
(4)
MANUFACTURING
(i)
Overview
(ii)
Policy objectives and measures
(iii)
Selected subsectors
85
85
87
88
Separate Customs Territory of Taiwan,
Penghu, Kinmen and Matsu
WT/TPR/S/232
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Page
(5)
SERVICES
(i)
Features and multilateral commitments
(ii)
Financial services
(iii)
Telecommunications and postal services
(iv)
Transport
(v)
Tourism
(vi)
Professional services
89
89
91
98
101
103
104
REFERENCES
107
APPENDIX TABLES
111
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Trade Policy Review
CHARTS
I.
ECONOMIC ENVIRONMENT
I.1
I.2
Product composition of merchandise trade, 2005 and 2008
Direction of merchandise trade, 2005 and 2008
III.
TRADE POLICIES AND PRACTICES BY MEASURE
III.1
Tariff escalation by 2-digit ISIC industry, 2009
11
12
41
TABLES
I.
ECONOMIC ENVIRONMENT
I.1
I.2
I.3
I.4
I.5
Selected macroeconomic indicators, 2005-09
Basic economic indicators, 2005-09
Composition of trade in services, 2005-09
Inbound and outbound flows of direct investment (approval basis), by source
and destination, 2005-08
Inbound and outbound flows of direct investment (approval basis), by activity, 2005-08
II.
TRADE POLICY REGIME: FRAMEWORK AND OBJECTIVES
II.1
Inbound direct investment prohibitions and restrictions, 2009
III.
TRADE POLICIES AND PRACTICES BY MEASURE
III.1
III.2
III.3
III.4
III.5
III.6
III.7
III.8
III.9
III.10
III.11
Tariff structure, 2005 and 2009
Preferential trade agreements, 2009
Adjustment of customs duties in 2009 (for the period from 5 October 2004 to 31 December 2009)
Procurement by origin, 2004-08
Procurement share by type of procedure, 2004-08
Direct and indirect tax revenues, 2004-09
Domestic standards and their equivalence to international standards, end-March 2009
Commodity inspection, by type, 2004-09
IPR applications and approvals, 2004-09
IP cases investigated and concluded by district public prosecutors' offices, 2005-09
IP adjudication findings, 2005-09
IV.
TRADE POLICIES BY SECTOR
IV.1
IV.2
IV.3
IV.4
Developments in domestic support to agriculture and livestock, 2002-06
GDP in manufacturing, 2005-08
Weighted average interest rates on deposits and loans and spreads, 2005-08
Telecommunications market, 2005-08
2
4
13
14
15
29
38
42
43
48
49
55
60
61
66
71
72
80
86
93
98
APPENDIX TABLES
I.
ECONOMIC ENVIRONMENT
AI.1
AI.2
AI.3
AI.4
Merchandise exports by group of products, 2005-08
Merchandise imports by group of products, 2005-08
Merchandise exports by destination, 2005-08
Merchandise imports by origin, 2005-08
113
114
115
116
Separate Customs Territory of Taiwan,
Penghu, Kinmen and Matsu
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Page
II.
TRADE POLICY REGIME: FRAMEWORK AND OBJECTIVES
AII.1
Principal notifications under WTO Agreements, up to 1 March 2010
III.
TRADE POLICIES AND PRACTICES BY MEASURE
AIII.1
AIII.2
AIII.3
AIII.4
AIII.5
Tariff rate quotas and their utilization, 2008 and 2009
Prohibited exports, 2009
Goods subject to commodity tax, 2009
Indicative list of publicly owned enterprises, 2009
Enforcement statistics related to competition policy, 2004-09
117
119
120
121
123
124
Separate Customs Territory of Taiwan,
Penghu, Kinmen and Matsu
SUMMARY
1.
An outward-oriented development
strategy has brought rapid growth and
prosperity to the Separate Customs Territory
of Taiwan, Penghu, Kinmen and Matsu
(Chinese Taipei), transforming it into a
modern industrial economy and a leading
exporter of information technology (IT)
products. Since its previous TPR, in 2006,
Chinese Taipei has pursued further trade and
investment liberalization, mainly in the
services sector, and is currently taking steps to
restructure its economy and trade by
stimulating domestic consumption and
investment. It is also attempting to improve
the investment climate in order to attract
higher
inward
direct
investment.
Chinese Taipei's investment rate continues to
fall considerably short of its saving rate, a gap
that is reflected in persistently large current
account surpluses.
(1)
ECONOMIC ENVIRONMENT
2.
Between 2005 and 2008, Chinese
Taipei achieved robust economic growth,
averaging 4% per year in real terms. Per
capita GDP in nominal terms grew steadily
during the same period, reaching US$17,507
in 2008, one of the highest in Asia.
Nevertheless, as a result of the global
economic slowdown, the economy contracted
by 1.9% in 2009, per capita income declined,
and the unemployment rate rose to 5.9%.
3.
Chinese Taipei's growth is heavily
dependent on exports, mostly of manufactured
goods, which are equivalent to some 72% of
GDP. The recent global economic crisis has
therefore had an adverse impact on
Chinese Taipei's export-oriented economy, to
which the authorities have responded with
expansionary monetary and fiscal policies to
boost domestic demand, while resisting
protectionism. Supported by this domestic
stimulus package and a strong rebound in
Asia's major emerging countries, particularly
China, the economy has recovered quickly and
is expected to grow by 4.7% in 2010.
WT/TPR/S/232
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4.
The sharp drop in global demand
owing to the global economic crisis has
exposed
the
risks
associated
with
Chinese Taipei's heavy dependence on a few
manufactured
exports,
prompting
the
authorities to seek new engines of economic
growth and diversify the economy. Improving
the international competitiveness of the
services industries is now one of the
Government's priorities. Further liberalization
and deregulation of the services sector could
contribute significantly to these efforts.
Sustained growth over the long term will
require a rebalancing in the composition of
growth, with the focus more on domestic
consumption and investment.
5.
Chinese Taipei has maintained sound
macroeconomic policies during the period
under review. It has kept inflation low and
improved public finances, mainly on account
of higher tax revenues.
However, the
expansionary fiscal policy implemented since
2008 could put renewed pressure on the fiscal
balance.
During the review period,
Chinese Taipei has continued to pursue
structural reforms. For example, as part of a
broader tax reform plan, the Government has
taken steps to streamline its tax structure, by
broadening the tax base, seemingly
eliminating tax incentives for selected
industries and reducing income tax rates,
thereby rendering the tax system more neutral
with respect to decisions concerning the
allocation of resources, especially capital. It
has also improved tax collection. As regards
capital markets, structural reform has focused
on promoting the consolidation and efficiency
of the financial industry through market-driven
M&As, developing the bond market, and
opening capital markets to overseas investors.
Restrictions on capital flows to China have
also been eased gradually.
6.
As cross-strait economic relations
have improved during the review period,
China has become Chinese Taipei's major
export market and its second-largest supplier.
Other key trading partners are: Hong Kong,
China; Japan; the United States; and the
European Union. For more than a decade,
Chinese Taipei has been a net investor abroad,
WT/TPR/S/232
Page x
with outbound direct investment flows almost
double the amount of inbound direct
investment;
China is by far the main
destination for capital outflows. Although the
ratio of Chinese Taipei's inbound direct
investment to GDP remains low by regional
standards, most sectors are open to inbound
direct investment. However, inbound direct
investment is prohibited or restricted in several
major sectors on grounds of essential security
and public health; these prohibitions are
implemented through a negative list or, in the
case of investment from China, a positive list.
(2)
TRADE POLICY FRAMEWORK
7.
Chinese Taipei, a WTO Member since
1 January 2002, became party to the
plurilateral
Government
Procurement
Agreement in July 2009.
Despite the
implementation of certain basic law
amendments, the structure of trade policy
formulation and
implementation
have
remained unchanged, except for the
establishment of the Office of Trade
Negotiations in March 2007 and the
Intellectual Property Court in July 2008.
8.
Chinese Taipei's overall trade policy
objectives have remained governed by its need
to be increasingly integrated into the global
economy through its active participation in
multilateral trade and economic organizations,
the negotiation of free-trade agreements
(FTAs), the strengthening of trade facilitation
and promotion activities, the elimination of
trade barriers in overseas markets and the
diversification of these markets. Since its last
TPR, in addition to its existing FTA with
Panama, Chinese Taipei has concluded
agreements with trading partners in Central
America (El Salvador, Honduras, Guatemala,
and Nicaragua) and continues or plans
negotiations with others. It would appear that
the negotiation of FTAs is becoming
motivated
primarily
by
economic
considerations. In addition to its contribution
to aid-for-trade and trade-related technical
assistance activities, Chinese Taipei has
provided duty-free treatment to selected
imports from least developed countries
(LDCs).
Trade Policy Review
9.
Chinese Taipei has made good
progress in its regulatory reform programme,
which allowed for deregulation in numerous
areas including services, investment, and
customs. It has continued to take steps to
improve regulatory transparency, including the
daily publication of an integrated Cabinet
Gazette, which is available online. Most laws
and regulations are made available through
government publications and websites.
Chinese Taipei met virtually all its notification
requirements under the WTO Agreements on
time, except for those relating to import
licensing procedures and domestic support in
agriculture (2006, 2007, 2008), which have
been subject to some delay since its previous
Review.
(3)
TRADE POLICY DEVELOPMENTS
10.
The tariff is Chinese Taipei's main
trade policy instrument and a significant, albeit
declining, source of tax revenue (4.5% of total
taxes collected in 2009). Most tariff lines are
subject to applied MFN tariffs no greater than
10%, and 30.1% are duty free. The simple
average applied MFN tariff rate remains
unchanged, at 7.8%, as no tariff cuts occurred
during the review period. The tariff remains
relatively complex, involving a multiplicity of
rates (86 ad valorem, 16 specific, 48 alternate
duties). All tariff lines are bound and most
applied MFN rates, including higher seasonal
tariffs on some fruit, coincide with bound
rates, thereby imparting a high degree of
predictability to Chinese Taipei's tariff
schedule. Non-ad valorem duties, particularly
in agriculture, tend to conceal relatively high
ad valorem equivalents (AVEs); 75 of the top
100
applied
MFN
rates
involve
non-ad valorem rates.
The peak applied
ad valorem MFN rate remains at 500% (deer
velvet), while the highest tariff rate consists of
an AVE rate of 1,069.87% (rolled or flaked
rice). The product coverage of tariff rate
quotas, mainly for agricultural items, has
dropped by about 22%. Customs duties on
30 basic items were temporarily reduced
mainly to stabilize commodity prices and to
help ease inflation. Similar action was taken
with respect to the 5% business tax rate on
imported wheat, corn, and soybeans; these
Separate Customs Territory of Taiwan,
Penghu, Kinmen and Matsu
items are not subject to this tax if produced
domestically. The scope of preferential tariff
treatment of imports under FTAs now covers
an average of 67% of total tariff lines, on top
of the lines that are already duty free, and
reduces the simple average tariff rate applied
to beneficiaries by up to 5 percentage points.
Harbour-service dues on domestic trade
remain 60% lower than those for overseas
routes, which involve large international cargo
freighters requiring costlier equipment and
services.
11.
Since
its
previous
Review,
Chinese Taipei has expanded slightly the
scope of its import bans from 56 to 63 (as of
October 2008) ten-digit HS items; 24 items
remain subject to non-automatic import
licensing. No quantitative import restrictions
are in place. However, Chinese Taipei still
prohibits inbound cross-strait trade involving
some 2,243 tariff lines on security and/or
commercial grounds (mostly agricultural
items, but also pharmaceuticals, iron and steel,
electrical and electronic equipment, and textile
products). Goods originating in, or destined
for, China can now be shipped directly.
Chinese Taipei has never used countervailing
or safeguard measures; however, it maintains
five anti-dumping measures on three products.
Special safeguards are applied in agriculture.
12.
Regulatory changes undertaken over
the review period relate mainly to dispute
settlement cases in government procurement.
A margin of preference to local suppliers of up
to 3% remains in place for contracts not
covered by the GPA, and bidders may be
requested to purchase locally produced goods.
The share of non-Chinese-Taipei suppliers
rose from 18.1% of the total value of
government procurement in 2004 to 28.5% in
2008. Procurement awarded through selective
and limited tendering procedures has increased
from 25% to 33% of all purchases since 2006.
13.
As a result of the virtual standstill of
the privatization process, which involved only
the "release" of some government shares in a
few companies during the review period,
direct government involvement in the
economy persists in several areas (e.g.
WT/TPR/S/232
Page xi
shipbuilding, petroleum, steel, sugar, tobacco
and liquor, banking, insurance, and rail
transport) and statutory monopolies remain
(notably in electricity, water supply, and postal
services).
According to Chinese Taipei
legislation, government-owned enterprises are
only those having de jure monopoly rights
and/or in which the Government retains at
least 50% of its shares; once the exclusive
rights are eliminated, the market is open to
other operators and the company is considered
privatized and therefore perceived as not
subject to WTO notification in this area.
Trading activities of government-owned
enterprises involve rice, the most important
crop, and banknote paper, as well as tobacco,
alcoholic beverages, sugar, etc.
14.
Chinese Taipei maintains prohibitions
and licensing requirements for its exports
mainly on grounds of security and public
safety;
however, the scope of export
prohibitions has dropped since its previous
TPR. Exports of eel fry (seasonal ban), whale
shark, and plants used for pharmaceutical
purposes are prohibited; those of fertilizer,
whose domestic prices were temporarily
frozen, have been subject to prior approval
since 2008. Exemptions and, on a case-bycase basis, drawbacks are used in order to
reduce, if not eliminate, the extent to which
import tariffs levied on raw materials (and
intermediate goods) used in the production of
exports feed through to become, in effect,
export taxes. During the review period, total
drawbacks varied, reaching an average annual
rate of 2.79% of the f.o.b. export value.
Similarly, rebates of internal sales taxes are
used to facilitate trade by ensuring that
exported goods are not subject to double
taxation (in both Chinese Taipei and importing
countries). Since end 2008, a global market
expansion plan, including discounted interest
rates for loans to exporters, has been in place
to assist those facing declining orders from
overseas.
15.
Various forms of assistance, including
subsidies for production and consequently
trade, have continued to be provided for
agricultural, fisheries, and industrial products
and activities. Following the apparent expiry
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Page xii
at the end of 2009 of the Statute for Upgrading
Industries, which provided tax incentives to
selected industries, the Government plans to
implement a new, ostensibly non-industryspecific, incentive scheme aimed at promoting
R&D,
manpower
training,
operations
headquarters, and international logistics and
distribution centres, but this had not been
approved by the legislature by the time of
completion of this report.
16.
The large majority of Chinese Taipei's
standards remain voluntary; in 2009, 18% of
applied standards were aligned to international
standards, down from 25% in 2005.
Maximum residue limit requirements have
applied in the area of sanitary and
phytosanitary measures, although since 2008
action has been taken to improve the
transparency of the risk-assessment procedure
for establishing import tolerance, as well as to
set and enforce these requirements.
17.
Chinese Taipei amended certain laws
and regulations to ensure better protection of
intellectual property rights, particularly
copyrights and patents, where two cases of
compulsory licensing occurred over the review
period; it has intensified efforts to enforce
legislation in this regard. A number of
improvements are being undertaken, e.g. with
respect to internet piracy and particularly
illegal textbook copying on college-campuses.
18.
Competition and consumer protection
policy has, by and large, remained unchanged.
Certain activities, such as export and import
cartels, may be exempted from the application
of the Fair Trade Law, if approved by the Fair
Trade Commission.
(4)
SECTORAL POLICY DEVELOPMENTS
19.
The structure of the Chinese Taipei
economy has not changed significantly since
its last Review. The services sector remains
the largest contributor to GDP and
employment.
On the other hand, the
manufacturing sector has shown a relative
decline in productivity and its contributions to
GDP and employment, while the agriculture
sector has remained stagnant.
Trade Policy Review
20.
Agriculture plays a minor role in
Chinese Taipei's economy, which relies
heavily on imports of cereals, for example, to
meet domestic needs. Agriculture contributes
just 1.6% to GDP and 5.3% to employment
(2009), so that its labour productivity is only
one quarter of the level of the rest of the
economy. Despite its low contribution to
GDP, agriculture is a major recipient of
government assistance, including border
protection and domestic support.
Import
protection involves some of the highest tariffs
in the economy, tariff-rate quotas, and special
safeguard measures. In 2009, the average
applied MFN tariff for agricultural products
(WTO definition), including ad valorem
equivalents, was 22.1%, compared with 5%
for non-agricultural products.
Domestic
support includes price stabilization measures,
subsidized loans and inputs, and income
support for senior farmers.
Government
intervention remains focused on rice. The
authorities envisage replacing the guaranteed
price system for rice with a direct payment
system, but this is still being assessed and no
legislation to this effect has been submitted.
21.
Chinese Taipei is almost entirely
dependent on imports to meet energy demand.
Although the oil and gas sectors have been
gradually liberalized, the government-owned
Chinese Petroleum Corporation remains a
dominant player, whose regulated pricing
strongly influences the market. The electricity
sector is dominated by another governmentrun enterprise, which holds a statutory
monopoly in virtually all segments of the
sector. Increasing oil prices, together with
price controls, have undermined the
profitability of these two companies; their
privatization, along with regulatory and price
reform, could help to increase competition,
and hence efficiency, in both sectors.
22.
Manufacturing continues to play a key
role in the economy; although its shares in
GDP have declined slightly (24.9% in 2009)
and employment (27.2%), it still contributes to
87.5% of merchandise exports.
Chinese
Taipei is a leading manufacturer and exporter
of high-tech electronic products; by contrast,
Separate Customs Territory of Taiwan,
Penghu, Kinmen and Matsu
other industries such as textiles and motor
vehicles have become less competitive.
23.
The services sector remains the largest
contributor to GDP (66.1%) and employment
(58%). Chinese Taipei has continued the
gradual opening and reform of its services
sector so as to improve competitiveness and
market access. Commercial presence has been
liberalized in financial, environmental, health,
and tourism services, and regulatory
improvements have been made in professional
services and telecommunications, all of which
could help attract inward direct investment.
Nevertheless, some informal barriers remain in
certain
subsectors,
and
limits
on
non-Chinese-Taipei investment and other
restrictions apply in basic telecommunications,
audiovisual services, and air and maritime
transport.
Despite recent privatization
measures in banking and telecommunications,
the Government retains a strategic position in
these sectors, while postal services remain
closed to private investment.
(5)
OUTLOOK
24.
Following the sharp decline in
exports, and consequently manufacturing, at
the end of 2008 and beginning of 2009,
economic activity in Chinese Taipei has
quickly recovered owing to expansionary
WT/TPR/S/232
Page xiii
domestic macroeconomic policies together
with the strong rebound in Asia's major
emerging countries, especially China. As a
result, the economy is expected to grow by
4.7% in 2010. To strengthen international
competitiveness and attract inbound direct
investment, Chinese Taipei would need to
undertake further structural reforms in order to
improve the economy's flexibility in
responding to domestic and international
challenges, including the improvement of
cross-strait economic relations, removal of
remaining informal barriers to investment, and
adoption of international best practices. A
bilateral Economic Co-operation Framework
Agreement (ECFA) with China could
considerably improve cross-strait relations and
thereby perhaps clear the way for more FTAs
with important trading partners, mainly in the
region. In this way, Chinese Taipei could
respond to the competitive challenge posed by
the network of FTAs being developed in Asia;
signing the ECFA is vital for ensuring the
competitiveness of domestic industries, further
integrating Chinese Taipei into the world
economy and attracting inward investment.
Securing strong trading links at the
multilateral, regional, and bilateral levels will
enable Chinese Taipei to strengthen its
position in the world trading community and
thus help to sustain economic growth.