Taiwan Business TOPICS
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Taiwan’s COVID-19 situation has quickly become more serious in recent days. Following a cluster infection in late April connected to China Airlines flight crew, local cases began increasing significantly for several days in succession, mostly in the north of the island. The sudden surge in case numbers – approximately 200-300 per day over the past few days – and the Central Epidemic Command Center’s (CECC) decision to raise the pandemic alert for Taipei and New Taipei to Level 3 caused a wave of panic buying at stores and supermarkets last Saturday, while MRT ridership and indoor dining at restaurants dipped substantially. Meanwhile, many corporate offices have switched to remote work arrangements and the central government has directed all schools to take all classes online from May 19 to 28.
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Ministry urges calm amid TAIEX rout
ECONOMIC BACKBONE: While restrictions would weigh on catering and tourism, high-tech firms in the Hsinchu Science Park might face fewer disruptions, an official said
By Chen Cheng-hui / Staff reporter
The Ministry of Finance on Saturday urged investors to stay calm after a spike in domestic COVID-19 infections and a global technology shares selloff unnerved the local stock market last week.
The ministry said that Taiwan’s economic fundamentals remain sound.
The Liberty Times (the Taipei Times’ sister newspaper) reported yesterday that Deputy Minister of Finance Frank Juan (阮清華) said that the government would pay close attention to the developments of the local stock market and the COVID-19 situation, adding that the National Stabilization Fund, of which Juan is the executive secretary, might hold an impromptu committee meeting on whether action is necessary.