Word: taiwan
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Dates: during 1970-1979
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...year since the U.S. extended full diplomatic recognition to Peking and consequently "derecognized" the Republic of China, the abandoned embassy in Taipei has come to symbolize the passing of the American era. Yet Taiwan has demonstrated a robust self-reliance during the past year, and its relationship with Washington has changed far more in form than in substance. Though the formal U.S. presence is gone and its last legal vestige, the Mutual Defense Treaty, is due to expire next week, other links are thicker than ever. "Both sides," says an American resident in Taiwan, "are playing the new game...
...court for the new game is a squat, U-shaped building that formerly housed the U.S. Military Assistance Advisory Group and is now called the American Institute in Taiwan. The A.I.T., manned by temporarily "retired" Foreign Service officers, hands out as many visas to the U.S. for Republic of China passport holders as did the old U.S. embassy. More important, it serves to nurture Taiwan's ever growing commercial ties with...
This year, trade between the two countries is expected to reach an impressive total of $9.6 billion, up from $7.4 billion in 1978; it has made Taiwan the U.S.'s eighth largest trading partner. By contrast, two-way trade between the People's Republic of China and the U.S. this year will amount to $1.8 billion. Washington has quietly but systematically encouraged the bilateral trade boom. Among major recent deals: the Export-Import Bank, which sent a delegation to the island this fall, extended $500 million worth of loans during 1979. Since January, American banks have also contributed...
...energy-deficient advanced developing countries, such as Brazil, South Korea, Taiwan and Kenya, that are in the worst shape. They set out to emulate the industrial nations and eagerly replaced their oxen with tractors and generators. Now they are paying the price of a 1600% rise in OPEC prices since 1970; they cannot do without oil but cannot afford to buy it. Admits an official of the United Nations Food and Agriculture Organization: "The guy who was en lightened enough to follow our advice to buy machinery and fertilizer is in a bind, while the farmer who kept his water...
Economic expansion, which depends on cheap fuel, is slowing almost everywhere. Taiwan's growth has declined from 12% last year to 8%, and South Korea's from 12.5% to 6%. Oil-fueled inflation is raging. Taiwan's wholesale prices rose 3.5% last year, but are expected to jump 16% this year; at least ten points of the total are directly attributable to increased energy costs. Many Third World leaders echo Kenya's Kibaki: "We have had to postpone vitally needed development projects. We are not importing any nonessentials...