Economic Overview
Taiwan has a dynamic capitalist economy with gradually decreasing guidance of investment and foreign trade by the authorities. in keeping with this trend, some large, state-owned banks and industrial firms are being privatized. exports have provided the primary impetus for industrialization. the island runs a large trade surplus, and its foreign reserves are among the world's largest. despite restrictions on cross-strait links, china has overtaken the us to become taiwan's largest export market and its second-largest source of imports after japan. china is also the island's number one destination for foreign direct investment. strong trade performance in 2007 pushed taiwan's gdp growth rate above 5%, and unemployment is below 4%.
Environmental Issues
Air pollution; water pollution from industrial emissions, raw sewage; contamination of drinking water supplies; trade in endangered species; low-level radioactive waste disposal
Government Type
Multiparty democracy
Population
22,920,946 (july 2008 est.)
Location
Eastern asia, islands bordering the east china sea, philippine sea, south china sea, and taiwan strait, north of the philippines, off the southeastern coast of china
Area
Total: 35,980 sq km
land: 32,260 sq km
water: 3,720 sq km
note: includes the pescadores, matsu, and quemoy islands
Slightly smaller than maryland and delaware combined
Country Aliases
Conventional long form: none
conventional short form: taiwan
local long form: none
local short form: t'ai-wan
former: formosa
Capital
Name: taipei
geographic coordinates: 25 03 n, 121 30 e
time difference: utc+8 (13 hours ahead of washington, dc during standard time)
Military Service
19-35 years of age for male compulsory military service; service obligation 1 year; women may enlist; women in air force service are restricted to noncombat roles; reserve obligation to age 30 (army); the ministry of defense has announced plans to implement an incremental voluntary enlistment system beginning 2010, with 10% fewer conscripts each year thereafter, although nonvolunteers will still be required to perform alternative service or go through 3-4 months of military training (2008)
International Disputes
Involved in complex dispute with china, malaysia, philippines, vietnam, and possibly brunei over the spratly islands; the 2002 "declaration on the conduct of parties in the south china sea" has eased tensions but falls short of a legally binding "code of conduct" desired by several of the disputants; paracel islands are occupied by china, but claimed by taiwan and vietnam; in 2003, china and taiwan became more vocal in rejecting both japan's claims to the uninhabited islands of the senkaku-shoto (diaoyu tai) and japan's unilaterally declared exclusive economic zone in the east china sea where all parties engage in hydrocarbon prospecting
Sources: Central Intelligence Agency (CIA)
