Welcome to IMG Taiwan... Taiwan is an island in East Asia. "Taiwan" is also commonly used to refer to the territories governed by the Republic of China (ROC) and to ROC itself, which governs the island of Taiwan, Orchid Island and Green Island in the Pacific off the Taiwan coast, the Pescadores in the Taiwan Strait, and Kinmen and the Matsu Islands off the coast of mainland Fujian. The island groups of Taiwan and Penghu (except the municipalities of Taipei and Kaohsiung) are officially administered as Taiwan Province of the ROC. However, in practice, almost all government power is exercised at the national and local (city/county) levels. Taiwan is also currently claimed by the People's Republic of China (PRC) although the PRC has never controlled Taiwan or any of the current ROC territory commonly referred to as "Taiwan". The PRC justifies its claim by arguing that the PRC succeeded the ROC in 1949, and pointing out that the ROC had ruled Taiwan for four years from 1945 to 1949. The main island of Taiwan, also known as Formosa (from Portuguese (Ilha) Formosa, meaning "beautiful (island)"), is located in East Asia off the coast of mainland China, southwest of the main islands of Japan but directly west of the end of Japan's Ryukyu Islands, and north-northwest of the Philippines. It is bound to the east by the Pacific Ocean, to the south by the South China Sea and the Luzon Strait, to the west by the Taiwan Strait and to the north by the East China Sea. The island is 394 kilometers (245 miles) long and 144 kilometers (89 miles) wide and consists of steep mountains covered by tropical and subtropical vegetation. Today the Republic of China has a dynamic capitalist, export-driven economy with gradually decreasing state involvement in investment and foreign trade. In keeping with this trend, some large government-owned banks and industrial firms are being privatized. Real growth in GDP has averaged about eight percent during the past three decades. Exports have provided the primary impetus for industrialization. The trade surplus is substantial, and foreign reserves are the world's third largest. The Republic of China's current GDP (PPP) per capita is equal to the average of EU Countries. The Republic of China has its own currency, the New Taiwan dollar. Agriculture constitutes only two percent of the GDP, down from 35 percent in 1952. Traditional labor-intensive industries are steadily being moved offshore and with more capital and technology-intensive industries replacing them. The ROC has become a major foreign investor in the PRC, Thailand, Indonesia, the Philippines, Malaysia, and Vietnam. It is estimated that some 50,000 Taiwanese businesses and 1,000,000 businesspeople and their dependents are established in the PRC. |