Taiwan, sum up, Taiwan is small but

Taiwan, one of the “Four Little Dragons” of Asia, is located in the South-East of China. It is officially admitted as a developed country by the world recognized organizations including the World Bank and the IMF. It is known to have the 25th largest economy with the GDP ranking the 34th in the world in 2014. Especially the amount of its new money ($NT) in foreign currencies, which is its foreign-exchange reserves, is at the top 5 in the world. It also maintains high standards of both the human index and the human development. Since the 60s in the last century, Taiwan’s economy has aimed at capitalist exporting. Later on until now, the interventions of the government in the investment and trades are lessened. Instead, more and more of the authority-owned companies and banks are becoming privatized. International trades are vital to Taiwan’s business because Taiwan is important in the global industrial chain on the manufacturing of electronic devices in the world. Mainland China is the top trading partner of Taiwan since it has businesses with most of Taiwan’s imports and exports. Besides from China, the United States and Japan are the other two top trading partners of Taiwan. Almost all of the enterprises or institutions in Taiwan (SMEs) are small in sizes because personal relationships are easier to develop within small groups so that it increases the working efficiency and productiveness. It is one of the advantages of Taiwan’s economy according to the statement of president Tsai that “small and medium-sized enterprises (SMEs), innovation and entrepreneurship are areas in which Taiwan can show its competitiveness.”Additionally, Taiwan’s economy has moved on from agriculture to the fields of services and high technology in which we can tell from the decreases in its rates of the share of the agriculture compared to how it was in the 1950s.  To sum up, Taiwan is small but has a lot of potential business capabilities in terms of the industries and the resources. 

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