d 12
other US cities

Diplomatic representation from the US:
none; unofficial commercial and cultural relations with the people
on Taiwan are maintained through an unofficial instrumentality - the
American Institute in Taiwan (AIT) - which has offices in the US and
Taiwan; US office at 1700 N. Moore St., Suite 1700, Arlington, VA
22209-1996, telephone: [1] (703) 525-8474, FAX: [1] (703) 841-1385);
Taiwan offices at #7 Lane 134, Hsin Yi Road, Section 3, Taipei,
Taiwan, telephone: [886] (2) 2162-2000, FAX: [886] (2) 2162-2251; #2
Chung Cheng 3rd Road, 5th Floor, Kao-hsiung, Taiwan, telephone:
[886] (7) 238-7744, FAX: [886] (7) 238-5237; and the American Trade
Center, Room 3208 International Trade Building, Taipei World Trade
Center, 333 Keelung Road Section 1, Taipei, Taiwan 10548, telephone:
[886] (2) 2720-1550, FAX: [886] (2) 2757-7162

Flag description:
red with a dark blue rectangle in the upper hoist-side corner
bearing a white sun with 12 triangular rays

Economy Taiwan

Economy - overview:
Taiwan has a dynamic capitalist economy with gradually decreasing
guidance of investment and foreign trade by government authorities.
In keeping with this trend, some large government-owned banks and
industrial firms are being privatized. Exports have provided the
primary impetus for industrialization. The trade surplus is
substantial, and foreign reserves are the world's third largest.
Agriculture contributes less than 2% to GDP, down from 32% in 1952.
Taiwan is a major investor throughout Southeast Asia. China has
overtaken the US to become Taiwan's largest export market. Because
of its conservative financial approach and its entrepreneurial
strengths, Taiwan suffered little compared with many of its
neighbors from the Asian financial crisis in 1998. The global
economic downturn, combined with problems in policy coordination by
the administration and bad debts in the banking system, pushed
Taiwan into recession in 2001, the first year of negative growth
ever recorded. Unemployment also reached record levels. Output
recovered moderately in 2002 in the face of continued global
slowdown, fragile consumer confidence, and bad bank loans; and the
essentially vibrant economy pushed ahead in 2003-04. Growing
economic ties with China are a dominant long-term factor, e.g.,
exports to China of parts and equipment for the assembly of goods
for export to dev