Taiwan Province gradually developed based on a capitalist export-oriented economic system, mainly exporting integrated circuits and computer parts.

Strongly encourage manufacturers to invest in high-tech industries such as integrated circuits and computers. High-tech industries with low energy consumption, low pollution, and high added value will replace traditional industries and become Taiwan's important economic lifeline. In the global industrial chain Play an important role.

Nowadays, the authorities are gradually reducing their intervention in investment and foreign trade, and some large "state-owned banks" and "state-owned enterprises" have been privatized one after another. International trade is the lifeblood of Taiwan's economy. Mainland China is Taiwan's largest trading partner and the number one region for import and export trade, followed by the United States and Japan. Unlike neighboring South Korea and Japan, Taiwan's economy is dominated by small and medium-sized enterprises rather than large conglomerates.

Taiwan’s electronic information industry plays an important role in the global industrial chain. Most of the world’s computer electronic components are produced in Taiwan. High-tech industries have replaced labor-intensive industries. Agriculture's share of GDP has dropped from 35% in 1952 to 2%, and the service industry and high-tech industries combined account for more than half.

Extended information:

In the early days of the Kuomintang government's move to Taiwan, it adopted a planned economic system with moderate intervention, and coupled with the economic assistance from the United States, it was able to rebuild Taiwan's economy, which was facing difficulties. In terms of agriculture, we support the dual-track juxtaposition of smallholder production and capital agriculture, and implement land reform policies to increase agricultural production. In terms of industry, the country began to develop labor-intensive light industry in the mid-1950s and support private enterprises mainly in the textile industry.

In the 1950s, developed countries moved labor-intensive industries overseas. In order to attract foreign investment, the authorities adopted policies to encourage exports. Exports drove production, making Taiwan a processing base for the United States and Japan, and transformed from an agricultural society to an industrial one. society, creating Taiwan’s economic miracle that has attracted worldwide attention. In the 1970s, Chiang Ching-kuo promoted the "Ten Major Constructions" to lay a good foundation for the petrochemical industry and heavy industry.

After the 1980s, import, export and investment restrictions were gradually relaxed. At present, the authorities are actively promoting industrial transformation and upgrading, focusing on the development of six emerging industries and ten service industries: tourism, medical care, biotechnology, green energy, cultural creativity, and refined agriculture.

Baidu Encyclopedia—Taiwan