Taiwan to set up sovereignty wealth fund
Taiwan News, Website Editorial Staff
2008-10-01 11:04 AM
TAIPEI (Taiwan News)- Vice President Vincent Siew held a financial consultation meeting on Sep 30 and decided to set up sovereignty wealth fund. Under preliminary planning of Economic Planning and Development Council, sovereignty wealth fund will be transferred from national development fund to invest in good-quality enterprises whose stock prices lower than net worth, invest in merger of DRAM (Dynamic Random Access Memory) and TFTLCD (Thin Film Transistor Liquid Crystal Display), and overseas investment.

Sovereignty wealth fund, probably over US$ 100 billion following examples of Europe, US, and Singapore, aims for long-term investment, different from national fund that aims to buy stocks for short-term market stabilization.

Whether sovereignty wealth fund comes from foreign exchange reserves or national development fund is still inconclusive. If it is transformed from national development fund appropriated from national treasury without moving foreign exchange reserves, the procedure of legislation can be omitted.

by Taiwan News, Website Editorial Staff

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