Taiwan's Economy FAQ 臺灣經濟常見問題

Foreword: Please note that this is not a comprehensive list of questions. This is meant to only give a basic overview of Taiwan's economy to those who have not yet been to Taiwan.

Is Taiwan a developed Country?
Yes, with a GDP PPP (Purchasing Power Parity) nearly equivalent to that of Australia, it has one of the highest living standards in Asia. Also, it has one the best quality of life for expats in the world according an article by InterNations.
 
Is Taiwan safe?
Yes, Taiwan is one of the safest countries in the world according to Prescavve, due to low crime and high economic freedom and devolopment.
 
What currency does Taiwan use?
New Taiwan Dollar.
 
Who is on Taiwan money/dollar bills? Who is on the New Taiwan Dollar? What does Taiwan money look like? What does the Taiwan dollar look like?
1 NT:
Chiang Kai-shek
5NT:
Chiang Kai-shek
10 NT:
Older Chiang Kai-shek
50 NT:
Sun Yatsen
100 NT:
Front: Sun Yatsen
Back: Chung-Shan Building
500 NT:
Front: Youth baseball
Back: Formosan sika deer and Dabajian Mountain         
1000 NT:
Front: Elementary Education
Back: Mikado pheasant and Yushan (Jade Mountain)

1 NT: Chiang Kai-shek

5NT: Chiang Kai-shek

10 NT: Older Chiang Kai-shek/ Newer Sun-Yatsen

50 NT: Sun Yatsen

100 NT Front: Sun Yatsen

100 NT Back: Chung-Shan Building

500 NT Front: Youth baseball

500 NT Back: Formosan Sika deer and Dabajian Mountain         

1000 NT Front: Elementary Education

1000 NT Back: Mikado pheasant and Yushan (Jade Mountain)

How much is the Taiwan dollar worth?
Check this now. As of jan 3rd 2018 it is worth 29 US dollars.
 
Why is it called the New Taiwan Dollar?
This is because during Japanese rule, Taiwan used Taiwan Yen. After WW2, Taiwan was given back to China, and the government of China changed the currency to Taiwan dollars. But, during the Chinese civil war, the Taiwan dollar experienced hyper inflation, and so was later replaced by the New Taiwan Dollar. 
 
What type of economy does Taiwan have?
Taiwan is an advanced liberal economy, and the 7th largest economy in Asia. It is a member of the WTO, ADP, and APEC, and an observer of the OECD.
 
When does the Taiwan stock market open?
The Taiwan stock market is open on weekdays (M-F) from 9:00 am to 1:30pm Taipei time.
 
What is made in Taiwan?
98% of Taiwan exports are industrial goods. Electronics are the most important part of Taiwan’s economy. Taiwan is the largest supplier of computer chips. Semiconductors, LCD panels, computer memory, as well as boats, hardware, scooters, and agricultural products are also made in Taiwan.
 
What are the biggest companies in Taiwan?
Foxconn, TSMC and Pegatron, Quanta Computer, and Cathay Life Insurance are the biggest companies in Taiwan. Other companies include Acer, Asus, and HTC.
 
Which bank should I use in Taiwan?
Most banks will let foreigners set up an account. Some handy accounts to have when shopping are with Cathay Pacific, which has the Costco credit card, CTCB which is PX Mart, and Yushan Bank which is alligned with Carrefour.
 
How do I open a Taiwan bank account?
Typically you can walk in to any bank, and open an account if you bring your passport and/or ARC. If you do not have an ARC, then you will need to apply for a Taiwan uniform ID number at the immigration office first.
If you are from a list of countries that is high risk because of money laundering it may be harder to open an account. 
Also, if you are American you will have to sign a W9 or similar form because of FACTA. 

How much is food in Taiwan?/ How much is food in Taipei?/ How much does Taiwan food cost?
Check here. An average cheap meal in Taipei is 80-160 NT.
In the south it may be 10-20 NT cheaper.
 
Why live in Taiwan?
Taiwan is one of the best countries in the world with one of the best qualities of life. Taiwan boasts delicious food, great weather year round, amazing tourist sites, friendly people, cheap cost of living, and economic opportunity.

How much does it cost to live in Taipei?
Average rent is 17,220.13 NT for a one room apartment, but can range from 10,000-25,000NT. Food is 80-160 NT for a cheap meal in Taipei.
 
How much does it cost to live in Taichung?
The average rent for a one room bedroom in Taichung is 9,444 NT, but can range from 7,000 NT to 14,000 NT.
 
How much does it cost to live in Kaohsiung?
Rent is 8,375.00 NT on average for for a one room apartment, but can range from 6,000 NT to 12,000 NT. 
 
How does Taiwan make money? Where does Taiwanese wealth come from?
Taiwan makes most of its money by exporting electronics. Electronics are the most important part of Taiwan’s economy. Taiwan is the world’s largest supplier of computer chips. Also, over 70% of Taiwan’s GDP comes from the service industry.
 
How does Taiwan increase its crops?
Irrigation systems and dams, modern machinery, pesticides, and GMOs.
 
What does Taiwan import?
Taiwanimports a huge variety of items. The top ten imports in 2016 were as follows:

1. Electrical machinery, equipment: US$58.4 billion (25.3% of total imports)
2. Machinery including computers: $33.6 billion (14.5%)
3. Mineral fuels including oil: $31.9 billion (13.8%)
4. Optical, technical, medical apparatus: $10.3 billion (4.4%)
5. Organic chemicals: $7.4 billion (3.2%)
6. Vehicles: $7.3 billion (3.2%)
7. Plastics, plastic articles: $6.5 billion (2.8%)
8. Iron, steel: $6.4 billion (2.8%)
9. Other chemical goods: $6 billion (2.6%)
10. Copper: $4.3 billion (1.9%)

 
What does Taiwan export?
The top ten exports in 2016 were as follows:

1. Electrical machinery, equipment: US$124.1 billion (44.3% of total exports)
2. Machinery including computers: $30.2 billion (10.8%)
3. Plastics, plastic articles: $17.6 billion (6.3%)
4. Optical, technical, medical apparatus: $14.8 billion (5.3%)
5. Mineral fuels including oil: $9.8 billion (3.5%)
6. Vehicles: $9.3 billion (3.3%)
7. Organic chemicals: $7.8 billion (2.8%)
8. Iron, steel: $7.7 billion (2.8%)
9. Articles of iron or steel: $6.7 billion (2.4%)
10. Copper: $3.5 billion (1.2%)

 
From where does Taiwan import oil?
Taiwan imports nearly 99% of its oil from the Middle East and Persian Gulf countries.
 
Where does Taiwan import from?
Taiwan’s biggest imports come from China/HK, Japan, the US, Europe, and ASEAN countries.
 
Where does Taiwan get its water?
From reservoirs and rivers that originate mostly in Taiwan’s mountains. 
 
How much money does Taiwan have?
The average net worth of a Taiwanese household in 2015 was NT 11 million, roughly 370,000 USD.
Taiwan also has 447.21 billion in foreign exchange reserves.
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Have any more questions about Taiwan's Economy? Please leave them in the comments below, and we might just add them to the list!
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