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Salient: Victoria University Students' Paper. Vol. 28, No. 11. 1965.



Dr. Lew then explained the function of Taiwan's economic development plans.

The First Plan (1953-56) gave emphasis to increased production of consumer goods.

In the second plan (1957-61) an effort was made to broaden the industrial base. During this period the growth of private enterprise was accelerated. Private ownership of industrial concerns rose from 39.5 per cent in 1952 to 66.8 per cent in 1963. Private industrial concerns were floating substantial bond issues. Taiwan was demonstrating that a low-income, newly developing area, can create a capital market.

The Third Plan was aimed at increasing the rate of growth in national income through private and public investment. Special efforts were made to attract American and overseas Chinese private capital. Already 119 factories in Taiwan are owned by overseas Chinese.