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| | Need to Know | Capital City Taipei | | Tipping Not mandatory | | Electricity 110 V, 60 Hz | | Weights and Measurements Metric System |
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Economy
In keeping with Taiwan’s anti-communist stance, privatisation and decentralisation are the two main characteristics of the country’s capitalist economy. The country has a large work force (including a lot of foreign labour), and the economy is based almost totally on industry. Taiwan may be a tiny country, but its foreign reserves are the third largest in the world; it’s a country with low inflation and unemployment levels; it’s economy is stable- yet dynamic enough not be severely affected by the financial crisis of 1997-98.
Some facts:
GDP: US$ 738 billion
GDP per head: US$ 31,900
Annual Growth Rate: 1.9%
Inflation: 3.7%
Major Industries: Electronics, electric goods, computer goods, machinery, clothing and textiles, plastics, chemicals
Major Trading Partners: USA, Japan, Hong Kong, Singapore & the EU
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Currency
Currency: New Taiwan Dollar (NT$)
Taiwan is an expensive country to travel in, period. Although it’s cheaper than Japan - the most expensive country in this part of the world, it’s only slightly so.
All the large banks in Taiwan will exchange foreign currency for local, but you’ll find that US$ are much more readily accepted than other currencies. Similarly, cash is more acceptable than traveller’s cheques, and it’s usually only the main branches of banks that offer currency exchange as a facility; smaller branches may not be equipped to do so. There are no legally authorised private moneychangers in Taiwan, but there are some jewellery shops where foreign currency (cash only) may be changed.
Banking Hours: Banks in Taiwan work from 9am to 3.30pm; Mondays to Fridays, and 9am to 12 noon on Saturdays.
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Business Guide
Business hours: Most offices, government as well as privately owned, work all day Monday to Friday and half day on Saturday. Government offices work 8.30 to 5 on weekdays (with a one and a half hour lunch break from 12 onwards) and from 8.30 to 12 on Saturdays. Private offices usually work from 9 to 5, but timings may vary. Most shops and stores open from 10 to 10, although larger department stores may open by 11 and shut by 9.30.
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