Jan 27, 2012

Taiwan: Chen Expected to Be New Premier

Alleged reports from officials of the Kuomintang, on 27 January 2012, have suggested that Deputy Premier, Sean Chen, will be named as the new premier of Taiwan.

Below is an article by Focus Taiwan:

President Ma Ying-jeou has decided to appoint incumbent Deputy Premier Sean Chen as Taiwan's new premier, a high-ranking official of the ruling Kuomintang (KMT) said Friday [27 January 2012].

 Chen will be officially named as the new premier Jan. 31, the same day incumbent Premier Wu Den-yih will formally resign the post, according to the official.

Chen declined to elaborate, saying that he will comment only after he is officially appointed.

The 62-year-old, who graduated from the College of Law at National Taiwan University, holds an impressive track record of leading Taiwan through the financial crisis of 2008 during his term as chairman of the Financial Supervisory Commission

He was also the mastermind who helped push through the signing of a memorandum of understanding (MOU) on financial supervisory cooperation with China in 2009, which widens access to each other's banks, and on issues regarding cross-Taiwan Strait financial supervision, information sharing and risk management.

He also kept a firm hand on Taiwan's stock market, which helped investors avoid huge losses from the European debt crisis.

Chen's appointment means that the major assignment for the Cabinet will be economic growth, according to analysts.

Meanwhile, opposition Democratic Progressive Party (DPP) caucus whip Tsai Huang-liang told reporters that he welcomes Chen's appointment and hopes he will shake up the Cabinet with new faces.

Tsai said he hopes Chen will name members who have strong financial backgrounds as members of the new Cabinet to help Taiwan through the European debt crisis.