From: elelyc@nuscc.nus.sg (Y.C. Liang)
Subject: TW News 7/10/92
Organization: National University of Singapore
Source: The Straits Times
Date: Wed, 7 Oct 1992 06:08:14 GMT

CHINA FEVER AMONG TAIWANESE BUSINESSMEN "RISING THIS YEAR"

TAIPEI -- "China fever" among Taiwanese businessmen will reach a climax
this year as they pour billions of dollars of investment into the
mainland, economists and trade associations said.

Economists forecast that indirect investment by Taiwanese firms in China
would hit a record high of about US$2.5 billion this year, up from
almost US$1.4 billion last year.

Taiwan's trade with China rose 34 % to US$4.06 billion in the first
seven months of this year from the same period last year, according to
the Board of Foreign Trade.  Trade officials had earlier predicted that
the figure would exceed US$7 billion by the end of this year.

-ooOoo-

BANK OF TAIWAN CUTS RATES

TAIPEI -- The Bank of Taiwan (BOT) announced yesterday that it would
lower its prime interest rate and deposit rates by 0.25 % point,
following a discount rate cut by the Central Bank of China (CBC).

The BOT, a bellwether for local banks called the "small central bank"
here, decided to trim its prime interest rate in line with the
credit-easing move by the CBC on Saturday, BOT official said.

BOT clipped its prime interest rate, three-year time savings deposit and
time deposit rates to 8 % per annum, which becomes effective today, the
official said.

-ooOoo-

TAIWAN FOREX RESERVES SOAR

TAIPEI -- Taiwan's foreign exchange reserves, the world's largest,
surged to a record US$90 billion early last month, and the figure could
jump to about US$92 billion this year, central bank officials said
yesterday.

The foreign exchange reserves were US$89.4 billion at the end of August,
up from US$88 billion in July and US$75.8 billion in August last year.

-ooOoo-

CHINA'S COMMUNIST PARTY HAS RECORD 51 M MEMBERS

BEIJING -- China's Communist Party had a record membership of more than
51 million people, up 17 % from five years ago, an official report said
yesterday.

The Chinese Communist Party, the world's largest, had 7.5 million more
members now than in 1987, Xinhua news agency said.  Party members
account for less than 5 % of China's 1.13 billion people.

New members must swear to "fight my entire life for communism and be
ready at any time to sacrifice everything for the party and the people".
But the oath says nothing about believing in Marxism, and many people,
including party members, say that few people do believe.

-ooOoo-

221 LUXURY CARS STOLEN IN HK LAST MONTH

HONGKONG -- Thefts of luxury cars in Hongkong had risen to the highest
level this year, with robbers developing a taste for top-of-the-range
Mercedes, police said yesterday.

In the second quarter of this year, 276 Mercedes were stolen, more than
double the figure for the first quarter.  Last month alone, 221 luxury
cars were stolen, nearly half of them Mercedes.

One newspaper quoted insurance chiefs as saying most of the cars were
now being driven by senior officials across the border in the Chinese
province of Guangdong.  "The theft of luxury vehicles will only stop
when corrupt officials in Guangdong stop" the Sunday Morning Post
quoted.

-ooOoo-