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The Republic of China (ROC), commonly known as Taiwan, is a state in East Asia that has evolved from a single-party state with full global recognition and jurisdiction over China into a democratic state with limited international recognition and jurisdiction only over Taiwan and minor islands, though it enjoys de facto relations with many other states. It was a founding member of the United Nations[11] and one of the five permanent members of the UN Security Council, until being replaced by the People's Republic of China in 1971.
Established in 1912, the Republic of China encompassed much of mainland China and Mongolia. At the end of World War II, with the surrender of Japan, the Republic of China added the island groups of Taiwan and Penghu to its jurisdiction. When the Kuomintang (KMT), the Chinese Nationalist Party, lost the civil war to the Communist Party in 1949, it relocated to Taiwan and established Taipei as the ROC's provisional capital; while the Communists founded the People's Republic of China (PRC) in mainland China. Taiwan, together with Penghu, Kinmen, Matsu and other minor islands then became the extent of the Republic of China's authority. Although its jurisdiction only covers this area, during the early Cold War the ROC was recognized by many Western nations and the United Nations as the sole legitimate government of China.
Constitutionally, the ROC has not relinquished its claim as the legitimate government of all China although in practice it does not actively pursue these claims.[12] The political parties of the ROC often have radically different views regarding the sovereignty of Taiwan. Both former Presidents Lee Teng-hui and Chen Shui-bian have held the view that it is a sovereign and independent country separate from mainland China and there is no need for a formal declaration of independence.[13] President Ma Ying-jeou has expressed the view that the ROC is a sovereign and independent country that includes both Taiwan and mainland China.[14]
The ROC is a democracy with a semi-presidential system and universal suffrage. The president serves as the head of state and the Legislative Yuan serves as legislative body. One of the Four Asian Tigers, Taiwan is the 26th-largest economy in the world.[15] Its technology industry plays a key role in the global economy. The ROC is ranked high in terms of freedom of press, health care, public education and economic freedom, among others.
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Names
Despite being currently located in Taiwan, the ROC started its existence in China and thus is officially called "Republic of China". Shortly after its establishment in 1912, while it was still located on the Asian mainland, the government used the abbreviation "China" ("Zhongguó") to refer to itself, for instance during the Olympic Games[16] or at the United Nations. During the 1950s and 1960s, it was common to refer to it as "Nationalist China" to differentiate from the "Communist China" on the Asian mainland.[17] At the UN, it was present under the name "China" until it lost its seat to the People's Republic of China. Since then, the name "China" has been commonly used to refer only to the People's Republic of China.[18]
Over subsequent decades, the Republic of China has been commonly known as "Taiwan", which comes from Tayuan or Tayoan in the Siraya language.
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History
The Republic of China was established in 1911, replacing the Qing Dynasty and ending over two thousand years of imperial rule in China. It is the oldest surviving republic in East Asia. The Republic of China on mainland China went through periods of warlordism, Japanese invasion, and civil war between the Kuomintang and the Communists. The Republic of China on Taiwan has experienced rapid economic growth and industrialization, and democratization.
Starting in 1928, the Republic of China was ruled by the Kuomintang as an authoritarian one-party state.[19] In the 1950s and 1960s, the KMT went through wide restructuring and decreased corruption and implemented land reform. There followed a period of great economic growth, the Republic of China became one of the Four Asian Tigers, despite the constant threat of war and civil unrest. In the 1980s and 1990s the government peacefully transitioned to a democratic system, with the first direct presidential election in 1996 and the 2000 election of Chen Shui-bian, the first non-KMT after 1949 to become President of the Republic of China. The KMT regained presidency and increased its majority in the legislature in the 2008 presidential and legislative elections.[20]
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Economy
The quick industrialization and rapid growth of Taiwan during the latter half of the twentieth century, has been called the "Taiwan Miracle" or "Taiwan Economic Miracle". As it has developed alongside Singapore, South Korea and Hong Kong, the ROC is one of the industrialized developed countries known as the "Four Asian Tigers".
By 1945, hyperinflation was in progress in China and Taiwan as a result of the war with Japan. To isolate Taiwan from it, the Nationalist government created a new currency area for the island, and started a price stabilization program. These efforts helped significantly slow the inflation. In 1950, with the outbreak of the Korean War, the US began an aid program which resulted in fully stabilized prices by 1952.[119] The KMT government instituted many laws and land reforms that it had never effectively enacted on mainland China; it implemented a policy of import-substitution, and it attempted to produce imported goods domestically. Much of this was made possible through US economic aid, subsidizing the higher cost of domestic production.
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.[120] Real growth in GDP has averaged about 8 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.[121] The Republic of China has its own currency, the New Taiwan dollar.
Since the beginning of the 1990s, the economic ties between the ROC and the PRC have been very prolific. As of 2005, $50 billions (USD) have been invested in China by Taiwanese companies, and about 1 million Taiwanese live in China often to run their own business. Although this is generally good for the economy of Taiwan, some Taiwanese have expressed worries about this situation, arguing that the island has become increasingly dependent on the economy of China. Others believe it is a positive thing, because it would make any military intervention by the PRC against Taiwan very costly for China, and therefore less probable.[122]
In 2001, Agriculture constitutes only 2 percent of GDP, down from 35 percent in 1952.[123] 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.[124]
Because of its conservative financial approach and its entrepreneurial strengths, the ROC suffered little compared with many of its neighbors from the 1997 Asian Financial Crisis. Unlike its neighbors South Korea and Japan, the Taiwanese economy is dominated by small and medium sized businesses, rather than the large business groups. The global economic downturn, however, combined with poor policy coordination by the new administration and increasing bad debts in the banking system, pushed Taiwan into recession in 2001, the first whole year of negative growth since 1947. Due to the relocation of many manufacturing and labor intensive industries to the PRC, unemployment also reached a level not seen since the 1970s oil crisis. This became a major issue in the 2004 presidential election. Growth averaged more than 4 percent in the 2002–2006 period and the unemployment rate fell below 4 percent.[125]
The ROC often joins international organizations under a politically neutral name. The ROC is a member of governmental trade organizations such as the World Trade Organization under the name Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu (Chinese Taipei) since 2002.[126]
Established in 1912, the Republic of China encompassed much of mainland China and Mongolia. At the end of World War II, with the surrender of Japan, the Republic of China added the island groups of Taiwan and Penghu to its jurisdiction. When the Kuomintang (KMT), the Chinese Nationalist Party, lost the civil war to the Communist Party in 1949, it relocated to Taiwan and established Taipei as the ROC's provisional capital; while the Communists founded the People's Republic of China (PRC) in mainland China. Taiwan, together with Penghu, Kinmen, Matsu and other minor islands then became the extent of the Republic of China's authority. Although its jurisdiction only covers this area, during the early Cold War the ROC was recognized by many Western nations and the United Nations as the sole legitimate government of China.
Constitutionally, the ROC has not relinquished its claim as the legitimate government of all China although in practice it does not actively pursue these claims.[12] The political parties of the ROC often have radically different views regarding the sovereignty of Taiwan. Both former Presidents Lee Teng-hui and Chen Shui-bian have held the view that it is a sovereign and independent country separate from mainland China and there is no need for a formal declaration of independence.[13] President Ma Ying-jeou has expressed the view that the ROC is a sovereign and independent country that includes both Taiwan and mainland China.[14]
The ROC is a democracy with a semi-presidential system and universal suffrage. The president serves as the head of state and the Legislative Yuan serves as legislative body. One of the Four Asian Tigers, Taiwan is the 26th-largest economy in the world.[15] Its technology industry plays a key role in the global economy. The ROC is ranked high in terms of freedom of press, health care, public education and economic freedom, among others.
.
.
.
.
Names
Despite being currently located in Taiwan, the ROC started its existence in China and thus is officially called "Republic of China". Shortly after its establishment in 1912, while it was still located on the Asian mainland, the government used the abbreviation "China" ("Zhongguó") to refer to itself, for instance during the Olympic Games[16] or at the United Nations. During the 1950s and 1960s, it was common to refer to it as "Nationalist China" to differentiate from the "Communist China" on the Asian mainland.[17] At the UN, it was present under the name "China" until it lost its seat to the People's Republic of China. Since then, the name "China" has been commonly used to refer only to the People's Republic of China.[18]
Over subsequent decades, the Republic of China has been commonly known as "Taiwan", which comes from Tayuan or Tayoan in the Siraya language.
.
.
.
.
History
The Republic of China was established in 1911, replacing the Qing Dynasty and ending over two thousand years of imperial rule in China. It is the oldest surviving republic in East Asia. The Republic of China on mainland China went through periods of warlordism, Japanese invasion, and civil war between the Kuomintang and the Communists. The Republic of China on Taiwan has experienced rapid economic growth and industrialization, and democratization.
Starting in 1928, the Republic of China was ruled by the Kuomintang as an authoritarian one-party state.[19] In the 1950s and 1960s, the KMT went through wide restructuring and decreased corruption and implemented land reform. There followed a period of great economic growth, the Republic of China became one of the Four Asian Tigers, despite the constant threat of war and civil unrest. In the 1980s and 1990s the government peacefully transitioned to a democratic system, with the first direct presidential election in 1996 and the 2000 election of Chen Shui-bian, the first non-KMT after 1949 to become President of the Republic of China. The KMT regained presidency and increased its majority in the legislature in the 2008 presidential and legislative elections.[20]
.
.
.
.
Economy
The quick industrialization and rapid growth of Taiwan during the latter half of the twentieth century, has been called the "Taiwan Miracle" or "Taiwan Economic Miracle". As it has developed alongside Singapore, South Korea and Hong Kong, the ROC is one of the industrialized developed countries known as the "Four Asian Tigers".
By 1945, hyperinflation was in progress in China and Taiwan as a result of the war with Japan. To isolate Taiwan from it, the Nationalist government created a new currency area for the island, and started a price stabilization program. These efforts helped significantly slow the inflation. In 1950, with the outbreak of the Korean War, the US began an aid program which resulted in fully stabilized prices by 1952.[119] The KMT government instituted many laws and land reforms that it had never effectively enacted on mainland China; it implemented a policy of import-substitution, and it attempted to produce imported goods domestically. Much of this was made possible through US economic aid, subsidizing the higher cost of domestic production.
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.[120] Real growth in GDP has averaged about 8 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.[121] The Republic of China has its own currency, the New Taiwan dollar.
Since the beginning of the 1990s, the economic ties between the ROC and the PRC have been very prolific. As of 2005, $50 billions (USD) have been invested in China by Taiwanese companies, and about 1 million Taiwanese live in China often to run their own business. Although this is generally good for the economy of Taiwan, some Taiwanese have expressed worries about this situation, arguing that the island has become increasingly dependent on the economy of China. Others believe it is a positive thing, because it would make any military intervention by the PRC against Taiwan very costly for China, and therefore less probable.[122]
In 2001, Agriculture constitutes only 2 percent of GDP, down from 35 percent in 1952.[123] 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.[124]
Because of its conservative financial approach and its entrepreneurial strengths, the ROC suffered little compared with many of its neighbors from the 1997 Asian Financial Crisis. Unlike its neighbors South Korea and Japan, the Taiwanese economy is dominated by small and medium sized businesses, rather than the large business groups. The global economic downturn, however, combined with poor policy coordination by the new administration and increasing bad debts in the banking system, pushed Taiwan into recession in 2001, the first whole year of negative growth since 1947. Due to the relocation of many manufacturing and labor intensive industries to the PRC, unemployment also reached a level not seen since the 1970s oil crisis. This became a major issue in the 2004 presidential election. Growth averaged more than 4 percent in the 2002–2006 period and the unemployment rate fell below 4 percent.[125]
The ROC often joins international organizations under a politically neutral name. The ROC is a member of governmental trade organizations such as the World Trade Organization under the name Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu (Chinese Taipei) since 2002.[126]
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