Taiwan to give cash payouts to citizens, premier says

Taiwan’s premier said the Taiwanese government is set to give citizens cash payouts of nearly $200 this year. The payouts come as the island nation has experienced economic growth since 2021.

Taiwanese Premier Su Tseng-chang announced on Wednesday that nearly every Taiwanese citizen would receive cash payouts of almost $200, saying the island nation’s economic growth should be shared with everyone. The payouts follow reports that Taiwan’s economy grew by 6.45 percent in 2021, the fastest since 2010, when the Taiwanese economy grew 10.25 percent.

“The fruit of all economic achievements should be shared by all citizens, from young to old,” Su told reporters, adding that the potential payout still requires approval from parliament, where the governing Democratic Progressive Party holds a majority.

“We wish to give all citizens a New Year blessing after the beginning of the Lunar New Year,” said Su, referring to the holiday that starts on January 20. Su did not reveal how the government plans to deliver the payouts to the citizens.

Economic growth in the island nation is expected to slow down in 2022 and 2023. However, the Taiwanese government has planned to inject an additional $12.4 billion in tax revenue from last year back into the nation’s economy in order to shield the island from potential global economic issues. The measures include subsidies for electricity prices and labor and health insurance.

On Thursday, former NATO Secretary-General Anders Fogh Rassmussen urged democratically-governed countries to make clear the economic repercussions China may face should it invade Taiwan. Beijing claims Taiwan as its territory and has scaled up its military activities close to the island following the visit by US House Speaker Nancy Pelosi last year. Taiwan has repeatedly rejected China’s claims.

Speaking at a news conference during his visit to Taiwan, Rassmussen compared Russia’s invasion of Ukraine to China’s military pressure campaign on Taiwan. Rassmussen said democratic countries must work together to make sure Ukraine wins the war in order to deter a potential Chinese attack on Taiwan.

“Any attempt by China to change the status quo in Taiwan by force should spark an equally unified response and we must make this clear to China now,” said the former NATO chief. “China is far more reliant on global supply chains than Russia. Spelling out the severe economic consequences of any attack now would be a powerful deterrent.”