A. Problems and Developmental Strategies
---Thanks to the sound economic foundation laid in the fifties, the series of financial and economic measures adopted at that time began to bear fruit in the sixties. Thanks to both the booming international economic conditions of the period and Taiwan's competitive advantage of low-cost labor, the R.O.C.'s exports skyrocketed. This in turn enabled the dual economic goals of accelerated economic development and stable commodity prices to be realized.
B. Economic Development Plans
---The "Third Four-Year Taiwan, R.O.C., Economic Development Plan" (1961-'64) contained the following focal areas:
1. Maintaining economic stability.
2. Accelerating economic growth.
3. Expanding the industrial foundation.
4. Improving the investment environment.
---The "Fourth Four-Year Taiwan, R.O.C., Economic Development Plan" (1965-'68) contained the following focal areas:
1. Promoting the modernization of the economy.
2. Maintaining economic stability.
3. Promoting the development of advanced industries.
---The "Fifth Four-Year Taiwan, R.O.C., Economic Development Plan" (1969-'72) contained the following focal areas:
1. Maintaining the stability of commodity prices.
2. Expanding exports.
3. Building up the national infrastructure.
4. Improving the industrial structure.
5. Promoting the modernization of agriculture.
C. Industries
1. Agriculture:
---The leasing of public land and the "Land to the Tiller" program were continued.
---The "Agricultural Policy Review Guidelines" were promulgated in 1969.
---The "Outline for Current-Stage Rural Development" was passed in 1970.
2. Industry:
---Light industries were developed in order to expand exports.
---The promulgation in 1962 of the "Statute for Technical Cooperation" promoted the adoption of foreign technologies.
---The promulgation of the "Statute Governing the Establishment of Export Processing Zones" in 1965 both promoted investment in Taiwan by foreign and overseas Chinese investors and also absorbed large quantities of excess agricultural labor.
---The "Food Industry Development Research Institute" was established in 1965.
---Export processing zones were established in 1965 at Nantzu near Kaohsiung and in 1969 at Tantzu near Taichung.
---The establishment in 1969 of the Executive Yuan National Science Council helped to promote the development of science and technology as a whole.
---The establishment of the Ministry of Economic Affairs' Industrial Development Bureau in 1970 helped actively implement numerous industrial development programs.
---The government developed a total of eleven industrial districts during the sixties, thereby providing a total of 1242 hectares of factory sites.
D. Finance and Banking
1. Finance
---The collection of education levies raised money to fund nine-year compulsory education.
---The establishment for a two-year period of the Executive Yuan Tax Reform Committee in 1968 led to improvements in the tax system and the strengthening of tax administration.
---The "Regulations Concerning the Management of Bonded Factories" was implemented.
2. Banking
---American economic assistance ended in 1965.
---With the establishment of the Taiwan securities exchange in 1962, public stock listings in Taiwan entered a new era.
---The elimination of the foreign exchange settlement certificate system in 1963 transformed the dual exchange rate system into a single exchange rate system.
---The announcement of the "Regulations Governing Export Loan Discounts" established a low-interest export financing system, which in turn facilitated export of Taiwan's products.
E. Trade
---The implementation of the "Export Trade Reform Program" in 1968 simplified the exchange rate system, devalued the New Taiwan Dollar, eased import controls, and further encouraged exports.
---The promulgation of the "Guidelines for Export Loans" in 1962 lessened the cost burden borne by exporters.
F. Manpower
---The "First Manpower Development Plan" (1966-'67) and "Second Manpower Development Plan" (7/1967-6/1969) were implemented.
---The systematic promotion of occupational training began during the latter half of the sixties. Newly-established public occupational training agencies provided technical training in such areas as industry and fishing, and also conducted national technical skills contests.
---The implementation of the "Expanded Citizen Employment Counselling Program" in 1964 led to the establishment of employment counselling centers in northern, central, and southern Taiwan.
---The establishment of the "Taiwan Provincial Labor Survey Research Institute" in 1966 began the collection of labor statistics.
---The rapid growth of the five-year junior college system in the mid-sixties accelerated the training of mid-level technicians and managerial assistants needed to meet the demands of Taiwan's economic development.
---The announcement of the "Statute for the Implementation of Nine-Year Public Education" in 1968 lengthened the amount of compulsory public received by R.O.C. citizens to nine years.
---Family planning formally went into effect in 1968.
---The "Outline of the R.O.C.'s Population Policy" announced in 1969 took the reduction of population growth as the most important task.
---The selection of outstanding public normal and vocational schools for upgrading to junior colleges continued and there was also a great increase in the number of new private five-year colleges.
---The promulgation of the "Plan for the Establishment of Two-Year Colleges of the Industrial Arts" in 1969 initiated the establishment of two-year vocational colleges.
G. Social Welfare
---The "Current-Stage Social Policies Conforming to the 'Principle of the People's Livelihood'" and the "Regulations Governing Retirees' Insurance" were announced in 1965.
---The first revision of the "Statute Governing Labor Insurance" was issued in 1968.
---The "Statute Governing Soldiers' Insurance" was revised in 1970.
H. Culture
---The establishment of the "Chinese Culture Revival Committee in 1967 initiated a new cultural movement combining science, democracy, and moral principles.
---In 1970 the Ministry of Education successively set up social education centers in all major cities; these centers assisted in sponsoring artistic and cultural activities.