Diplomatic representation in the US: none; unofficial commercial and cultural relations with the people of the US are maintained through a private instrumentality, the Taipei Economic and Cultural Representative Office (TECRO) with headquarters in Taipei and field offices in Washington and 12 other US cities
Diplomatic representation from the US: none; unofficial commercial and cultural relations with the people on Taiwan are maintained through a private institution, the American Institute in Taiwan (AIT), which has its headquarters in Rosslyn, Virginia offices in Taipei at #7 Lane 134, Hsin Yi Road, Section 3, telephone International Trade Building, Taipei World Trade Center, 333 Keelung
Flag description: red with a dark blue rectangle in the upper hoist-side corner bearing a white sun with 12 triangular rays
Economy
Economy—overview: Taiwan has a dynamic capitalist economy with gradually decreasing guidance of investment and foreign trade by government authorities and partial government ownership of some large banks and industrial firms. Real growth in GDP has averaged about 8.5% a year during the past three decades. Export growth has been even faster and has provided the impetus for industrialization. Inflation and unemployment are low, and foreign reserves are the world's third largest. Agriculture contributes less than 3% to GDP, down from 35% in 1952. Traditional labor-intensive industries are steadily being moved off-shore and replaced with more capital- and technology-intensive industries. Taiwan has become a major investor in China, Thailand, Indonesia, the Philippines, Malaysia, and Vietnam. The tightening of labor markets has led to an influx of foreign workers, both legal and illegal. Because of its conservative financial approach and its entrepreneurial strengths, Taiwan suffered little compared with many of its neighbors from "the Asian flu" in 1998.
GDP: purchasing power parity—$362 billion (1998 est.)
GDP—real growth rate: 4.8% (1998 est.)
GDP—per capita: purchasing power parity?$16,500 (1998 est.)
GDP—composition by sector: agriculture: 2.7% industry: 35.3% services: 62% (1997)
Population below poverty line: NA%