Taiwan starts to help crisis-hit Southeast Asia<\/p>\n
TAIPEI (Reuters): Wealthy Taiwan pressed ahead with a drive to
\nhelp cash-strapped Southeast Asian neighbors yesterday and
\nrejected rival China's renewed allegations that its motives were
\nless than altruistic.<\/p>\n
The ruling Nationalist Party's powerful investment boss, Liu
\nTai-ying, disclosed plans to lead a March mission of Taiwan
\ntycoons to financially battered Thailand, Malaysia, Indonesia and
\nthe Philippines, the second such mission this year.<\/p>\n
Liu oversees one of the world's biggest political fortunes --
\nseven Nationalist Party holding companies that control assets
\nworth more than US$3 billion.<\/p>\n
In Beijing, Chinese Foreign Minister Qian Qichen assailed
\nTaiwan's financial diplomacy, impugning its motives and warning
\nAsia that Taipei's overtures would come to no good.<\/p>\n
"Some Taiwan political figures have traveled to many countries
\nin the region in an attempt to profit from these countries'
\ndifficult situations, and to serve their own political purpose,"
\nQian said.<\/p>\n
"I think these activities of Taiwan are out of ulterior
\nmotives and I do not think they will produce any good results."<\/p>\n
Qian accused Taiwan of exacerbating Asia's financial crisis by
\nallowing its currency to depreciate in October.<\/p>\n
Taiwan spokesman Chen Chien-jen dismissed Qian's claims,
\nsaying private travels by Taiwan's vice-president and premier to
\nthe region reflected only good will and a desire to help.<\/p>\n
"Qian Qichen's comments are untrue. This is totally
\nunacceptable," Chen, head of the Government Information Office,
\nwas quoted by the official Central News Agency as saying.<\/p>\n
Chen said Taipei's initiatives were based on friendship and
\nsought only to understand the financial crisis that has swept
\nAsia since mid-1997 and consider ways of helping.<\/p>\n
"Our motive is simple and genuine," Chen said. "We hope the
\nChinese communist leaders can adjust their attitude."<\/p>\n
Taiwan, seen by Beijing as a renegade province, has met some
\nsuccess in using the island's huge wealth to combat a diplomatic
\nembargo enforced by communist China.<\/p>\n
Taiwan has diplomatic ties with no Asian country -- all of
\nthem recognize only Beijing -- but Premier Vincent Siew and Vice-
\nPresident Lien Chan recently have been welcomed in private by the
\nleaders of Singapore, Malaysia, the Philippines and Indonesia.<\/p>\n
The 24 Taiwan industrial and financial leaders who will join
\nthe March 17-25 mission hope to identify targets for a planned
\nT$20 billion (US$625 million) government-inspired private fund to
\nchannel badly needed capital into the region.<\/p>\n
"We want to have a final survey of the investment
\nopportunities in those countries before we form the Southeast
\nAsian holding company," Liu's spokeswoman Grace Fang told
\nReuters.<\/p>\n
Fang said the fund would be split evenly between listed stocks
\nand unlisted firms in the crisis countries. A U.S. investment
\nfirm would select the targeted stocks, she said.<\/p>\n
Taiwan is the last outpost of the Nationalist Republic of
\nChina that the communists defeated on the mainland in 1949.<\/p>",
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