MIRA
INFORM REPORT
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Tel. No.:
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886-4-23299939
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Fax No.:
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886-4-23239497
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RATING
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STATUS
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PROPOSED CREDIT LINE
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<10
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C
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Absolute credit risk exists. Caution needed to be exercised
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Credit not
recommended
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Status :
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Dissolved
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Payment Behaviour :
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--
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Litigation :
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NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name
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Previous Rating
(31.03.2011)
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Current Rating
(30.06.2012)
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Taiwan
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A2
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A2
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Risk Category
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ECGC
Classification
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Insignificant
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A1
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Low
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A2
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Moderate
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B1
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High
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B2
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Very High
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C1
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Restricted
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C2
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Off-credit
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D
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TAIWAN - ECONOMIC
OVERVIEW
Taiwan has a dynamic capitalist economy with gradually
decreasing government guidance of investment and foreign trade. In keeping with
this trend, some large, state-owned banks and industrial firms have been
privatized. Exports, led by electronics, machinery, and petrochemicals have
provided the primary impetus for economic development. This heavy dependence on
exports exposes the economy to fluctuations in world demand. In 2009, Taiwan's GDP
contracted 1.9%, due primarily to a 20% year-on-year decline in exports. In
2010 GDP grew 10.9%, as exports returned to the level of previous years, and in
2011, grew 5.2%. However, 2012 growth will likely be less, according to most
forecasters, because of softening global demand. Taiwan's diplomatic isolation, low
birth rate, and rapidly aging population are major long-term challenges. Free
trade agreements have proliferated in East Asia over the past several years,
but so far Taiwan has been
excluded from this greater economic integration largely because of its
diplomatic status with the exception of the landmark Economic Cooperation
Framework Agreement (ECFA) signed with China in June 2010. The MA
administration has said that the ECFA will serve as a stepping stone toward
trade pacts with other regional partners, and negotiations on a deal with Singapore began
this year. Follow-on components of ECFA, including deals on trade in goods,
services, and investment, have yet to be completed. Taiwan's Total Fertility rate of
just over one child per woman is among the lowest in the world, raising the
prospect of future labor shortages, falling domestic demand, and declining tax
revenues. Taiwan's
population is aging quickly, with the number of people over 65 accounting for
10.9% of the island's total population as of 2011. The island runs a large
trade surplus, and its foreign reserves are the world's fourth largest, behind China, Japan,
and Russia.
Since 2005 China has
overtaken the US to become Taiwan's second-largest source of imports after Japan. China is also
the island's number one destination for foreign direct investment. Three
financial memorandums of understanding, covering banking, securities, and
insurance, took effect in mid-January 2010, opening the island to greater
investments from the mainland's financial firms and institutional investors,
and providing new opportunities for Taiwan
financial firms to operate in China.
Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also poses new challenges as
the island becomes more economically dependent on China while political differences
remain unresolved.
Source : CIA
General observation
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